Power Nickel drills 40 metres at 4.2% copper equivalent at Lion zone

Calling it “the biggest intersection yet,” Power Nickel (TSXV: PNPN; OTCBB: PNPNF) has reported that recent drilling at the Lion zone at its Nisk project in Quebec returned 39.6 metres grading 4.19% copper equivalent.

That breaks down to  39.6 metres grading 0.38 gram gold per tonne, 2.62% copper, 3.38 grams palladium, 0.8 gram platinum, and 0.13% nickel in hole 71. The intersection included 11.6 metres of 0.88 gram gold, 49.9 grams silver, 8.25% copper, 9.57 grams palladium, 2.64 grams platinum, and 0.34% nickel. That intercept in turn included a richer 3-metre section grading 1.56 grams gold, 64.04 grams silver, 10.39% copper, 11.42 grams palladium, 7.9 grams platinum, and 0.32% nickel.

In a release, CEO Terry Lynch noted the intercept is “incredibly rich” in contained metal.

“We are expecting to deliver more of these types of holes as we finish off the last of our summer drill program,” he added. “The Lion zone is showing impressive grades and overall thickness and doing this consistently.” 

The company is already more than a week into its fully funded fall-winter drilling program. The hole follows a previous “biggest intersection ever” reported in early October. Further assays will be shared as they become available.

The Nisk project is located 55 km east from the Cree Nation of Nemaska community in the Eeyou Istchee James Bay territory of Quebec. Power Nickel holds an 80% interest in the 46-sq.-km property.

Power Nickel released a resource estimate for both open pit and underground material last year that includes drill results to November 2023. In the indicated category, it holds open pittable resources of 519,000 tonnes grading 0.63% nickel, 0.04% cobalt, 0.3% copper, and 0.56 gram palladium per tonne (0.84% nickel equivalent). Underground resources add another 4.9 million tonnes at 0.78% nickel, 0.05% cobalt, 0.42% copper, and 0.78 gram palladium (1.07% nickel equivalent)

The inferred underground resource is 1.8 million tonnes at 0.98% nickel, 0.06% cobalt, 0.45% copper, and 1.11 gram palladium (1.35% nickel equivalent).

Power Nickel stock traded as high as 86¢ on the news yesterday. It’s traded in a 52-week range of 19¢-92¢.