Canadian junior exploration company Power Nickel (TSX-V:PNPN) in late May or early June 2024 will start summer drilling at its flagship Nisk Project with results of its winter program due during the current quarter.
In a wide-ranging interview with Mining.com.au, Power Nickel CEO Terry Lynch says the company expects to drill 8,000 metres by the end of summer at Nisk, located in the Eeyou Istchee James Bay territory of Québec.
Power Nickel will continue to drill at the Lion discovery in the upcoming summer season, following up PN-24-051 and PN-24-062 – the deepest mineralised intersections to date.
Lynch tells this news service in Q2 2024, Power Nickel expects to receive the first stage of the Feasibility Study from privately held metal refining technology provider CVMR, with the second stage study results due later in Q3.
“At this point we are focused on the feasibility of the nickel sulfide zone but we are discussing with CVMR expanding that to include understanding the metallurgy of the Lion Zone mineralisation,” the CEO adds.
“First up will be the stage one report that will detail the metallurgical study and process they believe would be optimal for the nickel sulfide project. This we would expect to move recoveries from the 70% we reported in our NI 43-101 report towards 90%. That would be a huge improvement in economics.”
Lynch alludes to a potential “significant surprise” on some burgeoning business development opportunities associated with that report – adding the market will need to “stay tuned”.
Also in the pipeline for Q3 2024, Power Nickel is poised to receive results from the prototype stage where an actual micro plant would be built to demonstrate true mine recoveries.
The company continues to expand its near surface high-grade copper, platinum, palladium, gold, and silver Zone 5km northeast of its main Nisk deposit. Lynch believes Power Nickel has identified a large area hosting different styles of multi-element mineralisation, each being a smaller part of a much larger system.
The CEO says assays returned to date have been better than what the company previously visually expected, particularly in hole 51 although “it doesn’t look that thick but as the assays showed it was a spectacular hole”.
Last week, Power Nickel announced it recruited renowned Australian geoscientist and an Adjunct Professor at the University of Western Australia Dr Steve Beresford as a special advisor.
Lynch tells Mining.com.au having Beresford on board is a boon for the company given his vast experience including as former Chief Geologist at First Quantum (LON:FQM), MMG (HK:1208), and also IGO (ASX:IGO).
Beresford’s exploration career at WMC Resources and has gone onto to do field exploration in 66 countries, largely for magmatic nickel-copper-PGE deposits.
On 26 April, Power Nickel also announced it acquired an additional 30% of the Nisk Project from Critical Elements Lithium (TSX-V:CRE), as reported.
In February 2021, Power Nickel (then called Chilean Metals) completed the option to acquire up to 80% of Nisk from Critical Elements. The company now owns 80% and is continuing to fund 100% of expenditure until a Bankable Feasibility Study (BFS) is carried out and completed.
Power Nickel is seeking to develop Nisk into Canada’s first carbon neutral nickel mine. It’s the first junior mining company in the country to offset its 2023 drill program (of up to 40,000m) with Voluntary Carbon Offsets (VCOs).
The company retained Karbon-X Corp to retire 159 high-quality Verra Verified Carbon Units (VCUs) carbon offsets, in the name of Power Nickel. These carbon offsets will counteract 159 tonnes of greenhouse gas (GHG) emitted by the burning of 60,000 litres of diesel in the company’s exploratory drilling operations during 2023.
Nisk is located 55km east from the Cree Nation of Nemaska Community in the Eeyou Istchee James Bay territory of Québec, Nord-du-Québec administrative region, 283km north-northwest from the town of Chibougamau, and 425km northeast from the town of Matagami.
Power Nickel has a partnership with Australia-based Fleet Space Technologies, a developer and operator of a constellation of microsatellites that delivers universal connectivity, including the exploration of nickel ore deposits at Nisk.
Write to Adam Orlando at Mining.com.au
Images: Power Nickel
