08:57 AM EDT, 09/10/2024 (MT Newswires) -- Power Nickel Inc. ( PNPNF ) announced Tuesday that 10 out the 12 holes drilled so far from the company's summer drilling program at the Lion Zone discovery have intercepted sulphides mineralization.

Among highlights, it cited: the High-Grade portion of the Lion Zone one continues to the west, with a shallower plunge than what was previously anticipated, as shown by holes PN-24-69 to PN-24-074.

It also noted the Lion Zone is present at depth, as shown by holes PN-24-063 toPN-24-068, expanding its footprint deeper by another 150m vertical. And ground-based geophysics is underway at Lion Zone and new targets from the consolidated gravity and EM surveys interpretation are anticipated to be available when drilling resumes mid-October, after the traditional month long 'Moose Break'.

"Our 2024 summer drilling program had two objectives: Grow the Lion Zone and establish a process designed by Dr. Steve Beresford to maximize our ability to explore the project on a systematic basis, using approaches he used successfully with First Quantum, MMG, and IGO. I am very pleased to report success in accomplishing these objectives. The first results you will note in our Lion Zone growth....... the second will come in our planned fully funded 30,000 meter winter drill program. The Lion Zone, and indeed Nisk overall, is blossoming into what we believe will be a world-class polymetallic discovery. We look forward to building on this summers hard work and success into what we feel will be a company defining winter program," said CEO Terry Lynch.

Power Nickel ( PNPNF ) said its 2024 summer drill program is currently focussed on drilling systematically the Lion Zone using a 50 to 75 m square grid approach, which allows a better understanding of the internal distribution of the high-grade polymetallic mineralization within the zone. It added three areas have been successfully tested so far: one, the area directly below the zone (holes PN-24-063 to -068), expanding the zone by 150 m vertically; two, the west boundary (PN-24-069 to -071), where the zone appears to be thicker and more massive in nature; and three, below the known west boundary, following the interpreted plunge of the zone. With the new holes considered, the Lion Zone now shows a footprint reaching 350 m laterally and 450 m vertically, representing a significant increase in size, it noted.