FULL DISCLOSURE: This is sponsored content for Power Nickel.
Assay results for a major step out hole and the first hole of the current drill program have been released by Power Nickel (TSXV: PNPN). The step out was conducted 300 metres to the south and east of previous drilling.
“A great start to the fall campaign. This was a big step out hole almost 300 metres below the nearest successful hole on that side of the fault. So will ring up some solid resource with this,” commented CEO Terry Lynch on the results.
Highlights of the results include:
- PN-23-036:
- 19.50 metres of 0.57% nickel, 0.81% copper, 0.03% cobalt, 0.81 ppm palladium, 0.33 ppm platinum from 463.50 metres
- Including 1.75 metres of 1.10% nickel, 4.54% copper, 0.06% cobalt, 0.87 ppm palladium, and 0.19 ppm platinum
- And including 6.00 metres of 0.86% nickel, 0.54% copper, 0.04% cobalt, 1.57 ppm palladium and 0.45 ppm platinum
- 19.50 metres of 0.57% nickel, 0.81% copper, 0.03% cobalt, 0.81 ppm palladium, 0.33 ppm platinum from 463.50 metres
The hole was drilled based on ambient noise tomography data that was collected over the summer. The area drilled was previously believed to contain low grade mineralization, on the eastern portion of the Nisk Main mineralized zone. An interpreted fault corridor is believed to have displaced the eastern portion of the deposit 500 metres to the east-south-east, with the ambient noise data identifying the area as ANT2.
“It appears now to us that the west side of Nisk Main contains the higher grade material and we have seen that again in our two holes with pending results, it looks like Nisk Main West is open at depth and the remaining holes up to Christmas will focus on large step outs in this area,” Lynch continued.
READ: Power Nickel Secures Initial Investment From Rob McEwen
The results follow the company disclosing that it has raised gross proceeds of $705,000 under the final tranche of its financing, via the sale of 2.82 million units at $0.25 per each. The closing follows the firm raising $2.0 million in flow through funds via the sale of 4.0 million units at $0.50 per each, which closed October 24.
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.
