FULL DISCLOSURE: The Deep Dive is long the equity of Power Nickel.
Power Nickel (TSXV: PNPN) has continued to hit high grade results at its Lion Zone discovery. The firm this morning reported the highest grade drill results yet at the discovery from its summer 2024 drill program.
Highlights from the results include:
- PN-24-071: 4.19% copper equivalent (2.62% copper, 0.38 g/t gold, 19.57 g/t silver, 3.37 g/t palladium, 0.80 g/t platinum and 0.13% nickel) over 39.6 metres from a depth of 157.0 metres
- Including 12.46% copper equivalent (8.25% copper, 0.88 g/t gold, 49.90 g/t silver, 9.57 g/t palladium, 2.64 g/t platinum and 0.34% nickel) over 11.60 metres from a depth of 185.0 metres
- PN-24-073: 1.49% copper equivalent (0.51% copper, 0.25 g/t gold, 4.97 g/t silver, 1.52 g/t palladium, 0.70 g/t platinum and 0.06% nickel) over 29.10 metres from a depth of 354.7 metres
- Including 7.41% copper equivalent (0.89% copper, 1.67 g/t gold, 14.93 g/t silver, 10.36 g/t palladium, 5.71 g/t platinum and 0.04% nickel) over 3.00 metres from a depth of 376.3 metres
“This is incredibly rich in metal contained. We are expecting to deliver more of these types of holes as we finish off the last of our summer drill program. The Lion Zone is showing impressive grades and overall thickness and doing this consistently. We are building significant tonnage for our resource model. Shortly we will start delivering the results of the fall program where we are more than one week into our 30,000 metre fully funded fall and winter program,” commented Power Nickel CEO Terry Lynch.
Two drill rigs are said to currently be on site targeting the expansion of the Lion Zone. Future drilling, depending upon the response from downhole EM surveys, is expected to be at larger spacing, enabling the Lion Zone to grow in footprint at a quicker pace.
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“With such volume of semi-massive to massive conductive sulphides, there is no doubt that the downhole EM surveys will help us out big time. We hope the EM response will be crystal clear, which should allow us to loosen up the grid from 50m spacing to something like 150-200m spacing and grow in a much quicker way the overall footprint the zone, while maintaining a very good confidence level in terms of continuity of the zone. That, coupled with our 3D modeling efforts, should provide the framework we need to then take advantage of our ongoing geochemical and geophysical analysis of the system,” commented Ken Williamson, VP of Exploration for Power Nickel.
Power Nickel last traded at $0.80 on the TSX Venture.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Power Nickel. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
