Premium Nickel drills 5.86% NiEq over 0.45 metres at Selebi, Botswana

Premium Nickel Resources Ltd. [TSXV-PNRL; OTCQX-PNRLF] provided an update on activities and has released additional assay results from drilling at its past-producing nickel-copper-cobalt sulphide (Ni-Cu-Co) Selebi North underground (SNUG) mine in Botswana.

Previous results for 42 holes were released in eight separate news releases between November 14, 2023 and March 5, 2024. This release highlights results for a further one hole and also summarizes results to-date including a summary of all drillholes released thus far, for an aggregate total of 18,120 metres in 50 holes.

“By the end of March, we will have completed the underground drilling at Selebi North that will be included in our maiden Selebi NI 43-101 Mineral Resource Estimate. The objective of the Selebi MRE, expected in June, is to provide the basis to support the rapid redevelopment of these deposits using the existing shafts and infrastructure. The mineralization continues down plunge and down dip from beyond the drilling to be reported in the MRE, which is evidenced in recent drilling, BHEM results and historic drilling,” said CEO, Keith Morrison.

Highlights: Completion of $21.6 million financing to fund initial Mineral Resource Estimate (MRE) on Selebi Main and Selebi North. More than 28,000 metres of drilling completed as of the date of this news release from seven underground drill bays at Selebi North.

Repeatedly encountering massive sulphide mineralization when drilling within the historic resource (see historic resource). SNUG-23-053 (South Limb): 6.05 metres of 2.76% NiEq (1.95% Ni; 1.23% Cu; 0.11% Co).

SNUG-23-054 (N3 Limb): 6.85 metres of 3.97% NiEq (2.72% Ni; 1.97% Cu; 0.15% Co).

SNUG-23-055 (South Limb): 15.30 metres of 2.95% NiEq (1.84% Ni; 1.85% Cu; 0.10% Co) incl. 8.45 metres of 3.04% NiEq (2.15% Ni; 1.40% Cu; 0.11% Co) and 3.00 metres of 2.98% NiEq (2.13% Ni; 1.28% Cu; 0.12% Co)

SNUG-23-056 (South Limb): 30.45 metres of 2.85% NiEq (1.78% Ni; 1.81% Cu; 0.09% Co) including 15.80 metres of 2.97% NiEq (1.73% Ni; 2.15% Cu; 0.09% Co) and 12.10 metres of 3.12% NiEq (2.06% Ni; 1.73% Cu; 0.11% Co).

Frequently encountering massive sulphide mineralization when drilling down-dip and down-plunge of the historic resource at Selebi North.

SNUG-23-017 (South Limb, 180 metres down plunge of historic resource): 18.15 metres of 2.21% NiEq (1.27% Ni; 1.65% Cu; 0.06% Co) incl. 6.25 metres of 3.23% NiEq (2.34% Ni; 1.40% Cu; 0.11% Co) and 3.50 metres of 3.22% NiEq (1.06% Ni; 4.08% Cu; 0.05% Co).

SNUG-24-089: (South Limb, 403 metres down-plunge and outside of the historic resource) intersected massive sulphide mineralization (assays pending, photos published see news release dated March 5, 2024).

NEW SNUG-24-094 (drilled 400 metres down plunge of N2): intersected massive sulphide mineralization (assays pending).New assay result with greater than 4% Nickel

Significant Copper: SNUG-23-026 (N3): 4.10 m of 3.49% NiEq (1.52 % Ni, 3.65% Cu, 0.07% Co), including 2.85 m of 3.56% NiEq (0.89 % Ni, 5.09% Cu, 0.05% Co)

SNUG-23-036 (N2): 10.45 m of 1.44% NiEq (0.48 % Ni, 1.82% Cu, 0.02% Co), including 4.15 metres of 2.53%NiEq (0.48 % Ni, 3.97% Cu, 0.02% Co).

Consistently reporting world-class assay results from ongoing drilling at Selebi North (see Appendix 1 and 2 for tables of assays and collars released to date)

SNUG-23-064 (South Limb/N2): 102.80 metres of 2.20% NiEq (1.41% Ni, 1.30% Cu, 0.08% Co)

SNUG-23-067 (South Limb/N2): 110.75 metres of 2.52% NiEq (1.52% Ni, 1.70% Cu, 0.08% Co)

SNUG-23-057 (N3): 9.55 metres of 3.94% NiEq (2.72 % Ni, 1.81% Cu, 0.16% Co)

Successfully mapping mineralization using Borehole Electromagnetic (“BHEM”), aiding drilling to extend mineralization below the legacy Selebi North resource. To date, 100% of the high conductance modeled plates correlate to massive sulphides within, down-dip and down plunge of the Selebi North historic resource.

Exceptional initial hydrometallurgical test results demonstrating high leach rates of Cu, Ni, Co, and PGEs, with equally high extraction rates to precipitates (see news release dated February 22, 2024).

Keith Morrison, CEO, commented: “By the end of March we will have completed the underground drilling at Selebi North that will be included in our maiden Selebi NI 43-101 Mineral Resource Estimate. The objective of the Selebi MRE, expected in June, is to provide the basis to support the rapid redevelopment of these deposits using the existing shafts and infrastructure. The mineralization continues down plunge and down dip from beyond the drilling to be reported in the MRE, which is evidenced in recent drilling, BHEM results and historic drilling. News flow will continue with assay results from the latest phase of underground drilling.”

The primary focus of this drill program is to define mineralization down plunge of the existing workings that will be used to complete a MRE prepared in accordance with NI 43-101 Standards.

The various mineralized zones have been historically mined and subsequently named N2 Limb, N3 Limb and South Limb to demarcate their location on the folded mineralized horizon. Additional drilling is needed to properly determine true width of mineralization on each limb and define the folded mineralization.

Three drills are currently active on the 810 metre level exploration drift. The two drill bays located at the southern most extent of the 810 metre level exploration drift allow for the evaluation of areas further down plunge and outside of the known historic resource estimate.

BHEM surveys are currently underway, with surveys completed in a total of twenty-five underground drillholes including nine 2024 holes drilled from the 810 metre level exploration drift evaluating the down plunge potential of the South Limb. Results from these surveys indicate that the mineralized zones continue down plunge of current drilling, permitting larger step-out intervals.

As of March 25, 2024, a total of 28,574 metres in 80 drillholes have been completed from seven underground drill bays with three of those drillholes currently in-progress. Assay results for completed holes will be released as they are received and confirmed by the company.

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 Botswana.