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Power Nickel To Raise $2.75 Million For Further Exploration At Nisk
Power Nickel (TSXV: PNPN) is raising funds for the further exploration of its flagship Nisk nickel PGM property in Quebec.
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Power Nickel (TSXV: PNPN) is raising funds for the further exploration of its flagship Nisk nickel PGM property in Quebec.
“We are pleased to secure the additional equity we need to continue to advance Nisk. These funds will see us able to release our NI 43-101 report in November and continue our exploration and drilling program into Q1 of 2024. In particular we are most encouraged by the new data we are receiving from our Ambient Noise Tomography program and in particular want to follow up on the multiple new drilling targets this has identified,” commented CEO Terry Lynch.
The financing will see the company raise a total of $2.0 million in flow through funds at a price of $0.50 per unit, resulting in 4.0 million units to be sold. The company has also indicated it will sell up to 3.0 million non-flow through units at $0.25 per unit, for gross proceeds of up to $750,000, while bringing the total funding round to $2.75 million.
The financing is slated to close in the coming days, with the funding round said to be non-brokered.
Data collected from a recent ambient noise tomography study conducted to depths of 400 metres meanwhile suggests further resource expansion potential at Nisk Main, while at the same time identifying two unexplored nickel sulphide targets north and east of Nisk Main.
Further reports from the ANT study are expected to be received towards month end, which will focus on the bonanza grade PGM discovery in hole PN-23-031A, which intersected 1.47% copper, 0.28 g/t gold, 5.71 g/t palladium and 20.76 g/t platinum over 7.75 metres. This second report focused on depths of up to 800 metres.
“A definitive signature was observed that correlates very well to our drilling discovery of Nickel PGM charged massive sulfides. This signature suggests more resource could be discovered exploring at depth south and east of Nisk Main drilling and two additional targets north and east,” continued Lynch.
READ: Power Nickel Hits 25 Metres Of Sulfides In 300 Metre Step Out Hole
The data collected resulted in an aggressive 300 metre step out to the south and east for the first hole under current drilling, assays for which are expected soon. Drill testing between now and Christmas is to focus on the two additional areas identified, as well as below the current extent of mineralization at Nisk Main.
Power Nickel last traded at $0.22 on the TSX Venture.
FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
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