Last month, we published a deep dive article on Power Nickel Inc. (TSX Venture: PNPN) (OTCQB: CMETF) (Frankfurt: IVVI) and wanted to issue a follow up report after we received a lot of requests for more information on the business.
In late November, Power Nickel announced initial results from its current drill program at its “Nisk” project which confirmed the presence of high-grade Ni-Cu-Co-PGE mineralization in the Nisk Main zone. The initial results also show that the mineralization extends by an additional 150 meters and we are very excited about the results.
Although Power Nickel is awaiting assay results from most of the holes that have been drilled, the initial results reported demonstrate the robustness of the system and we believe the data helps de-risk the project.
One of our important takeaways from the announcement is related to how the holes that were drilled are in an area where no resource was modeled. As a result, the data will help the management team better assess its deposit and add substantial tonnage to its model.
The initial assays results showed approx. 2% of nickel across a large intersection and we find this data point to be extremely exciting. Another key data point is related to the PN-22-009 hole which showed there to be very high-grade sections of the deposit which will in turn raise resource grade and improve economics in any future mine plan.
In light of the initial results, Power Nickel CEO Terry Lynch noted that the probability of the company becoming Canada’s next major nickel mine is much more likely and we find this to be significant. We continue to classify Power Nickel as a Canadian junior exploration company that is flying under the radar.
At current levels, we find Power Nickel’s valuation to be very attractive and believe the initial data improves its risk-reward profile. When compared with other high-grade nickel sulfides exploration projects around the world, Power Nickel’s Nisk project trades at a fraction of other projects’ value. These types of results should increase awareness for the story and we want our readers to be aware of these developments.
In the first quarter of 2023, Power Nickel plans to extend drilling by another 7,500 to 10,000 meters. The company’s rationale to extend drilling was on the basis of receiving such positive initial results and we are excited about the opportunity.
If you are interested in learning more about Power Nickel, please send an email to support@onthebids.com with the subject “Power Nickel” to be added to our distribution list.
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