Premium Nickel reports high-grade drill results at SNUG mine, Botswana

Premium Nickel Resources Ltd. [TSXV: PNRL] reported more high-grade assay results for a further six holes from drilling at its past-producing nickel-copper-cobalt sulphide (Ni-Cu-Co) Selebi North underground (SNUG) mine in Botswana.

An initial Mineral Resource Estimate (MRE) for the Selebi Mine referred to in this release and prepared in accordance with NI 43-101 Standards was disclosed on August 8, 2024.

Assay highlights include SNUG-24-123 (South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources): 13.85 metres of 6.08% CuEq or 2.95% NiEq (1.29% Cu, 2.33% Ni, 0.12% Co).

SNUG-24-131 (South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources): 7.25 metres of 7.48% CuEq or 3.63% NiEq (1.89% Cu, 2.71% Ni, 0.11% Co), including 1.80 metres of 10.27% CuEq or 4.99% NiEq (1.86% Cu, 4.09% Ni, 0.14% Co).

SNUG-24-133 (between N2 and N3): infill drilling targeting re-classification of Inferred to Indicated Resources): 8.20 metres of 5.41% CuEq or 2.63% NiEq (2.20% Cu, 1.56% Ni, 0.08% Co).

Keith Morrison, CEO of PNRL, commented: “Together with these assays, we have reported on approximately 13,930 metres drilled at Selebi North since the MRE cut-off date of June 30, 2024. The ongoing exploration at the Selebi North deposit consistently demonstrates exceptional high-grade polymetallic assay results including cobalt. In addition to continued resource drilling, the company is progressing on engineering trade-off studies that will support our first NI 43-101 compliant economic model.

“These studies include metallurgical workflow improvement, testing the application of X-ray transmission ore-sorting for underground pre-concentration to optimize the lifting capacity at the Selebi Mines, and mining methods and options to increase the throughput from both the Selebi North and Selebi Main deposits.”

As of October 20, 2024, a total of 58,765 metres in 150 drillholes have been drilled from eight underground drill bays with three of those drillholes currently in-progress. Drilling totaling 28,781 metres across 65 completed holes, with three more in progress, is not included in the MRE. This new drilling is a combination of infill and exploration drilling to follow the extension of the mineralization down dip and down plunge.

The BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3-component fluxgate probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to be invaluable because of the size of the highly conductive mineralized system.

PNRL is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and cobalt resources mines owned by the company in the Republic of Botswana.