Power Nickel Inc. (TSXV: PNPN) (OTCBB: PNPNF) announced the assay results obtained for the first five holes of the summer 2024 drilling campaign at its polymetallic Lion Zone discovery.
Highlights:
Holes 63,66,67 deliver 5-12 metres with CuEq ranging from 2.36% to 5.93%
PN-24-063 returned:
5.00 m of 0.48 g/t Au, 24.82 g/t Ag, 4.41 % Cu, 0.21 g/t Pd, 6.15 g/t Pt and 0.47% Ni
Including:
3.00 m of 0.73 g/t Au, 37.90 g/t Ag, 7.10 % Cu, 0.30 g/t Pd, 9.26 g/t Pt and 0.50% Ni
PN-24-066 returned:
12.05 m of 0.09 g/t Au, 4.53 g/t Ag, 0.65 % Cu, 6.39 g/t Pd, 0.30 g/t Pt and 0.06% Ni
Including:
3.00 m of 0.20 g/t Au, 12.50 g/t Ag, 1.95 % Cu, 2.26 g/t Pd, 0.62 g/t Pt and 0.12% Ni
With:
1.00 m of 0.28 g/t Au, 32.4 g/t Ag, 5.08 % Cu, 4.44 g/t Pd, 0.44 g/t Pt and 0.16% Ni
PN-24-067 returned:
12.15 m of 0.12 g/t Au, 8.54 g/t Ag, 1.75 % Cu, 1.99 g/t Pd, 0.36 g/t Pt and 0.14% Ni
Including:
2.65 m of 0.16 g/t Au, 8.47 g/t Ag, 1.27 % Cu, 1.01 g/t Pd, 0.84 g/t Pt and 0.11% Ni
And :
2.35 m of 0.31 g/t Au, 32.77 g/t Ag, 7.41 % Cu, 8.59 g/t Pd, 0.64 g/t Pt and 0.32% Ni
Figure 1: Longitudinal view of the Lion Zone Discovery; Assay Results from PN-24-063 to PN-24-067 Are in Red
An interpreted deformation corridor appears to control the presence and thickness of mineralized sulphides. (CNW Group/Power Nickel Inc.)
Table 1 below presents the significant results of previously released holes, and the current assays.
The complete set of results obtained demonstrates a tremendous success rate, which contributes to a continuously increasing level of confidence about the continuity of the zone.
Assays from the remaining holes are now in at the laboratory and the Company expects to report on those in October.
As illustrated on Figure 1, results obtained at depth below the current zone show a decreasing thickness, suggesting that the Zone could be transposed into a deformation corridor (fault); in such scenario, the possibility that the zone regains in thickness on the other side of the fault is very real. It is in our short-term plan to step out a few hundreds of metres from the discovery zone, and explore for such potential offsets.Ken Williamson, VP of Exploration, Power Nickel Inc.
Figure 1: Previous and Current Assay Results
Note: Length is presented as downhole distance, as gathered from preliminary “quick logs”; true width corresponds to 60-80% of such downhole distance in function of the orientation of the hole. *CuEq Rec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and a recovery grade of 80% for all commodities, consistent with comparable peers. (CNW Group/Power Nickel Inc.)
Figure 2 and Figure 3 below are cross-sections through the Lion Zone, along the holes reported in this current release, presenting the new assay results in their geological context. Core photos provide a visual support, allowing appreciation of the good correlation between sulphides presence and reported polymetallic grades.
Figure 2: Sections 05+50
Figure 3: Sections 05+00
QAQC and Sampling
GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.
All samples were submitted to and analyzed at Activation Laboratories Ltd (“Actlabs”), an independent commercial laboratory for both the sample preparation and assaying. Actlabs is a commercial laboratory independent of Power Nickel with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES – 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 – Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.
GeoVector’s QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results.
The results presented in the current Press Released are complete within the mineralized intervals, but results are still pending for the top portion of both holes reported. QAQC and data validation was performed on these portions of the holes where assays are fully integrated, and no material error were observed.
Qualified Person
Kenneth Williamson, Géo, M.Sc., VP Exploration at Power Nickel, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.
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