Premium Nickel Extends Selebi Mines Study Phase and Provides Operational Update
Premium Nickel Resources has extended the Study Phase for its Selebi Mines project to February 1, 2026, following successful completion of required work and investment milestones. The extension allows time to complete an economic study and make a US$25 million milestone payment. The company is advancing resource characterization drilling at Selebi North, expected to complete by end-2024, and preparing for underground exploration drilling at Selebi Main in 2025. The company is evaluating whether to proceed with a preliminary economic assessment or move directly to a prefeasibility study. Additionally, a mineral resource estimate for the Selkirk deposit is expected soon. Shareholders have approved changing the company name to Premium Resources
Premium Nickel Resources ha esteso la Fase di Studio per il suo progetto delle Miniere di Selebi fino al 1 febbraio 2026, dopo il completamento con successo dei lavori richiesti e delle tappe d'investimento. L'estensione consente di completare uno studio economico e di effettuare un pagamento di milestone di 25 milioni di dollari. L'azienda sta avanzando i lavori di caratterizzazione delle risorse presso Selebi North, previsto per essere completato entro la fine del 2024, e si sta preparando per le perforazioni di esplorazione sotterranea a Selebi Main nel 2025. L'azienda sta valutando se procedere con una valutazione economica preliminare o passare direttamente a uno studio di prefattibilità. Inoltre, è previsto a breve un'analisi delle risorse minerarie per il deposito di Selkirk. Gli azionisti hanno approvato il cambiamento del nome dell'azienda in Premium Resources.
Premium Nickel Resources ha extendido la Fase de Estudio para su proyecto de las Minas de Selebi hasta el 1 de febrero de 2026, tras completar con éxito los trabajos y objetivos de inversión requeridos. La extensión permite tiempo para completar un estudio económico y realizar un pago de hitos de 25 millones de dólares. La empresa está avanzando en la perforación de caracterización de recursos en Selebi North, que se espera completar a finales de 2024, y se está preparando para la perforación de exploración subterránea en Selebi Main en 2025. La empresa está evaluando si proceder con una evaluación económica preliminar o pasar directamente a un estudio de prefactibilidad. Además, se espera pronto una estimación de recursos minerales para el depósito de Selkirk. Los accionistas han aprobado cambiar el nombre de la empresa a Premium Resources.
프리미엄 니켈 리소스는 요구되는 작업과 투자 이정표를 성공적으로 완료한 후 셀레비 광산 프로젝트의 연구 단계를 2026년 2월 1일까지 연장했습니다. 이 연장은 경제적 연구를 완료하고 2,500만 달러의 이정표 지급을 할 수 있는 시간을 제공합니다. 회사는 2024년 말까지 완료할 것으로 예상되는 셀레비 노스에서 자원 특성화 드릴 작업을 진행하고 있으며, 2025년에는 셀레비 메인에서 지하 탐사 드릴링을 준비하고 있습니다. 또한, 회사는 예비 경제 평가를 진행할지 아니면 직접적으로 예비 타당성 조사로 넘어갈지를 평가하고 있습니다. 아울러, 셀커크 광산의 광물 자원 추정치도 곧 발표될 예정입니다. 주주들은 회사 이름을 프리미엄 리소스로 변경하는 것을 승인했습니다.
Premium Nickel Resources a prolongé la phase d'étude de son projet des mines de Selebi jusqu'au 1er février 2026, après avoir réussi à achever les travaux requis et les jalons d'investissement. Cette prolongation permet de finaliser une étude économique et d'effectuer un paiement de jalon de 25 millions de dollars. L'entreprise avance dans le forage de caractérisation des ressources à Selebi North, dont l'achèvement est prévu pour fin 2024, et se prépare à un forage d'exploration souterrain à Selebi Main en 2025. L'entreprise évalue si elle doit procéder à une évaluation économique préliminaire ou passer directement à une étude de préfaisabilité. De plus, une estimation des ressources minérales pour le gisement de Selkirk est attendue prochainement. Les actionnaires ont approuvé le changement de nom de l'entreprise en Premium Resources.
