Power Nickel Discovered High Grade Nickel Resources At The Nisk Project in Quebec

Power Nickel and its partner Critical Elements Lithium have provided an initial NI 43-101-compliant mineral resource assessment for their Nisk Nickel sulfide project near James Bay, Quebec. Power of Nickel former Chilean Metals, the company has from the Critical Elements to buy a 80% stake in the project options.

Power Nickel retained 3DGeo Solution to produce NI 43-101 resources using both old and new drilling results, following the completion of an initial 2400 m drilling program in December. The presumed resources total more than 2.5 million tons, with a nickel grade of 0.72%, copper grade of 0.42%, cobalt grade of 0.05%, platinum content of 0.11 g/ton, and palladium content of 0.72 g/ton. The estimated resource is 1.4 million tons, with nickel grade of 0.75%, copper grade of 0.53%, cobalt grade of 0.04%, platinum content of 0.18 g/ton and palladium content of 0.79 g/ton.

"Power Nickel is very pleased with the first mineral resource estimate. Combined with our very conservative assumptions and clear infl well drilling opportunities, we believe we have demonstrated that Nisk has significant commercial potential," Terry Lynch, Chief Executive Officer of Power Nickel, commented, "The resource update clearly indicated the need for a number of additional crypto boreholes, which are now being conducted as part of our upcoming fully funded borehole program. We have allowed several drilling targets to flank the current deposit, aiming to expand the deposit and test new potential tanks for additional resources.

The next round of drilling is expected to begin in August.

The Nisk mine has an extensive land location, including a 20 km length strike, and contains numerous high-grade battery metals including copper, cobalt, palladium, platinum and nickel. Since acquiring the option in 2021, Power Nickel has focused on identifying and expanding the project's high-grade nickel-Copper-PGE (platinum group elements) mineralized historical resources.

The Nisk project consists of two blocks with a total of 90 claims covering an area of nearly 46 sq km south of James Bay, which already hosts several mining projects. It covers most of the regional volcanic sedimentary unit, a favorable unit with the Nemaska Lithium Wabouchi Lithium deposit.

The project has favourable infrastructure support: the Route du Nord Route from Chibougamau runs within the southern boundary of the property. It also crosses a Hydro-Quebec power line and a road in the northeast, heading north to the Eastmain River and over the La Grande River.