Hole 23 Delivers! Power Nickel Final Drill Results from the Fall 2022 Drill Program and Initial Drill Results from Winter 2023

Highlights

Main Zone

• 0.97% Ni, 0.45% Cu, 0.07% Co, 0.80 g/t Palladium, 0.27 g/t Platinum over 16.4m in Hole PN-23-023
  Including
• 1.08% Ni, 0.50% Cu, 0.08% Co, 0.91 g/t Palladium, 0.31 g/t Platinum over 13.5m
• 1.37% Ni, 0.44% Cu, 0.10% Co, 1.11 g/t Palladium, 0.57 g/t Platinum over 5.6m
• 0.57% Ni, 0.17% Cu, 0.04% Co, 0.47 g/t Palladium, 0.18g/t Platinum over 14.8m in Hole PN-23-024
  Including
• 0.92% Ni, 0.32% Cu, 0.06% Co, 0.59 g/t Palladium, 0.34g/t Platinum over 4.85m
  And
• 1.03% Ni, 0.17% Cu, 0.07% Co, 1.13 g/t Palladium, 0.1g/t Platinum over 2.3m in Hole PN-23-024
• Drilling has completed for the winter season, and will resume in the summer. Holes PN-23-025 to PN-23-035 are awaiting assay results, and several have encountered significant intervals of massive sulfides.

TORONTO, ON / ACCESSWIRE / April 27, 2023 / Power Nickel Inc. (the "Company" or "Power Nickel") (TSXV:PNPN)(OTCQB:PNPNF)(Frankfurt:IVVI) continues to confirm the presence of high-grade Ni-Cu-Co-PGE mineralization in the Main Zone of its Nisk project near James Bay, Quebec. In addition, step out exploration drilling 800m east of the Main Zone shows indications of a new Ni-Cu-Co-PGE zone within the same ultramafic sequence of rocks. The Main Zone drill results for holes PN-23-23 and PN-23-24 extend mineralization up dip from previous high-grade holes into an area previously believed to be a low grade zone between two high grade lodes (Figure 1).

New Discovery 800m east of Main Zone
0.22% Ni, 0.42% Cu, 0.01% Co, 0.71 g/t Palladium, 0.31 g/t Platinum over 4.9m Hole PN-22-020

Late in the fall 2022 drill program, two holes (PN-22-020 and PN-22-021) tested an exploration target at shallow depths approximately 800m and 600m respectively east of the high-grade Main Zone (Figure 1). Hole PN-22-021 did not intersect sulphide mineralization, but further to the east hole PN-22-020 intersected three (3) zones of sulphides with significant Ni-Cu-Co-PGE mineralization (Table 1). This hole contained low amounts of sulphides but with a high ratio of Ni-Cu-Co-PGE mineralization. The area will require further testing for potential massive sulphide zones, and both holes are good candidates for downhole EM surveying to look for off-hole EM conductors.

In a March 1 news release, hole PN-22-018 was listed as NSR (no significant results), but further analysis of initial assay results from this hole revealed a low-grade Ni/PGE zone over 7.5m and it is reported here (Table 1).

Table 1 below presents the significant results received from the remaining fall 2022 program and the initial holes from the winter 2023 program.

Table 1: Significant results from the 2022 drilling program.