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Premium Nickel Intersects Significant Lengths of Mineralization at Selebi North: 28.70 Metres of 3.45% CuEq or 1.67% NiEq

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Premium Nickel Resources (PNRL) has announced high-grade assay results from ten drill holes at its Selebi North underground mine in Botswana. Key highlights include intersections of 28.70 metres of 3.45% CuEq in SNUG-24-138 and 9.70 metres of 6.12% CuEq in SNUG-24-129. The company has completed 60,899 metres of drilling across 156 holes, with additional 30,915 meters in 71 holes not included in the Mineral Resource Estimate (MRE). BHEM surveys have been completed in 59 holes, combining infill and exploration drilling to track mineralization extension.

Premium Nickel Resources (PNRL) ha annunciato risultati di analisi ad alta gradazione provenienti da dieci fori di perforazione nella sua miniera sotterranea di Selebi North in Botswana. I punti salienti includono intersezioni di 28,70 metri di 3,45% CuEq in SNUG-24-138 e 9,70 metri di 6,12% CuEq in SNUG-24-129. L'azienda ha completato 60.899 metri di perforazione su 156 fori, con ulteriori 30.915 metri in 71 fori non inclusi nella Stima delle Risorse Minerarie (MRE). I sondaggi BHEM sono stati completati in 59 fori, combinando perforazioni di riempimento e di esplorazione per tracciare l'estensione della mineralizzazione.

Premium Nickel Resources (PNRL) ha anunciado resultados de análisis de alta ley de diez pozos de perforación en su mina subterránea Selebi North en Botsuana. Los puntos clave incluyen intersecciones de 28,70 metros de 3,45% CuEq en SNUG-24-138 y 9,70 metros de 6,12% CuEq en SNUG-24-129. La empresa ha completado 60.899 metros de perforación en 156 pozos, con 30.915 metros adicionales en 71 pozos que no están incluidos en la Estimación de Recursos Minerales (MRE). Se han completado encuestas BHEM en 59 pozos, combinando perforaciones de relleno y de exploración para rastrear la extensión de la mineralización.

프리미엄 니켈 리소스(PNRL)는 보츠와나의 세레비 노스 지하 광산에서 10개의 시추공에서 높은 품질의 분석 결과를 발표했습니다. 주요 하이라이트로는 SNUG-24-138에서 3.45% CuEq의 28.70미터와 SNUG-24-129에서 6.12% CuEq의 9.70미터의 교차점이 포함됩니다. 회사는 156개의 시추공에서 60,899미터의 시추를 완료했으며, 광물 자원 추정(MRE)에 포함되지 않은 71개의 시추공에서 추가로 30,915미터를 진행했습니다. BHEM 조사는 59개의 시추공에서 완료되었으며, 광물화의 확장을 추적하기 위해 교차 시추와 탐사 시추를 결합했습니다.

Premium Nickel Resources (PNRL) a annoncé des résultats d'analyse de haute qualité issus de dix forages dans sa mine souterraine de Selebi North au Botswana. Les points clés incluent des intersections de 28,70 mètres à 3,45% CuEq dans SNUG-24-138 et 9,70 mètres à 6,12% CuEq dans SNUG-24-129. L'entreprise a complété 60.899 mètres de forage à travers 156 trous, avec 30.915 mètres supplémentaires dans 71 trous qui ne sont pas inclus dans l'estimation des ressources minérales (MRE). Des enquêtes BHEM ont été réalisées dans 59 trous, combinant forage de remplissage et forage d'exploration pour suivre l'extension de la minéralisation.

Premium Nickel Resources (PNRL) hat hochgradige Analyseergebnisse aus zehn Bohrlöchern in seiner unterirdischen Mine Selebi North in Botswana bekannt gegeben. Zu den wichtigsten Highlights gehören Schnittstellen von 28,70 Metern mit 3,45% CuEq in SNUG-24-138 und 9,70 Metern mit 6,12% CuEq in SNUG-24-129. Das Unternehmen hat 60.899 Meter Bohrungen in 156 Löchern abgeschlossen, wobei zusätzliche 30.915 Meter in 71 Löchern nicht in die Mineralressourcenschätzung (MRE) einbezogen sind. BHEM-Umfragen wurden in 59 Löchern abgeschlossen, wobei Füllbohrungen und Explorationsbohrungen kombiniert wurden, um die Verlängerung der Mineralisierung zu verfolgen.

Positive
  • Significant high-grade mineralization discovered: 28.70m @ 3.45% CuEq and 9.70m @ 6.12% CuEq
  • Extensive drilling program with 60,899 metres completed across 156 holes
  • Additional 30,915 meters of drilling completed outside current MRE, indicating potential resource expansion
Negative
  • None.

Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL) ("PNRL" or the "Company") announces high-grade assay results for a further ten holes all drilled within the Mineral Resource Estimate ("MRE") wireframe at its past-producing nickel-copper-cobalt sulphide ("Ni-Cu-Co") Selebi North underground ("SNUG") mine in Botswana. Drill core photos for all highlighted holes released to date, including the holes reported herein, are accessible by Clicking Here and can also be found on the Company's website at www.premiumresources.com. To view the 3D modeling, please visit the following link https://vrify.com/decks/17284.

Infill Drilling Assay Highlights for Resource Reclassification:

  • SNUG-24-129: South Limb
                   9.70 metres of 6.12% CuEq or 2.97% NiEq (2.44% Cu, 1.79% Ni, 0.09% Co)
    incl. 7.20 metres of 7.24% CuEq or 3.52% NiEq (2.74% Cu, 2.19% Ni, 0.10% Co)
  • SNUG-24-138: N2 Limb
                   28.70 metres of 3.45% CuEq or 1.67% NiEq (1.66% Cu, 0.87% Ni, 0.05% Co)
    incl. 10.60 metres of 4.75% CuEq or 2.30% NiEq (1.26% Cu, 1.69% Ni, 0.09% Co)
  • SNUG-24-139: South Limb/N2
                  10.30 metres of 4.80% CuEq or 2.33% NiEq (2.29% Cu, 1.22% Ni, 0.06% Co)

Keith Morrison, CEO of PNRL, commented: "These assays are the next group of in-fill drilling results at our Selebi North deposit. We have used the National Instrument 43-101 mineral resource estimate geometry to estimate the true widths of these holes. They continue to demonstrate both very good grades and widths. Assays are pending for approximately 14,000 metres of in-fill and expansion drilling."

Assay results are provided below in Table 1 for SNUG-24-129,134,135,136,138,139,140,141,142 and 147; and drill hole collar details are provided in Table 2.

True thickness of mineralization was estimated using the wireframe as part of the MRE (see PNRL news release dated August 8, 2024). Figures 1 and 2 show the location of the holes relative to the MRE and underground infrastructure.

Table 1: Assay Results Selebi North Deposit

Hole-IDFrom
(m)
To
(m)
1Length
(m)
2Est. True Thickness
(m)
Cu
(%)
Ni
(%)
3Co
(%)
Limb4CuEq
(%)
5NiEq
(%)
SNUG-24-129261.30271.009.708.72.441.790.09South Limb6.122.97
incl261.30268.507.206.42.742.190.10South Limb7.243.52
SNUG-24-134348.15352.254.103.81.101.160.07South Limb3.481.69
SNUG-24-135314.50321.406.905.70.860.580.03South Limb2.061.00
SNUG-24-135325.90344.5018.6010.30.700.700.04N22.141.04
incl337.30339.852.551.51.152.180.11N25.652.74
SNUG-24-136388.30397.709.407.50.581.060.05South Limb /N22.771.35
incl390.50397.006.505.20.521.440.07South Limb /N23.481.69
SNUG-24-138348.85377.5528.7021.91.660.870.05N23.451.67
incl348.85359.4510.608.11.261.690.09N24.752.30
and372.00374.652.652.14.360.860.05N26.132.97
SNUG-24-139377.00387.3010.309.32.291.220.06South Limb/N24.802.33
SNUG-24-140325.30332.307.006.61.181.710.09N34.712.28
SNUG-24-141361.45365.053.603.50.251.200.06SL2.711.32
SNUG-24-141368.35402.4034.0520.70.600.800.05SL/N22.241.09
incl368.35375.457.104.41.041.170.06SL/N23.451.67
and396.35402.406.053.70.911.620.09N24.232.06
SNUG-24-142517.10520.103.002.90.820.380.02N31.610.78
SNUG-24-147259.30260.651.351.01.161.900.08N35.082.46
SNUG-24-147270.15272.602.452.31.761.550.07N34.952.40
SNUG-24-147442.40443.801.401.31.481.210.08N33.971.93

 

1Length refers to drillhole length.
2True thickness is estimated using the MRE wireframe where available.
3Co is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.
4 CuEq was calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper recoveries of 72.0% and 92.4% respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.
5 NiEq was calculated using the formula NiEq=Ni+0.485*Cu.

