Power Nickel’s Terry Lynch on “the least expensive high-grade nickel sulfide exploration play in the world”
In a compelling interview at PDAC 2024, Tracy Weslosky of InvestorNews caught up with Terry Lynch, CEO of Power Nickel Inc. (TSXV: PNPN | OTCQB: PNPNF), to discuss the company’s progress and the promising outlook of their operations. Power Nickel, a Canadian junior exploration company, is on a dedicated mission to develop the High-Grade Nisk project into Canada’s first Carbon Neutral Nickel mine. The company, which has successfully exercised options to increase its ownership in the Nisk project up to 80%, is looking forward as the next commitment is the delivery of a NI-43-101 Technical report.
Lynch emphasized the technical aspects of the company’s recent strides, highlighting a major nickel sulfide discovery at the NISK site, with an initial NI-43-101 report showing 7.2 million tons. He detailed the exploration plans for 2024, noting that drilling has already yielded promising hits. Lynch expressed strong confidence in the exploration prospects, predicting significant growth potential for the project. He drew comparisons with other notable locations, stating, “We think Lynn Lake with 22 million tons and Voisey’s Bay with 140 million tons are indicators that we will be somewhere between there and who knows how big this thing can be.”
He also explained why Quebec is a prime location for exploring critical minerals, citing three major reasons: the pre-existing infrastructure, the province’s positive relationship with the First Nations, particularly the James Bay Cree, and the attractive fiscal incentives that effectively double the investment capital for exploration and development.
The interview further explored the nuances of the nickel market, where Lynch gave insights into the recent fluctuations and the differentiation between markets within the industry. He remarked on the resilience of nickel demand, despite challenges such as the pandemic and its impact on China’s real estate market. Lynch pointed out the importance of North American Class 1 nickel and the strategic advantage Power Nickel holds, supported by recent investments like Samsung’s in Canada Nickel, which underscore the market’s demand for such resources.
The conversation then shifted to the public’s perception and understanding of Power Nickel. Lynch expressed a wish for greater awareness of the company’s value, emphasizing its position as “the least expensive high-grade nickel sulfide exploration play in the world” and outlined the significant advantages of their potential mining operations in terms of cost and returns. As for the future, Lynch assured that Power Nickel will maintain its commitment to transparency, with upcoming updates on drilling, assays, and a feasibility study that promises to increase nickel recovery rates significantly and add value through the production of iron powder, a by-product of their unique refining process.
The recent news release on March 4, 2024, aligns with Lynch’s discussion, announcing a new discovery within the Nisk project that enriches its prospects. Power Nickel reported further drilling successes, notably intersecting a high-grade PGM (Platinum Group Metals) rich zone, potentially adding significant value to the project. This discovery came from hole PN-24-047, which followed up on the notable Wildcat high-grade PGM intersection and is set to be the basis for a more comprehensive understanding of the mineralization’s extent. Kenneth Williamson, Power Nickel’s VP of Exploration, reflected on this progress with optimism in this news release, stating, “We are even more encouraged to extend what appears to be a very high-grade PGM rich zone laterally from the initial discovery.”
Lynch’s interview and the news release both highlight Power Nickel’s proactive approach to exploration, and the technical advancements the company is making. With the expansion of the historical high-grade nickel-copper PGE mineralization at Nisk, Power Nickel is steadily positioning itself to become a key player in the nickel industry, as it works towards expanding the known high-grade zones and uncovering new potential deposits within its significant land holdings.
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About Power Nickel Inc.
Power Nickel is a Canadian junior exploration company focusing on developing the High-Grade Nisk project into Canada’s first Carbon Neutral Nickel mine.
On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE: TSXV). Subsequently, Power Nickel has exercised its option to acquire 50% of the Nisk Project and delivered notice to Critical Elements that it intends to exercise its second option to bring its ownership to 80%. The last remaining commitment to exercise the option was the delivery of a NI-43-101 Technical report which has now occurred. Power Nickel expects to complete the acquisition in February.
The NISK property comprises a significant land position (20 kilometers of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the historical high-grade nickel-copper PGE mineralization with a series of drill programs designed to test the initial Nisk discovery zone and to explore the land package for adjacent potential Nickel deposits.
In addition to the Nisk project, Power Nickel owns significant land packages in British Colombia and Chile. Power Nickel is expected to reorganize these assets in a related vehicle through a plan of arrangement.
Power Nickel announced on June 8, 2021, that an agreement had been made to complete the 100% acquisition of its Golden Ivan project in the heart of the Golden Triangle. The Golden Triangle has reported mineral resources (past production and current resources) in 130 million ounces of gold, 800 million ounces of silver, and 40 billion pounds of copper (Resource World). This property hosts two known mineral showings (gold ore and Magee) and a portion of the past-producing Silverado mine, reportedly exploited between 1921 and 1939. These mineral showings are Polymetallic veins containing quantities of silver, lead, zinc, plus/minus gold, and plus/minus copper.
Power Nickel is also 100 percent owner of five properties comprising over 50,000 acres strategically located in the prolific iron-oxide-copper-gold belt of northern Chile. It also owns a 3-per-cent NSR royalty interest on any future production from the Copaquire copper-molybdenum deposit sold to a subsidiary of Teck Resources Inc. Under the terms of the sale agreement, Teck has the right to acquire one-third of the 3-per-cent NSR for $3 million at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s first region.
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