Premium Nickel drills 2.06% NiEq over 6.80 metres at Selebi mine, Botswana

Premium Nickel Resources Ltd. [PNRL-TSXV] released additional assay results from the 2022 diamond drilling program at its 100%-owned Selebi nickel-copper-cobalt (Ni-Cu-Co) sulphide mine in Botswana.

The company previously released results from the first three holes SMD-22-001, SMD-22-002 and SMD 22-001-W1. Results have been received for an additional four drillholes, SMD-22-006a, SMD-22-006a-W2, SMD-22-007a and the extension of historic hole sd145x, and are reported herein. Approximately 14,815 metres of diamond drilling has been completed to date at the Selebi Mine by PNRL in 2022.

Notable highlights include hole SMD-22-006a-W2 (upper interval) that returned 9.80 metres of 1.56% NiEq (0.97% Ni, 1.74% Cu, 0.03% Co), including 6.80 metres of 2.06% NiEq (1.28% Ni, 2.35% Cu, 0.04% Co).

SMD-22-006a-W2 (lower interval) returned 4.65 metres of 1.55% NiEq (1.10% Ni, 1.24% Cu, 0.04% Co).

The Phase 1 drilling program began March 14, 2022, with the purpose of locating the Selebi Mine mineralized structures within the 3-km area located between the Selebi Mine historical mine workings to the south and the Selebi North Mine historic workings to the north.

This current phase of drilling is focused on an area at the western down-dip edge of the historic 2016 South African Mineral Resource Committee (SAMREC) compliant Selebi resource (Measured Mineral Resources of 0.37 Mt of 1.01% Ni and 2.19% Cu, Indicated Mineral Resources of 6.82 Mt of 1.05%t Ni and 2.29% Cu, and Inferred Mineral Resources of 4.09 Mt of 0.86% Ni, which has not been prepared in accordance with NI 43-101.

The company’s drilling to date has provided evidence of at least two mineralized amphibolite hosted horizons that are separated by gneiss. All four of these drillholes intersected the same two intervals of amphibolite hosted Ni-Cu-Co mineralization, including SMD-22-006a-W2 that is located approximately 500 metres down-plunge of previously announced SMD-22-001 and 650 metres from historic hole sd119. By drilling down-dip to the west, the Company has intercepted thicker intervals of mineralization when compared to the widths reported in the historic Selebi SAMREC resource. Although the lower mineralized amphibolite has been intersected in historic drill holes, drill hole SMD-22-006a-W2 is the first occurrence of significant widths and grades in the lower interval.

Keith Morrison, CEO, commented: “PNRL’s work on the Selebi Mine continues to demonstrate significant expansion potential and mineralization continuity along strike, down dip and down plunge of the historic 2016 SAMREC compliant resources. The strategic initiative through this first phase of drilling is to obtain the necessary geoscience data to advance to the second phase of drilling, which is the transition to underground resource drilling at both the Selebi and Selebi North deposits. Our team is using an integrated data driven process incorporating BHEM, televiewer surveys, structural modeling and surface drilling to extend the known mineralization from the south (Selebi) and from the north (Selebi North), as the Company believes Selebi Mine could be a single continuous mineralized system. The borehole geophysics has been very successful in imaging highly conductive metallic mineralization along the down-dip structure possibly joining the two deposits over a length greater than 3,000 metres. The structural understanding increases as more holes are drilled, additional geophysical surveys are completed, and multiple mineralized structures at the Selebi North deposit are identified and explored. Data supported modelling is beginning to demonstrate that the mineralized Selebi North structures could be potentially related to similar structures below the Selebi deposit and mine horizon.”

Drilling is on-going and two additional holes have been completed with assays pending. This includes drill hole SMD-22-008a, targeting the mineralized amphibolite 130 metres downdip from SMD-22-001, SMD-22-009a targeting a gap in historic drilling east and south of sd119 drill hole, and SMD-22-012 targeting a gap northeast of sd119 and is in progress. By reducing the distance between historic holes, the company is moving toward a better understanding of the structural controls on mineralization and also working toward defining a potential inferred resource that may be used in a future PEA.