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A new high-grade copper and platinum group metals zone has been identified at Power Nickel’s (TSXV: PNPN) flagship property. The discovery follows recent drilling that confirmed mineralization at the zone.
Found five kilometres north of the Nisk deposit, the new zone is being referred to as Wildcat. Wildcat is said to have a strong magnetic anomaly from an ultramafic unit. The discovery was made following the receipt of assays from a single drill hole conducted at the target, the highlights of which include:
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- PN-23-031A: 0.34 g/t gold, 10.0 g/t silver, 1.10% copper, 0.02 g/t palladium over 1.00 metre from 31.50 metres
- PN-23-031A: 0.28 g/t gold, 13.1 g/t silver, 1.47% copper, 5.71 g/t palladium, and 20.76 g/t platinum over 7.75 metres from 60.50 metres
- Including 0.52 g/t gold, 25.0 g/t silver, 3.90% copper, 19.97 g/t palladium and 90.60 g/t platinum over 1.75 metres
The main mineralization at Wildcat is said to be found in high density chalcopyrite veinlets, with the veins enriched in platinum and palladium. Based on the strong presence of both platinum and palladium, the company intends to re-analyze the drill core to include the complete platinum group elements, including ruthenium, rhodium, iridium, and osmium.
“It is entirely possible that the massive sulfides containing the nickel sequence are below this unit deeper in the Ultramafic. It’s not unheard of for nickel deposits to have a lot of high-grade PGM’s but this hole is special. Obviously, we will be following this sector up in our next round of drilling. This certainly has the potential to contribute greatly to the project’s economics,” commented CEO Terry Lynch.
WATCH: Power Nickel: “You Can’t Fool The Drill Bit”
The Wildcat target is said to be wide open laterally along strike and at depth. Follow-up drilling is slated to target all other lithological units in addition to the source mineralization in the ultramafic unit.
Power Nickel last traded at $0.275 on the TSX Venture.
FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. 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.
