Market Trends

Power Nickel Inc. Expands High-Grade Zone Near Main Nisk Deposit

TORONTO, May 20, 2024 /PRNewswire/ - Power Nickel Inc. (hereafter referred to as "the Company" or "Power Nickel") (OTCBB: PNPNF) is thrilled to disclose the results from the latest assay for hole PN-24-055, which exhibited high-grade concentrations of several valuable elements. The hole is situated 3.1 miles northeast of the Company's central Nisk Deposit, showing significant quantities of copper, platinum, palladium, gold, and silver. (See the referenced Figure 2 and Table 1 for more details.)

High-Grade Discoveries in the Lion Zone

The recent exploration efforts have been focused on the Lion Discovery zone, revealing substantial results that underpin the Company's forward momentum. The assays from the drill hole numbered PN-24-055 are particularly promising.

PN-24-055 has struck a highly mineralized section returning these remarkable figures:

• 50.53 ft at 0.44 g/t gold (Au), 22.04 g/t silver (Ag), 5.06% copper (Cu), 13.12 g/t palladium (Pd), 3.35 g/t platinum (Pt), and .015% nickel (Ni);
• This includes a more concentrated 16.57 ft section at 0.61 g/t Au, 50.29 g/t Ag, 13.27% Cu, 24.62 g/t Pd, 6.73 g/t Pt, and 0.33% Ni;
• A part of this included section is even richer, with 10.99 ft at 0.70 g/t Au, 60.36 g/t Ag, 17.26% Cu, 25.02 g/t Pd, 3.61 g/t Pt, and 0.37% Ni.

“This is a special discovery; the intersections' vast widths and high grades paint a striking picture of potential wealth," remarked Terry Lynch, Power Nickel CEO. He further added, "We are situated in a rich, high-grade zone spanning approximately 325 feet, surrounded by a promising mineralized halo extending 165-250 feet. In light of surging copper and metal prices, we are looking at an exceptional find here."

Ken Williamson, Power Nickel’s VP of Exploration, spoke to the visual evidence of the mineral concentration in Figure 1, stating, "The current hole PN-24-055 is showing spectacular grades, and the results of the intersection's thickness are equally commendable. With the guidance of Dr. Beresford, I am keen to witness our exploration program unfold further."

Figure 1 below illustrates some of the most commendable intersections uncovered thus far. By comparing PN-23-031A and PN-24-044's quantity of semi-massive chalcopyrite, it's evident that they pale in comparison to the copious amounts in other more central holes. The recent results from holes PN-24-047 and PN-24-053 corroborate this, with PN-24-055 confirming the pattern.

The winter 2024 drill program has concluded with 15 successful holes tapped within the Lion Discovery. The continuous release of assay results supports the advancement of this discovery (refer to Figure 2). Power Nickel anticipates further exploration at the Lion Discovery during the upcoming summer season, particularly following up on PN-24-051 and PN-24-062, the deepest mineralized sections to date.

Table 1 presents significant results alongside the current Assay Status for the winter 2024 drilling program at Lion Discovery. Notable is that the figures pertain to downhole distances, with the true width of mineralization believed to be between 60-80% of these measurements, determined by the orientation of each hole. The calculated copper equivalent (CuEq Rec) is derived from assessments of various metal prices and presupposes an 80% recovery grade, consistent with industry peers. Measurements are conveyed using the metric system for convenience and standardization.

By examining the available data, we can follow the mineralized zone across 725 feet laterally and delve to a depth of 1,000 feet. The width of the massive chalcopyrite zone fluctuates, witnessing up to 15-20 feet of true width in the center, tapering to less than 3 feet moving laterally. Core deformation locally indicates the core of this zone is sheared and considerably altered. Considering Nisk Main's geological context, such deformation aligns with expectations. In this framework, hole PN-24-055 exemplifies a near-surface strike through this core area. Currently, enhanced 3D modeling and analysis of secondary lithologies and structures are ongoing as more assay results become available.

Figure 3 presents a 3D perspective of the extents of the Lion Discovery Zone, showing both the area covered by drilling thus far and our future plans. This visualization encapsulates our current understanding and points to the vast, open ground which may host several such mineralized zones.

QAQC and Sampling Procedures

GeoVector Management Inc. is the consulting firm overseeing the drilling program, which includes core logging and sample collection. All samples were processed and analyzed at Activation Laboratories Ltd ("Actlabs"), a commercial laboratory independent of Power Nickel. Actlabs is an ISO 9001 and 17025 certified facility. The laboratory employs standard preparation methods and conducts analysis utilizing ICP-OES and related techniques for regular and over-the-limit analysis, including gold, platinum, and palladium. Pegmatite samples, in particular, are subject to specialized examination.

GeoVector's stringent quality assurance and quality control (QAQC) protocol involves the regular submission of CRM standards, duplicates, and blanks into the sample stream, with a rigorous review of all results. The current release's findings are complete for the intervals described, but subsets of the data are still pending. Despite this incomplete data, QAQC and data validation were performed, confirming no significant errors in the reported results.

Kenneth Williamson, Géo, M.Sc., and VP of Exploration at Power Nickel, is the qualified person who has approved and reviewed the technical information contained in this press release.

About Power Nickel Inc.

Power Nickel is a Canadian exploration company intent on evolving the high-grade Nisk project into Canada's first Carbon Neutral Nickel mine. The Nisk property commands a sizeable land presence with 12.5 miles of strike length and is rife with historical high-grade nickel-copper PGE mineralization. The Company's drilling endeavors are to test the initial discovery zone and examine the land package for potential adjacent nickel deposits.

Beyond the Nisk project, Power Nickel has substantial land packages in British Colombia and Chile. The Company envisions redistributing these assets into related entities through a Plan of Arrangement, subject to shareholder approval.

To access Power Nickel's Corporate Presentation, click here.

For more information, please contact Power Nickel Inc. at the following location:

The Canadian Venture Building 82 Richmond St East, Suite 202 Toronto, ON

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements reflective of the Company's predictions based on current expectations. These statements are not historical facts; typically, they're identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," and others indicative of anticipatory statements. It's important to note that these statements are not ironclad guarantees of future performance and are subject to known and unknown risks and uncertainties. Actual outcomes may vastly differ from those proposed here due to various factors, including but not limited to, market conditions, exploration and development of projects, environmental regulations, dependence on key staff, and the overall ability of the Company to further its interests in its projects.

SOURCE Power Nickel Inc.

This press release serves to inform stakeholders and potential investors of the promising developments within Power Nickel Inc. as it advances its asset portfolio, notably the high-grade Nisk project, among others. The forward progression in exploration and potential mining operations indicates a future of growth and opportunity within the nickel and precious metals spheres.