Power Nickel Inc.  (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce that drilling has confirmed the presence of mineralization 125 meters below and 75 m west of the currently discovered Lion Zone and intercepted 7 meters (Hole 93) and 13 meters (Hole 95A) of the mineralized geologic unit. They extend the depth of the Lion Zone mineralized unit down to six hundred metres below surface.

In Figure 2 below we produce some selected Core Pictures.

Terry Lynch, CEO of the Company, commented, “As we continue our winter drill program at the Lion Zone, the focus has remained on assessing the limits of the Lion Zone along strike and down dip. While assays are pending, Holes 93 and 95A suggest we have not yet found the limits of the Lion Zone mineralization at depth. Combined with hole 80 which tested the Lion Zone continuity along strike to the west, we are excited with the initial progress of this winter program and the pending assays as Power Nickel looks towards 2025.

Of note in Hole 93 and 95A are the core visuals which have informed the exploration team in 2024 to further guide the drilling program even while assays are pending.

This is not the first time we have seen core like this from drilling the Lion zone.”

As shown in Figure 3, the Lion Zone has been producing a continuous stream of excellent intersections and grades building a substantial mineralized area of extremely high-grade copper, gold, silver, and platinum group metals.

“The core intersection from hole 95A is certainly representing the best of the Lion Zone as we know it now; a wide intersection representing a significant thickness of mineralization and it was where we expected it to be, in the heart of the plunge. Hole 93 is our deepest intersection to date, suggesting that the core zone remains open at depth… All key pieces in the process of growing Lion Zone!” – commented Ken Williamson, VP of Exploration.

Copper Equivalent Calculation

CuEq Rec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and a recovery grade of 80% for all commodities, consistent with comparable peers.

About Power Nickel Inc.

Power Nickel is a Canadian exploration company focusing on developing the High-Grade Nickel Copper PGM, Gold and Silver Nisk project into Canada’s next poly metallic mine.

On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE: TSXV).

The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the high-grade nickel-copper PGM, Gold and Silver mineralization with a series of drill programs designed to evaluate the initial Nisk discovery zone, the Lion discovery zone and to explore the land package for adjacent potential poly metallic deposits.

In addition to the Nisk project, Power Nickel owns significant land packages in British Colombia and Chile. Power Nickel is expected to reorganize these assets in a related public vehicle through a plan of arrangement.

Figure 1: Longitudinal view across the Lion Zone Area, presenting the location of Lion Zone against the ultramafic extent. (CNW Group/Power Nickel Inc.)

Figure 2: Section view presenting the location of holes PN-24-093 and PN-24-095A, along with core pictures of the intercepted mineralization. (CNW Group/Power Nickel Inc.)

Figure 3: plan view showing the current lateral extent of the zone against the overall strike length of the ultramafic unit, to which mineralization is associated. (CNW Group/Power Nickel Inc.)