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Power Nickel Inc. Unveils New Findings, Bolstering Lion Zone's High-Grade Mineral Potential

TORONTO, May 10, 2024 /PRNewswire/ - Power Nickel Inc. (hereinafter referred to as "the Company" or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is thrilled to communicate the discovery of significant assay results stemming from drill holes PN-24-048, PN-24-052, and PN-24-053. Located 5km Northeast of its chief Nisk Deposit, this expansion constitutes a part of the company's persistent efforts to delineate the near-surface, high-grade copper, platinum, palladium, gold, and silver zone.

Prolific Assays Illuminate Zone's Richness

The standout findings from the analysis of the drill holes are as follows:

Drill hole PN-24-048:

• Yielded 15.27 metres containing 0.50 grams per tonne (g/t) gold (Au), 16.13 g/t silver (Ag), 1.89% copper (Cu), 7.07 g/t palladium (Pd), 1.26 g/t platinum (Pt), and 0.80% nickel (Ni).
• Inclusive of a sub-interval featuring 5.00 metres with enhanced concentrations of 0.94 g/t Au, 12.76 g/t Ag, 1.14% Cu, 14.23 g/t Pd, 2.92 g/t Pt, and 0.06% Ni.
• An additional sub-interval of 1.70 metres reported 1.27 g/t Au, 99.84 g/t Ag, 12.30% Cu, 15.45 g/t Pd, 0.60 g/t Pt, and 0.38% Ni.

Drill hole PN-24-052:

• Reported 11.35 metres containing 0.26 g/t Au, 6.12 g/t Ag, 0.63% Cu, 1.57 g/t Pd, 0.67 g/t Pt, and 0.04% Ni.
• Including intervals of 2.00 metres grading 0.93 g/t Au, 13.95 g/t Ag, 1.01% Cu, 3.67 g/t Pd, 2.59 g/t Pt, and 0.03% Ni.
• Another sub-interval of 2.85 metres showed 0.22 g/t Au, 10.44 g/t Ag, 1.36% Cu, 3.54 g/t Pd, 0.82 g/t Pt, and 0.08% Ni.

Drill hole PN-24-053:

• Revealed 5.00 metres with 1.76 g/t Au, 102.90 g/t Ag, 12.70% Cu, 20.87 g/t Pd, 1.02 g/t Pt, and 0.40% Ni.
• A notable sub-section spanned 2.25 metres and presented an impressive 2.37 g/t Au, 133.68 g/t Ag, 19.85% Cu, 31.78 g/t Pd, 0.86 g/t Pt, and 0.37% Ni.

Continual Success with Striking Drill Results

Terry Lynch, CEO of Power Nickel, expressed elation over the high-caliber drill results from the Lion Zone, following up on the company's extraordinary findings from holes 47 and 51.

PN-24-047:

• Revealed 14.42 metres of 0.59 g/t Au, 69.14 g/t Ag, 8.17% Cu, 6.25 g/t Pd, 8.44 g/t Pt, and 0.58% Ni.

PN-24-051:

• Reported 11.40 metres of 0.24 g/t Au, 13.95 g/t Ag, 2.51% Cu, 3.20 g/t Pd, 19.59 g/t Pt, and 0.18% Ni.

Providing an exciting perspective, Lynch mentioned, "We are delineating boundaries that define a thick and high-grade core, encircled by thinner but well mineralized edges. The significant core zone measures approximately 100 metres in width. We've traced the system from the surface down to a depth of 275 metres."

Kenneth Williamson, the Company's VP Exploration, shared insights on correlating observed chalcopyrite quantities with assay outcomes based on the comparison of core images (see Figure 1). The correlation remains strong, with more test results pending that promise a lot of massive PGE-bearing chalcopyrite.

Expanding Discovery and Interpretations

As we further explore the Lion Zone, we're able to track the mineralization over a span of 225 metres laterally and down to 300 metres depth. The massive chalcopyrite vein's thickness is variable but can reach up to 5 to 6 metres in true width within the zone's core. Holes PN-24-048 and PN-24-053, positioned on the zone's periphery, confirm lateral continuity. Conversely, hole PN-24-052 might represent a segment associated with highly altered rock due to shearing; its presence aligns with our understanding of the geological context surrounding the zone.

