Power Nickel Releases Thick, High-Grade Assay Results for Copper, PGMs, Gold and Silver from its New Lion Discovery

Power Nickel Inc. is pleased to announce high-grade multi-element assay results for holes PN-24-047 and PN-24-051.

Highlights include:

PN-24-047 returned 14.42 m of 0.59 g/t Au, 69.14 g/t Ag, 8.17% Cu, 6.25 g/t Pd, 8.44 g/t Pt and 0.58% Ni. This included 4.66 m of 0.85 g/t Au, 91.00 g/t Ag, 11.66% Cu, 8.42 g/t Pd, 6.69 g/t Pt, and 0.46% Ni, and 3.01 m of 0.95 g/t Au, 167.46 g/t Ag, 17.33% Cu, 13.04 g/t Pd, 29.24 g/t Pt and 1.77% Ni.

PN-24-051 returned 11.40 m of 0.24 g/t Au, 13.95 g/t Ag, 2.51% Cu, 3.20 g/t Pd, 19.59 g/t Pt and 0.18% Ni. This included 2.60 m of 0.40 g/t Au, 41.18 g/t Ag, 8.09% Cu, 8.37 g/t Pd, 84.75 g/t Pt and 0.54% Ni and 4.90 m of 0.23 g/t Au, 7.53 g/t Ag, 1.32% Cu, 2.47 g/t Pd, 0.53 g/t Pt and 0.12% Ni.

Terry Lynch, Power Nickel CEO, commented “What we had previously noted visually has now been more than proven by assays returned from an independent accredited lab. In fact, many of these results were checked twice as they were well over normal detection limits. A good example of the assays being better that what we visually expected is hole 51 in Figure 1 – it doesn’t look that thick but as the assays showed, it was a spectacular hole.”

The Company’s Winter 2024 drill program ended with 15 successful holes at the Lion Discovery. Additional assays to be released when received shortly could evidence ongoing progress on the significant discovery that has been made. Power Nickel will continue to drill at the Lion Discovery in the upcoming summer season, following up PN-24-051 (this release) and PN-24-062, the deepest mineralized intersections to date.

Kenneth Williamson, Power Nickel’s VP Exploration, stated “With 15 holes through the mineralized zone, we have been able to define the initial footprint of what appears to be a structurally controlled high-grade multi-elements pod. Our 50m grid approach has proven to be successful in helping us to define the geometry of the zone and its plunge. We will continue our analysis of the assay results as they become available to refine our interpretation.”

As previously stated in the Company’s press release dated April 12th, 2024, multiple new holes successfully intersected the chalcopyrite-rich mineralized zone initially discovered in Hole PN-23-031A.

Table 1 : Significant Results and Assay Status – Lion Discovery drilling Winter 2024
(Holes presented in this release are shaded in grey) (CNW Group/Power Nickel Inc.)

Note: Length is presented as downhole distance; true width corresponds to 60-80% of such downhole distance in function of the orientation of the hole.

Figure 5: 3D view showing the current extent of drilling at Lion Discovery as well as some of the proposed holes for the upcoming summer drilling program. (CNW Gr</div></body></html>