TORONTO - Power Nickel Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV), a Canadian junior exploration company, has initiated its 2024 winter Drill Program at the Nisk Nickel Sulfide project located in Nemaska, Quebec. The company's CEO, Terry Lynch, announced the commencement of drilling efforts aimed at expanding and exploring the high-grade nickel-copper-PGM mineralization at the site.
The drill program has several objectives, including testing four new target zones identified through Ambient Noise Tomography (ANT), which have geological signatures similar to the main Nisk deposit. These zones could potentially match or exceed the volume of the current Nisk Main deposit. Additionally, the program will investigate the extension of a previously discovered platinum group metals (PGM) rich area and seek to further delineate the known resource at Nisk Main.
The company's immediate plans involve completing drill hole PN-23-042B at Nisk Main and then proceeding to test ANT Target (NYSE:TGT) number 3. In February, a second rig is expected to be introduced to follow up on the PGM findings at the Wildcat Target, located 5.5 kilometers from Nisk Main.
Power Nickel's efforts are part of its broader strategy to develop the Nisk project into what it hopes will be Canada's first Carbon Neutral nickel mine. Since acquiring an initial 50% stake in the project from Critical Elements Lithium Corp. (CRE: TSXV) on February 1, 2021, the company has signaled its intention to increase its ownership to 80%, pending the delivery of a NI 43-101 Technical Report.
Beyond the Nisk project, Power Nickel holds significant land in British Columbia and Chile and has made moves to reorganize these assets into a related public vehicle. The company also completed the acquisition of the Golden Ivan project in the Golden Triangle, which is known for its historical polymetallic veins containing silver, lead, zinc, and other metals.
The company's diverse portfolio extends to a 3-per-cent NSR royalty interest in the Copaquire copper-molybdenum deposit, which is adjacent to Teck Resources (NYSE:TECK) Inc.'s Quebrada Blanca copper mine in Chile.
Investors are informed that this news is based on a press release statement, and Power Nickel has cautioned that forward-looking statements contained in the release are not guarantees of future performance. They are subject to various risks and uncertainties, and actual results may differ from those projected.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.