Given these exciting results, Power Nickel's winter 2024 drill program concluded successfully with fifteen drill holes completed. The company anticipates additional drill activities during the upcoming summer season to further investigate the Lion Discovery zone, especially following up on deep mineralized intersections like those in PN-24-051 and PN-24-062.

A Three-Dimensional Perspective of Geological Riches

The 3D modeling and interpretation of secondary lithologies and structures from core logging and geochemistry data are underway. This ongoing analysis will refine our understanding as more results become available. Figure 3 illustrates a captivating three-dimensional perspective on the Lion Discovery Zone, indicating the Company's interpretations and highlighting the potential expansiveness of the mineralized zones.

Abiding by High Standards of Quality Control

GeoVector Management Inc. is the consulting firm managing the company's drilling program, encompassing core logging, and drilling core sampling. All samples have been prepared and analyzed at Activation Laboratories Ltd ("Actlabs"), a neutral, ISO 9001 and 17025 certified and accredited commercial laboratory. Some of the preparation and analysis methods include standard RX-1 procedures, using 1F2 (ICP-OES) and 1C-OES for regular and over-limit assays. Actlabs also utilizes UT7 for pegmatite samples, and performs in-house duplicate analysis to ensure accuracy and instrument calibration.

GeoVector's meticulous QAQC program involves the routine insertion of CRM standards, duplicates, and blanks into the sample stream. This practice, coupled with stringent review processes, has yielded fully integrated assays with no observed material errors.

Power Nickel's Proficient Lead in Project Management

Kenneth Williamson, Géo, M.Sc., the VP Exploration of Power Nickel, has critically reviewed and endorsed the technical disclosures in this news release as the qualified personnel.

A New Era for Nickel Mining in Canada

Power Nickel's mission is to further the development of the high-grade Nisk project, transforming it into Canada's first Carbon Neutral Nickel mine. The NISK property commands an expansive land tenure with a substantial strike length featuring numerous high-grade intercepts. Power Nickel remains committed to expanding and testing the historical high-grade nickel-copper PGE mineralization with subsequent drilling programs aimed at both assessing the initial Nisk discovery zone and exploring the wider land package for potential adjacent Nickel deposits.

Beyond the Nisk project, Power Nickel holds significant land in British Colombia and Chile. Currently, initiatives are underway to reorganize these assets into a related entity through a Plan of Arrangement, pending approval from the shareholders of Power Nickel.

Essential Corporate Links and Information

For gaining access to Power Nickel's Corporate Presentation, interested parties are encouraged to follow the provided link: Power Nickel Corporate Presentation.

For further details, the company invites individuals to reach out: Power Nickel Inc. The Canadian Venture Building 82 Richmond St East, Suite 202 Toronto, ON

The TSX Venture Exchange and its Regulation Services Provider hold no responsibility for the adequacy or precision of this publication.

Forward-Looking Statements: A Note of Prudence

This press release entails prospective statements labeled as "forward-looking statements" within the composite framework of applicable securities laws. Such statements are not rooted in historical fact and often contain words like "expects," "plans," "anticipates," and others that forecast or suggest future events or trends. These forward-looking statements, hinged on reasonable suppositions, are no assurances of the Company's projected performances and are susceptible to risks and uncertainties that could cause actual results to vary notably.

Disclaimer & Source Acknowledgment

Power Nickel Inc. asserts that factors such as the timing of the private placement closure, its property agreements, and general market conditions, among others, are inconclusive and unpredictable. It is imperative to recognize that mineral exploration and mining encompass inherent risks, and changes in macroeconomic conditions can significantly impact the Company's operations and success. This message should be construed with caution, acknowledging that forward-looking statements are the Company's informed but not infallible pointers toward their future endeavors and objectives.

SOURCE Power Nickel Inc.