Highlights

l 0.60% Ni, 0.39% Cu, 0.50 g/t Pd, and 0.11 g/t Pt over 31.86m in PN-23-035, including

n 1.18 % Ni, 0.8 % Cu, 1.14 g/t Pd, and 0.28 g/t Pt over 8.82m

l 0.71% Ni, 0.37% Cu, and 0.85 g/t Pd over 10.05m in PN-23-033, including

n 1.25 % Ni, 0.36 % Cu, 1.41 g/t Pd, and 0.12 g/t Pt over 2.95m

l 0.49% Ni, 0.13% Cu, and 0.46 g/t Pd over 8.08m in PN-23-034A

TORONTO, ON / ACCESSWIRE / June 15, 2023 / Power Nickel Inc. (the "Company" or "Power Nickel") (TSXV:PNPN), (OTCBB:PNPNF), (Frankfurt:IVVI) is pleased to announce the latest results from drill holes PN-23-029 to 035. These eight (8) holes (Table 1) were drilled to test distal targets east (PN-23-030/-031) and west (PN-23-029) of the Main Nisk deposit as well as to expand on high-grade intersections at Nisk Main (PN-23-032, -033, -034/034A, and -035; Figures 1-3).

Next steps at Nisk include deploying the Ambient Noise Tomography program, completing the analysis of the recent Airborne MAG/EM survey, readying the drilling team for the July start of the funded 15,000 metre drill program, receipt of the metallurgical studies report and the publication of the inaugural NI 43-101 mineral resource estimate at Nisk.

About the Nisk Project

The Nisk Project is in the southern portion of the Eeyo Istchee James Bay territory, Québec, the site of several mining projects improving infrastructure (Figure 4).

Power Nickel completed the acquisition of its option to acquire up to 80% of the Nisk Project from Critical Elements Lithium Corp. (CRE: TSXV). The Nisk Project comprises a large land position (20 kilometres of strike length) with numerous high-grade Nickel intercepts (Figure 5 & 6) from completed drill programs.

In addition to a successful campaign to extend and expand the resources at Nisk Main, Power Nickel has successfully tested extensions both east and west of the main zone in what could be whole new pods of mineralization. Perhaps most critical was the announcement on May 10 th where Power Nickel stepped out 5 km from the main Nisk resource (Figure 7) intercepting 1 Oz/Tonne Combined Platinum and Palladium over 7.75 Metres in Wildcat hole PN-23-031A.