Premium Nickel Reports 52.45 Metres of 2.02% NiEq or 3.59% CuEq (1.26% Ni, 1.17% Cu, 0.06% Co) & 35.60 Metres of 2.45% NiEq or 4.35% CuEq (1.54% Ni, 1.38% Cu, 0.08% Co) at Selebi North Underground

Rhea-AI Summary

Premium Nickel announced assay results for ten drill holes at the Selebi North underground mine.

Assay highlights include:

• 52.45 meters at 2.02% NiEq (1.26% Ni, 1.17% Cu, 0.06% Co)
• 35.6 meters at 2.45% NiEq (1.54% Ni, 1.38% Cu, 0.08% Co)

These results are the final data needed for the Selebi National Instrument 43-101 compliant Mineral Resource Estimate (MRE), which is expected soon. The delay in the MRE release is due to a slow assay turnaround.

The company has drilled 41,836 meters across 107 holes to date, with assay results pending for some. These results may not be included in the initial MRE but will support future resource classification upgrades, potentially aiding a future Prefeasibility Study (PFS).

Three drills are currently active, focusing on areas beyond the known historic resource estimate.

Positive

• High-grade assays: 52.45 meters at 2.02% NiEq and 35.6 meters at 2.45% NiEq.
• Completion of 41,836 meters in 107 drill holes, with significant mineralization intersected.
• Drilling data to support the future upgrade of inferred to indicated resources in the NI 43-101 compliant Prefeasibility Study.

Negative

• Delay in receiving assays for drill hole SNUG-24-105, impacting the MRE timeline.

"These assays are the last underground drill holes to be included in the first Selebi National Instrument 43-101 compliant Mineral Resource Estimate ("MRE"). The MRE will incorporate drilling data from both Selebi North and Selebi Main and is expected in the coming weeks. The delay is predominantly due to the lag time in receiving the assays from drill hole SNUG-24-105." - CEO, Keith Morrison

Toronto, Ontario--(Newsfile Corp. - June 26, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL) (OTCQX: PNRLF) ("PNRL" or the "Company") is pleased to announce additional high-grade polymetallic assay results for a further ten holes from drilling at its past-producing nickel-copper-cobalt sulphide ("Ni-Cu-Co") Selebi North underground ("SNUG") mine in Botswana.

Highlights include:

• SNUG-24-094 (N2 Limb, 400 metres down plunge of historic N2 resource):
                                 52.45 metres of 2.02% NiEq or 3.59% CuEq (1.26% Ni, 1.17% Cu, 0.06% Co)
                         incl. 10.40 metres of 2.93% NiEq or 5.21% CuEq (1.73% Ni, 1.89% Cu, 0.09% Co)

• SNUG-24-105 (South Limb / N2, within the historic resource):
                                35.60 metres of 2.45% NiEq or 4.35% CuEq (1.54% Ni, 1.38% Cu, 0.08% Co)
                         incl.16.15 metres of 3.03% NiEq or 5.38% CuEq (1.86% Ni, 1.80% Cu, 0.10% Co)
                         and   5.30 metres of 2.39% NiEq or 4.25% CuEq (1.61% Ni, 1.15% Cu, 0.09% Co)
                         and   5.80 metres of 3.38% NiEq or 6.00% CuEq (2.23% Ni, 1.72% Cu, 0.12% Co)

• SNUG-24-098 (South Limb, within historic resource):
                                9.55 metres of 2.84% NiEq or 5.03% CuEq (1.78% Ni, 1.63% Cu, 0.09% Co)

• SNUG-24-101 (South Limb, 175 metres down plunge of historic resource):
                                4.55 metres of 2.78% NiEq or 4.94% CuEq (1.96% Ni, 1.19% Cu, 0.10% Co)

• SNUG-24-104 (South Limb, 100 metres down plunge of historic resource):
                                7.00 metres of 3.29% NiEq or 5.84% CuEq (2.19% Ni, 1.64% Cu, 0.12% Co)

Previously, results for 53 holes were released in eleven separate news releases between November 14, 2023 and May 16, 2024. Details of the assay results are shown below along with accompanying visuals (Figure 1, Figure 2 and Figure 3). 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.premiumnickel.com. To view the 3D modeling, please visit the following link https://vrify.com/decks/16249.

