TORONTO, ON / ACCESSWIRE / October 6, 2022 / Power Nickel Inc. (the “Company” or “Power Nickel”) (TSXV:PNPN)(OTCQB:CMETF)(Frankfurt:IVVI) announces that as a result of a review by the staff of the British Columbia Securities Commission (“BCSC‘), the Company is issuing the following news release to clarify the disclosures related to its technical report on the Nisk Project previously filed on SEDAR on August 30, 2022.

The Company’s technical report entitled “NI 43-101 Technical Report and Mineral Resource Estimate for the Nisk Project, Eeyou Istchee James Bay Territory, Quebec” (the “technical report“) does not meet certain technical requirements of National Instrument 43-101 – Disclosure Standards for Mineral Products (“NI 43-101“). The Company’s mineral resource estimates provided in the technical report do not comply with NI 43-101 and such mineral resource estimates as disclosed in Power Nickel’s technical report and related news releases as of July 19, 2022 cannot be relied upon until they become available supported with a compliant report.

The Company is preparing an amended technical report (the “Modified technical report“). In addition to completing the metallurgical analysis and requesting a site revisit of the Nisk project by an author of the amended technical report, the report will also include results from the Company’s current drilling program, which is currently underway and is expected to be completed by mid-December 2022 .

The company does not yet know the final timeframe for the completion of the amended technical report, but believes a delivery date of the first quarter is likely.

Kenneth Williamson, P.Geo., M.Sc., advisor to the Company, is the Qualified Person who has reviewed and approved the technical disclosure in this news release.

For more information about Power Nickel Inc. please contact:

Mr. Terry Lynch, CEO
[email protected]

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