Power Nickel Announces Latest Drill Results that Expands Central High-Grade Zone at Nisk

Source: www.gulfoilandgas.com 5/30/2023, Location: North America

Power Nickel Inc. (the "Company" or "Power Nickel") (TSXV:PNPN)(OTCQB:PNPNF)(Frankfurt:IVVI) is pleased to announce the latest results from drill holes PN-23-025, 027 and 028. These three (3) holes (Figure 1 and Table 1) successfully expanded the high-grade intersection in drill hole PN-22-009 (1.17% Ni, 0.80% Cu, 0.08% Co, 1.46ppm Pd, 0.23ppm Pt over 25.86m) by 75 metres depth and 150 metres of strike (Figure 2; NR January 12 th , 2023).

Commented Power Nickel CEO, Terry Lynch,

"Once again, Nisk is delivering very promising results. Hole 28 is a high-grade nickel hole with robust cobalt and PGM values. The Nisk Main zone has been very cooperative, with each set of assays having large high-grade intercepts as we look to build a commercial resource. All of these assay results will be captured in our new NI 43-101, which we expect to be delivered in Q3. Our Fall and winter campaigns were very productive, and we have one more set of assays to go, and we are excited to see those sometime in Mid-June."

The wide (7.8 m) high-grade mineralization intersected by hole PN-23-028 (Figure 3) occurs mainly as massive sulphide beds composed of pyrrhotite, pentlandite, and minor chalcopyrite.

The mineralized intersections in holes PN-23-025 and PN-23-027 (Figures 3 and 4) occur as narrow, 1.60m and 1.63m, massive sulphide and semi-massive beds composed of pyrrhotite, pentlandite, and minor chalcopyrite.

The wider, higher-grade intersections in holes PN-22-009 and PN-23-028 are interpreted to be located in the hinge zone, or nose, of a fold, while the narrower, high-grade intersections in holes PN-23-025 and PN-23-027 are interpreted to be located in a deformation zone along the limb(s) of the fold.

Follow-up ground geophysics consisting of EM and a FLEET ANT survey will be conducted this summer to understand the geometry of the known mineralization better to target specific areas where folding might have thickened the mineralization width.

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