Keith Morrison, CEO of PNRL, commented: "These assays are the last underground drill holes to be included in the first Selebi National Instrument 43-101 compliant Mineral Resource Estimate ("MRE"). The MRE will incorporate drilling data from both Selebi North and Selebi Main and is expected in the coming weeks. The delay is predominantly due to the lag time in receiving the assays from drill hole SNUG-24-105. Additional BCL mine development data from the lower Selebi Mines levels has also been included, to extend the resource upwards to the existing mine infrastructure. The ongoing underground drilling, along with remaining pending assay results, will support the future classification of inferred resources to indicated resources. An upgrade in classification would enable their inclusion in a future NI 43-101 compliant Prefeasibility Study ("PFS"), thereby optimizing initial mine life estimates."

Assay results are provided below in Table 1 for SNUG-24-088, 094, 095, 097, 098, 101, 102, 104, 105 and 108; hole collar details are provided in Table 2.

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. Figures 1 through 3 show the location of the holes relative to the historic resource and underground infrastructure.

Table 1: Assay Results Selebi North Deposit

Hole-ID	From (m)	To (m)	*Length (m)	Ni (%)	Cu (%)	Co (%)	Limb	**NiEq (%)	**CuEq (%)
SNUG-24-088	8.10	11.95	3.85	1.09	1.05	0.06	South Limb	1.78	3.16
SNUG-24-094	573.10	625.55	52.45	1.26	1.17	0.06	N2 Limb	2.02	3.59
incl.	573.10	588.00	14.90	1.38	2.04	0.07	N2 Limb	2.64	4.68
*incl.	577.60	588.00	10.40	1.73	1.89	0.09	N2 Limb	2.93	5.21
incl.	592.60	607.00	14.40	1.72	1.05	0.09	N2 Limb	2.45	4.34
incl.	612.80	625.55	12.75	1.43	1.05	0.07	N2 Limb	2.13	3.78
SNUG-24-095	16.30	19.70	3.40	2.03	1.31	0.10	South Limb	2.93	5.21
SNUG-24-095	32.30	34.30	2.00	1.37	0.45	0.07	South Limb	1.73	3.07
SNUG-24-095	94.80	98.00	3.20	1.93	1.46	0.10	N2 Limb	2.91	5.17
SNUG-24-097	33.35	71.10	37.75	0.52	0.97	0.03	South Limb	1.11	1.97
incl.	41.10	57.80	16.70	0.66	0.91	0.04	South Limb	1.23	2.18
SNUG-24-097	133.15	144.25	11.10	1.61	0.91	0.09	N2 Limb	2.26	4.01
incl.	133.15	139.50	6.35	2.24	1.06	0.12	N2 Limb	3.03	5.37
SNUG-24-098	14.00	23.55	9.55	1.78	1.63	0.09	South Limb	2.84	5.03
SNUG-24-098	120.80	128.25	7.45	1.16	0.55	0.06	N2 Limb	1.56	2.77
SNUG-24-101	419.70	424.25	4.55	1.96	1.19	0.10	South Limb	2.78	4.94
SNUG-24-101	456.00	456.55	0.55	1.59	0.35	0.06	South Limb	1.89	3.36
SNUG-24-102	305.95	307.65	1.70	2.21	0.61	0.11	South Limb	2.73	4.84
SNUG-24-102	315.90	318.55	2.65	2.13	1.74	0.11	South Limb	3.28	5.83
SNUG-24-102	329.55	335.10	5.55	0.91	1.19	0.05	South Limb	1.66	2.95
SNUG-24-104	377.30	384.30	7.00	2.19	1.64	0.12	South Limb	3.29	5.84
SNUG-24-105	286.05	321.65	35.60	1.54	1.38	0.08	South Limb / N2	2.45	4.35
incl.	286.05	302.20	16.15	1.86	1.80	0.10	South Limb	3.03	5.38
and	305.90	311.20	5.30	1.61	1.15	0.09	South Limb	2.39	4.25
and	315.85	321.65	5.80	2.23	1.72	0.12	N2 Limb	3.38	6.00
SNUG-24-108	284.80	288.55	3.75	1.37	0.53	0.08	South Limb	1.79	3.18
SNUG-24-108	296.40	301.60	5.20	0.91	1.52	0.05	N2 Limb	1.84	3.27

