FULL DISCLOSURE: This is sponsored content for Power Nickel.
Power Nickel (TSXV: PNPN) has high expectations for its ongoing drill program that is targeting a prior high grade drill hole, referred to as Wildcat. And those expectations may have been hit, with the company disclosing this morning that the first drill hole under the program has encountered mineralization that is similar to Wildcat, which was drilled last year.
Officially referred to as hole PN-23-031A, the discovery hole last year assayed out at 0.28 g/t gold, 1.47% copper, 5.71 g/t palladium, and 20.76 g/t platinum over 7.75 metres. On a combined basis, the assays amounted to over an ounce per tonne of combined platinum and palladium. The hole was drilled approximately five kilometres to the northeast of the Main Nisk Deposit.
READ: Power Nickel Begins Nisk 2024 Winter Drill Program
Fast forward to the current program, and hole PN-24-044 has encountered a zone similar in nature to what that discovery hole last year hit. While PN-23-031A hit at a depth of 60.50 metres, the hole under the current program encountered what is believed to be the same zone at a depth of 168.5 metres.
“We are very encouraged to extend this, what appears to be, a very high grade PGM rich zone another 100 metres downdip from initial discovery. Will need assay results to confirm, but it certainly looks very good,” commented CEO Terry Lynch.
“The PGM discovery adds an exciting and valuable dimension to the Nisk Project. High value PGM zones can add significant value to the overall discovery. We are also excited to learn about our test of the deeper Ultramafic units where we are searching for massive sulfides containing Nickel.”
Assays results remain pending for the hole, however Power Nickel indicated that it is wasting no time in continuing exploration in the region, with subsequent holes slated to test the horizontal width of the zone along with east and west extensions. The new target is wide open laterally along strike and at depth. Follow-up drilling also aims to identify the source mineralization in the ultramafic unit, where the high-grade palladium and platinum found in the area is believed to have originated.
“We are currently drilling this area to discover a significant volume of Copper-PGM rich mineralization, but our primary goal at Nisk is to identify and explore for ultramafic rocks hosting nickel; so, we have pushed PN-24-044 further down and intersected and untested ultramafic unit observed to the south, in the footwall of the current target,” commented Kenneth Williamson, VP of Exploration for Power Nickel.
Power Nickel last traded at $0.225 on the TSX Venture.
FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