Table 2: Drill Collar Information Selebi North Deposit

HOLE IDMine
East
Mine
North
ElevationDipMine
Azimuth
Hole
Length
Comment
SNUG-24-12935320.584607.182.6-49.6270.0617.1Rig #1 810mL P6
SNUG-24-13435377.784426.181.2-55.8289.3392.3Rig #3 810mL P4
SNUG-24-13535322.284605.582.4-46.4222.8389.4Rig #1 810mL P6
SNUG-24-13635377.684425.681.2-62.4272.1578.0Rig #3 810mL P4
SNUG-24-13835322.384605.882.4-52.7239.5428.6Rig #1 810mL P6
SNUG-24-13935377.884425.781.3-56.5279.8427.4Rig #3 810mL P4
SNUG-24-14035089.184549.4-42.1-29.8285.5463.9Rig #2 810mL P8
SNUG-24-14135322.384605.582.4-52.1217.3440.3Rig #1 810mL P6
SNUG-24-14235089.884550.1-42.1-30.4298.8587.7Rig #2 810mL P8
SNUG-24-14735089.384548.7-42.4-39.6282.5481.9Rig #2 810mL P8

 

Drilling and BHEM Continues

As of November 10, 2024, a total of 60,899 metres in one hundred and fifty-six (156) drillholes have been drilled from eight underground drill bays with three of those drillholes currently in-progress. Additional drilling, totaling 30,915 meters across 71 completed holes, with 3 more in progress, are not included in the MRE. BHEM surveys have been completed in 59 holes. This new drilling is a combination of infill and exploration drilling to follow the extension of the mineralization down dip and down plunge.

New assay results not captured in the MRE will be published as they are received and verified by the Company. Due to the extensive drilling that has intersected mineralization, the Company has released assay results only for the most significant intercepts. The results of these new drill holes will be included in a future mineral resource update, with the goal of both expansion and reclassification of the MRE. It is PNRL's ambition that these pending results combined with future drilling would support the progression towards an economic study prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Quality Control

The underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada, who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter). All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally 1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).

Holes are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.

BHEM Surveys

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.

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of the Company, who is a "qualified person" for the purposes of National Instrument 43-101.

Technical Report

The MRE on the Selebi Mine is supported by the Technical Report. Reference should be made to the full text of the Technical Report for the assumptions, qualifications and limitations set forth therein, a copy of which is available on SEDAR+ (www.sedarplus.ca) under PNRL's issuer profile.

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 Statements:

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 response to the MRE in Botswana; the support for the redevelopment of the Selebi Mine from the National Government and local stakeholders; drilling at Selebi North; the ability to upgrade the inferred mineral resources on Selebi North; possible expansion potential down-dip and down-plunge of the existing MRE; the publication by the Company of a potential updated MRE or future PFS; the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as currently contemplated; 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 and ability of the Company to publish a prefeasibility study (by H1 2025 or at all); any discrepancies between the MRE technical report and the scientific and technical information in this news release; 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 Mine as currently contemplated; the ability of the Company to define additional or upgrade existing mineral resource estimates on the Selebi Mine in accordance with NI 43-101; the productivity rates for underground drilling at Selebi North; drilling results confirming the legacy fold pattern continues at depth; 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 MRE and/or to support further economic studies; the ability and timing of advancing the underground drilling program at Selebi North as contemplated (if at all); the ability to expand the resource potential at the Selebi Mine; the results of the drill program on Selebi North and the timing and disclosures of the Company regarding same; the relationships between, and continuity of, the various deposits (if any); the benefits of the Company's approach to exploration; management's belief that the Historic Resource could be indicative of the presence of mineralization on the deposits; 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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Figure 1: Selebi North Location of Reported Drill Holes with 2024 Mineral Resource Estimate

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Figure 2: Detailed view showing location of drillholes reported and mentioned in this release with 2024 Mineral Resource Estimate, Underground Infrastructure and Modeled BHEM Plates.

To view an enhanced version of this graphic, please visit:
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229759

FAQ

What are the latest drilling results from Premium Nickel Resources (PNRLF) at Selebi North?

The latest results show significant intersections including 28.70 metres of 3.45% CuEq in SNUG-24-138 and 9.70 metres of 6.12% CuEq in SNUG-24-129.

How many drill holes has Premium Nickel Resources (PNRLF) completed at Selebi North as of November 2024?

As of November 10, 2024, PNRL has completed 156 drill holes totaling 60,899 metres, plus an additional 71 holes totaling 30,915 meters not included in the MRE.

What is the purpose of Premium Nickel Resources' (PNRLF) current drilling program at Selebi North?

The drilling program combines infill and exploration drilling to follow mineralization extension, with the goal of expanding and reclassifying the Mineral Resource Estimate and progressing towards an economic study.

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