Premium Nickel Resources hat die Studienphase für ihr Selebi-Minenprojekt bis zum 1. Februar 2026 verlängert, nachdem die erforderlichen Arbeiten und Investitionsmeilensteine erfolgreich abgeschlossen wurden. Die Verlängerung ermöglicht es, eine Wirtschaftsstudie abzuschließen und eine Meilensteinzahlung von 25 Millionen US-Dollar zu leisten. Das Unternehmen treibt die Ressourcencharakterisierungsbohrungen in Selebi North voran, die bis Ende 2024 abgeschlossen sein sollen, und bereitet sich auf die unterirdische Explorationsbohrung in Selebi Main im Jahr 2025 vor. Das Unternehmen bewertet, ob es mit einer vorläufigen wirtschaftlichen Bewertung fortfahren oder direkt zu einer Machbarkeitsstudie übergehen soll. Darüber hinaus wird bald eine Schätzung der Mineralressourcen für das Selkirk-Vorkommen erwartet. Die Aktionäre haben den Namen des Unternehmens in Premium Resources genehmigt.
- Successfully completed required work and investment milestones
- Secured extension of Study Phase to February 2026
- Resource characterization drilling program progressing at Selebi North
- Underground development team mobilized for exploration drilling at Selebi Main
- US$25 million milestone payment due by February 2026
Toronto, Ontario--(Newsfile Corp. - November 11, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL) ("PNRL" or the "Company") has extended the Study Phase (as defined under Section 43 of the Botswana Mining Act) for the Selebi Mines project pursuant to the terms of the asset purchase agreement (the "Selebi APA") with the BCL liquidator. This extension follows successful completion by the Company of the work and investment milestones required by the Selebi APA. It provides the Company with an additional one year, to February 1, 2026, to complete an economic study and make the next milestone payment, in the amount of US
On January 31, 2022, the Company closed the Selebi APA, and ownership of the Selebi Mines transferred to the Company. The Selkirk Mine license and exploration permits were acquired in August 2022. Included in the Selebi APA, are contingent milestone payments which apply in aggregate to both the Selebi Mines and the Selkirk Mine as the assets are derisked.
Selebi Mines
The Company is advancing its resource characterization drilling program at Selebi North, which is expected to be completed by the end of 2024. The underground development team has mobilized to the Selebi Main deposit to support underground exploration drilling starting in 2025. Initial drill bays will be established enabling drill testing of large borehole electromagnetic conductors located below the legacy Selebi Mine horizons.
The work at the Selebi Mines is focused on advancing key activities that will support an economic study prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). In addition to the underground exploration drilling, the Company is completing engineering trade-off studies and advancing metallurgical studies. The company is evaluating advancing to a preliminary economic assessment ("NI 43-101 PEA") versus moving directly to a prefeasibility study ("NI 43-101 PFS"). The benefits include less time and cost and the ability to publish an initial economic model including a broad range of development options.
Selkirk Mine
The Company recently published results from seventeen historic drill cores for nickel, copper, cobalt, and Platinum Group Elements, providing additional data needed for the Selkirk deposit's mineral resource estimate ("MRE") which is expected imminently (see PNRL news release dated October 28, 2024). A proposed work plan for the Selkirk deposit will be defined following receipt and review of the completed MRE.
Company Name Change
At the Annual General and Special Meeting of shareholders held on October 29, 2024, shareholders approved of the Company changing its name to "Premium Resources Ltd.". The Company is in the process of effecting the name change and expects to complete that process in the coming weeks.
About Premium Nickel Resources Ltd.
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.
PNRL is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering experience on projects like the Company's Selebi and Selkirk mines. PNRL's senior team members have on average more than 20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON BEHALF OF THE BOARD OF DIRECTORS
Keith Morrison
Director and Chief Executive Officer
Premium Nickel Resources Ltd.
For further information about Premium Nickel Resources Ltd., please contact:
Jaclyn Ruptash
Vice President, Communications and Government and Investor Relations
+1 (604) 770-4334
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited to: the ability of the Company to effect the proposed name change on terms acceptable to the Company, if at all; the support for the redevelopment of the Selkirk Mine from the National Government and local stakeholders; the ability of exploration activities (including drill results) to accurately predict mineralization; management's belief that the Selebi and Selebi North deposits may be connected at depth; the timing to release of the remaining assay results; the ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally; the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mines and the Selkirk Mine as currently contemplated; the effective targeting activities proposed by the Company; the ability to identify additional mineralization down plunge of existing workings and the ability of such findings to be used to complete a Mineral Resource Estimate and/or to support further economic studies; and the anticipated benefits of the Company's approach to the resource development plan. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; the ability of exploration results to predict mineralization, prefeasibility or the feasibility of mine production; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under PNRL's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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FAQ
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