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Canadian explorer Power Nickel (TSX-V: PNPN) said on Thursday it had hit the main mineralized structure within the Lion Zone of its flagship NISK polymetallic project in Quebec, Canada, following a retargeting exercise.
“With one of our best holes to date, it is becoming more evident that the Lion discovery is substantially bigger than we originally envisioned,” chief executive officer Terry Lynch said in the statement.
The latest drill, which reached the mineralized zone at a depth of 118 meters, builds on the company’s previous exploration work. By incorporating insights from earlier drill holes, Power Nickel adjusted its strategy, moving further west and shallower. The result was a successful hit, sparking optimism about the future of the project.
“This is very encouraging for lots of reasons: size of the zone, grade, depth of the intersection, and the move westward,” Lynch said.
Power Nickel entered the project in 2021. The Toronto-based junior plans to develop NISK, in Quebec’s James Bay region, as Canada’s first carbon neutral nickel mine by using carbon capture and hydroelectric power. Provincial and federal tax breaks cover half of exploration costs as the company works towards a feasibility study before year-end.
In addition to expanding the Lion Zone via targeted drilling, Power Nickel is also in the process of compiling information from several data sources, including downhole electromagnetics, gravity and geochemical data.
The goal is to determine the potential of NISK, which is known for its rich deposits of nickel, copper, cobalt and other critical minerals. As demand for these materials grows, particularly for use in electric vehicle batteries, the project’s allure is expected to increase.
So far, it has attracted investments from Ivanhoe Mines (TSX: IVN) founder and co-chair Robert Friedland and from mining magnate Rob McEwen, founder and CEO of McEwen Mining (TSX, NYSE: MUX).
Power Nickel’s shares have soared this year, climbing almost 230% to date at C$0.79 each. That leaves the explorer with a market capitalization of C$151.25 million ($112m).
