Canadian explorer Power Nickel (TSX-V:PNPN) says the results of exploration across its Nisk Project in Québec has transformed the company into a “high-grade polymetallic discovery with multiple near term catalysts”.
The junior explorer, which has a market capitalisation of C$112.8 million ($124.1 million), is fully cashed up for the next 18 months after completing an oversubscribed C$20 million raising in June.
This included investments by billionaire investor Robert Friedland and fellow Canadian businessman and CEO of McEwan Mining, Rob McEwan.
In June, Power Nickel also kicked off its 2024 drilling program, comprising 20 holes totalling 8,000m targeting additional zones of copper, platinum, palladium, gold, silver and nickel at the Lion Zone.
CEO Terry Lynch says drilling crews have been hard at work and making some “amazing progress”.
The company is anticipating further results later this month.
“Fall is now upon us, and with additional results from our busy summer drilling program, we have an even clearer picture of our Nisk Project,” Lynch says.
The 2024 summer program focused on the depth and lateral continuity to the west of the current known mineralisation.
The Lion Zone hosts a current resource of 7.1 million tonnes @ 1.13% nickel equivalent comprising multiple 10m-plus zones with copper up to 8%, platinum group metals of over 22 grams per tonne (g/t), gold of over 1.6g/t and silver in excess of 69g/t.
The initial Nisk Main Zone has returned wide intercepts including 18.5m @ 2% nickel equivalent and 26.6m @ 1.98% nickel equivalent.
Power Nickel says Nisk contains two distinct high-grade mineralised zones, which are separated by 5.5km.
The company believes these mineralised areas are connected below the surface, creating a potentially huge mineralised area.
Power Nickel’s goal is to increase resources and enhance geological understanding, building on the NI 43-101 compliant resources comprising 5.43 million tonnes in the indicated category and 1.79 million tonnes in the inferred category.
Write to Angela East at Mining.com.au
Images: Power Nickel
