Power Nickel unveils new discovery of high-grade minerals near Nisk project

Power Nickel Inc (TSX-V:PNPN) announced it has discovered high-grade minerals five kilometers northeast of its main Nisk deposit, in an area that is now called the Lion Zone.

A drill hole revealed over one ounce of combined platinum and palladium per tonne of earth over a span of 7.75 meters, according to a statement from the company.

The finding includes a mixture of gold, silver, copper, palladium, platinum, and nickel, it added.

“This discovery is now so real to us that we have renamed it from Wildcat to the Lion Zone. This will be the king of the beasts,” commented Terry Lynch, CEO of Power Nickel. Lynch expressed excitement over the grades uncovered in the drilling, suggesting a potential value ranging between $1000-$2,000 per tonne.

Lynch went onto describe the importance of the discovery hole for Power Nickel’s shareholders, noting the ideal attributes of a valuable mine: high-grade mineralization near the surface, located in a safe jurisdiction with existing infrastructure.

Comparing the value of gold per gram and the potential worth of the minerals found, the CEO suggested they could range from $1,000 to $2,000 per tonne.

Power Nickel’s drill program at the Lion Discovery has been notably successful, with 15 out of 16 holes yielding promising results.

Ken Williamson, Power Nickel’s vice president of exploration, emphasized the significance of the ongoing exploration efforts.

“It looks to me as typical ‘Abitibi type’ scenario, where the vertical extent of such mineralized zone could potentially be far more considerable than its current 300 metre extent,” Williamson commented.

“The nature of this metallurgy extremely rich narrow vein, somehow reminds me chasing down the high-grade veins in Red Lake.”

Shares of Power Nickel were up around 4% following the announcement on Monday afternoon.