 

*Length refers to drillhole length and not true width. True widths are unknown.
**NiEq was calculated assuming a price of $US 7.90/lb for Ni, $US 4.45/lb for Cu and $US 12.32/lb for Co with no adjustments for recoveries or payabilities.

Table 2: Drill Collar Information Selebi North Deposit

HOLE ID	Mine East	Mine North	Elevation	Dip	Mine Azimuth	Hole Length	Comment
SNUG-24-088	35065.5	84687.5	-44.9	-33.7	218.7	173.4	Rig #1 925mL
SNUG-24-094	35366.0	84406.7	81.5	-66.1	206.9	661.3	Rig #2 810mL
SNUG-24-095	35071.1	84688.6	-44.3	-7.0	179.2	149.6	Rig #1 925mL
SNUG-24-097	35070.8	84688.0	-45.4	-37.6	179.1	212.1	Rig #1 925mL
SNUG-24-098	35069.6	84689.4	-45.3	-51.7	223.5	161.4	Rig #1 925mL
SNUG-24-101	35376.5	84423.8	81.3	-74.4	229.4	479.5	Rig #3 810mL
SNUG-24-102	35322.6	84605.8	82.3	-59.4	235.6	488.4	Rig #1 810mL
SNUG-24-103	35366.7	84407.6	81.3	-68.0	225.8	638.8	Rig #2 810mL
SNUG-24-104	35377.2	84424.1	81.1	-73.4	254.2	434.5	Rig #3 810mL
SNUG-24-105	35321.0	84606.0	82.4	-46.3	246.0	380.4	Rig #1 810mL
SNUG-24-108	35321.3	84605.6	82.6	-41.4	236.0	377.6	Rig #1 810mL

 

Drilling and BHEM Continues

Three drills are currently active on the 810-metre level exploration drift. The two drill bays, located at the southern most extent of this drift, allow for the evaluation of areas further down plunge and outside of the known historic resource estimate. The third drill is positioned approximately 130 metres east, orthogonal to the main 810-metre level exploration drift, allowing for optimal intersection angles on South Limb and N2 Limb.

As of June 24, 2024,

FAQ

What are the latest assay results for Premium Nickel Resources (PNRLF)?

Premium Nickel reported high-grade assay results, including 52.45 meters at 2.02% NiEq and 35.6 meters at 2.45% NiEq from the Selebi North underground mine.

When can we expect the Mineral Resource Estimate (MRE) for Premium Nickel (PNRLF)?

The MRE for Premium Nickel's Selebi North and Selebi Main is expected to be released in the coming weeks.

How much drilling has Premium Nickel (PNRLF) completed at Selebi North?

Premium Nickel has completed 41,836 meters of drilling across 107 holes at Selebi North.

What caused the delay in the Mineral Resource Estimate (MRE) for Premium Nickel (PNRLF)?

The delay in the MRE was due to the lag time in receiving assays from drill hole SNUG-24-105.

What are the next steps for Premium Nickel (PNRLF) following the latest drill results?

The next steps include finalizing the MRE, potentially upgrading resource classifications, and incorporating data into a future Prefeasibility Study (PFS).