Power Nickel’s shares rise as it announces drill results from Nisk project in Quebec  

Power Nickel (TSXV: PNPN; US-OTC: CMETF) has announced drill results from its Nisk nickel sulphate project near James Bay in Quebec, which the company expects to become one of the “greenest ESG mines” in the future.  

The drill results have “confirmed” the presence of “high-grade nickel mineralization” in the central portion of the Nisk Main zone, the company said.  

Highlights from the drill results included 10.90 meters grading 1.16% nickel, 0.32% copper, 0.08% cobalt, 0.94 gram per tonne palladium and 0.35 gram per tonne platinum starting from 352.10 meters in drill hole PN-21-002 and 27.40 meters grading 0.94% nickel, 0.63% copper, 0.06% cobalt, 0.72 gram per tonne palladium and 0.10 gram per tonne platinum starting from 269.90 meters in drill hole PN-21-003A.  

“It is not a monster project. These types of deposits when commercialized range from 8-50 million tonnes. But they are high grade and often they deliver eight to ten times the nickel per tonne than the larger low grade deposits,” Terry Lynch, the company’s CEO told The Northern Miner.  

“It will be Class 1 Nickel and that is what the battery industry wants. Given we are across from a major hydro Quebec substation it’s likely to be able to become one of the greenest ESG mines ever constructed,” Lynch added. 

Lynch expects the project to play a “solid role” in addressing some of the “looming shortfall” in battery metals, especially with regards to nickel.  

Formerly known as Chilean Metals, Power Nickel acquired 80% of the Nisk project from Critical Elements Lithium (TSXV: CRE) on February 1, 2021.  

The goal of the drill program is to establish an updated resource estimate for the project, which the company aims to deliver in the second quarter of the year.  

Based on a resource estimate dating from 2009, the project has measured resources of 1.25 million tonnes grading 1.09% nickel, 0.56% copper, 0.07% cobalt, 1.11 grams per tonne palladium and 0.20 gram per tonne platinum. Its indicated resource includes 783,000 tonnes grading 1% nickel, 0.53% copper, 0.06% cobalt, 0.91 gram per tonne palladium and 0.29 gram per tonne platinum.  

Inferred resources add 1.05 million tonnes grading 0.81% nickel, 0.32% copper, 0.06% cobalt, 1.06 grams per tonne palladium and 0.50 gram per tonne platinum.  

“Nisk has four distinct target areas covering over seven km of strike length,” Lynch said. “Our focus this round was on the Nisk Main target. We are also looking forward to exploring Nisk West and the two wildcat targets in subsequent drilling in Q2.” 

The company isn’t looking to build the mine, but to sell the project after exploring and completing a preliminary economic assessment and a prefeasibility study, the CEO said.  

Earlier this month the company released drill results from the same area. 

Highlights included 19.9 meters grading 0.7% nickel, 0.61% copper, 0.04% cobalt, 0.81 gram per tonne palladium and 0.39 gram per tonne platinum starting from 306 meters in drill hole PN-21-005 and 9.7 meters grading 0.77% nickel, 0.38% copper, 0.04% cobalt, 0.79 gram per tonne palladium and 0.06 gram per tonne platinum starting from 308 meters in drill hole PN-21-006.  

At presstime in Toronto, Power Nickel was trading at 29¢ per share up 4.5¢ on the day or 18.36%, the highest the company has traded since April 2021. 

Over the last year Power Nickel has traded in a range of 11.5¢ and 42.5¢. The company has 84.24 million common shares outstanding for a market cap of $24 million.