Power Nickel Inc. continues to report new and complementary results from its Phase 2 drill program at its Nisk project near James Bay. These initial drill results confirm the presence of high-grade Ni-Cu-Co-PGE mineralization in the Nisk Main zone and extends mineralization by an additional 150 m at depth and to the east and below to the central portion. Highlights: Recent assay results from the current drill program at the Nisk deposit continue to return high-grade Ni-Cu- Co sulfide and PGE mineralization.

Significant results from this batch of assays include: 40.3m at 0.88% Ni, 0.56% Cu, 0.06% Co, 1.64 ppm Pd and 0.15 ppm Pt (PN-22-009) Including: 25.86m at 1.17% Ni, 0.80% Cu, 0.08% Co, 1.46 ppm Pd and 0.23 ppm Pt 7.50m at 0.60% Ni, 0.25% Cu, 0.04% Co, 3.76 ppm Pd and trace Pt Including 3.00m at 1.28% Ni, 0.47% Cu, 0.09% Co, 1.16 ppm Pd and traces Pt 18.65m at 0.25% Ni, 0.01% Cu, 0.01% Co, 0.76 ppm Pd and 0.08 ppm Pt (PN-22-008) 12.45m at 0.33% Ni, 0.34% Cu, 0.02% Co, 0.39 ppm Pd and 0.05 ppm Pt (PN-22-010). Drilling is to be extended by another 7,500 m to 10,000 m in first quarter 2023. The company has drilled fourteen holes in total and now have reported on five.

The company continue to be encouraged by all the results. Even holes PN-22-008 and PN-22-010, considering the geological interpretation, still show decent mineralization. Based on such optimistic results, the company has recently announced that it would ramp up drilling by another 7,500m to 10,000m starting Mid January first quarter 2023.

The remaining results of Phase 2 2022 fall drilling program will be reported as soon as they become available from the Assay Laboratory.