Power Nickel Inc. [PNPN-TSXV; CMETF-OTC; IVV1-FSE; CMX-Santiago] and Critical Elements Lithium Corp. [CRE-TSXV; CRECF-OTCQX; F12-FSE] have released the initial NI 43-101 compliant mineral resource estimate (MRE) on their Nisk nickel sulphide project near James Bay, Quebec.
Power Nickel completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium. The Nisk project comprises a large land position (20 km of strike length) with numerous high-grade nickel intercepts. Since completion of the option, Power Nickel retained 3DGeo Solution Inc. to create a geological model of the Nisk project and used this as a guide to the very successful initial Power Nickel 2,400-metre drill program completed last December and reported in March, 2022.
On the basis of this drill program and the historical drill results, 3DGeo Solution was mandated to produce an NI 43-101 compliant mineral resource estimate and technical report. Engineering work related to defining a constraining pit shell and underground minable shapes was contracted to InnovExplo Inc.
The 2022 Nisk Mineral Resource Estimate Open Pit and underground) is pegged at Indicated Resources of 2,587,600 tonnes grading 1.20% NiEq (nickel equivalent), or 0.72% nickel, 0.42% copper, 0.05% cobalt, 0.11 g/t platinum, 0.72 g/t palladium, 0.05 g/t gold and 2.44 g/t silver. Inferred Resources stand at 1,404,800 tonnes grading 1.29% NiEq, or 0.75% nickel, 0.53% copper, 0.04% cobalt, 0.18 g/t platinum, 0.79 g/t palladium, 0.04 g/t gold and 1.71 g/t silver.
“Power Nickel was extremely pleased with the inaugural mineral resource estimate. When taken in context with our very conservative assumptions and the clear infill drilling opportunities. We feel we have shown Nisk has significant commercial potential. The resource update has clearly indicated some additional infill drilling is needed and these holes are now in process of being permitted as part of our upcoming fully funded drill program,” commented Power Nickel CEO Terry Lynch. “We already have permitted several drill targets to the flanks of the current deposit designed to extend the deposit and test new potential pods for additional resources. Historically, nickel sulphide deposits don’t exist in isolated solo deposits but typically have a string-of-pearl formation, where multiple pearls or pods of resources are congregated in a close geographic area. The next round of drilling will focus on infill drilling targets as outlined by the mineral resources estimate and on this search to extend and discover new nickel pods. We expect drilling to commence in August and to be completed in September.”
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