Premium Nickel drills 1.72% NiEq over 16.75 metres at Selebi, Botswana

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

The company’s Phase 1 drilling program was successfully completed in January 2023. The purpose of this Phase 1 program was to demonstrate the upside potential of the Selebi Mine mineralized structures within the 3-km area between the Selebi historical mine workings to the south and the Selebi North historic mine workings to the north.

The results of the drilling program, in conjunction with the borehole electromagnetic (BHEM) program, have provided significant evidence that the Selebi and Selebi North deposits are part of one large mineralized system and that mineralization is present in at least two mineralized amphibolite hosted horizons: the Upper Interval and Lower Interval.

The company has completed approximately 15,074 metres of diamond drilling in Phase 1 of the drill program at the Selebi Mine resulting in multiple high-grade intercepts as reported in previously released assays. The company has now announce the results for an additional two drillholes, SMD-22-008a and SMD-22-009a.

Notable highlights include drill hole SMD-22-009a-W2 that returned 16.75 metres of 1.72% NiEq (nickel equivalent)(1.00% Ni, 2.05% Cu, 0.04% Co), including 9.35 metres of 2.39% NiEq (1.34% Ni, 3.01% Cu, 0.05% Co) and 2.20 metres of 1.76% NiEq (1.33% Ni, 1.11% Cu, 0.05% Co).

SMD-22-008a-W2 returned 9.90 metres of 0.73% NiEq (0.35% Ni, 1.13% Cu, 0.01% Co), including 6.00 metres of 0.78% NiEq (0.26% Ni, 1.58% Cu, 0.01% Co).

BHEM and drilling data provide considerable evidence that the Selebi and Selebi North deposits are part of one large mineralized system.

Keith Morrison, CEO commented: “PNRL’s previous drill holes on the Selebi Mine revealed substantial expansion potential and continuity of mineralization along strike, down dip and down plunge of the 2016 SAMREC resource estimate reported at Selebi. The previous holes were designed to test the upside potential of the Selebi mineralization, while the holes in this release were drilled up-dip and down-dip of previous mineralization. By reducing the distance between holes, the company is gaining a deeper understanding of the structural controls on mineralization and making progress towards defining a potential inferred mineral resource that may be used in a future PEA prepared in accordance with NI 43-101. The intersection in SMD-22-009a, located 140 metres up-dip of sd119, highlights the potential dip extent of substantial mineralization widths.”

The Phase 1 exploration program focused on an area at the western down dip edge of the 2016 South African Mineral Resource Committee (SAMREC) resource estimate reported on Selebi, comprising: 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 % Ni and 2.29 % Cu; and inferred mineral resources of 4.09 Mt of 0.86% Ni.

Historic drill hole sd119 (estimated true thickness interval of 38.5 metres averaging 1.58% Ni and 2.44% Cu, including 21.4 metres of 2.34% Ni and 3.39% Cu) is located approximately 300 metres north from the closest Selebi mine underground infrastructure, and is used as PNRL’s point of reference for this initial drill program to help communicate step-out distances and geometries of additional drill hole pierce points.

The drilling to date has not fully defined the plunge direction or dip extent of the structurally controlled thickening of the mineralization. BHEM and drill data indicate that the plunge direction is turning towards the west with depth and indicates a down-dip extension of the mineralization in both the upper and lower intervals. The BHEM data from all holes is currently being integrated with the updated structural model to refine the location of the controlling structures for more precise resource drilling planned for 2023.

These assay results, combined with ongoing geophysical surveys using the Crone PEM system and structural data, will aid in defining and supporting the upcoming underground drilling programs at the Selebi Mine. The BHEM surveys were conducted by local staff using a 3-component fluxgate probe collecting full waveform data with time bases between 50 and 1000 ms (0.25Hz to 4.5Hz). The data has been processed to better quantify conductive sources, which has proven valuable due to the size of the highly conductive mineralized system.

PNRL is a mineral exploration and development company focused on the discovery and advancement of high-quality nickel copper + cobalt resources. We believe that the medium to long-term demand for these metals will continue to grow, driven by global urbanization and the increasing replacement of internal combustion engines with electric motors. These metals play a crucial role in a low-carbon future.

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