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Premium Resources Drills 14.20m of 5.14% CuEq or 2.49% NiEq Outside of Selebi North MRE and Provides Drilling Program Update

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Premium Resources (PRMLF) has announced significant drilling results outside the Mineral Resource Estimate (MRE) at its Selebi North underground mine in Botswana. Key findings include:

- SNUG-24-172: 14.20 metres of 5.14% CuEq or 2.49% NiEq (1.73% Cu, 1.66% Ni, 0.08% Co)
- SNUG-24-144: 14.40 metres of 3.99% CuEq or 1.94% NiEq (1.44% Cu, 1.24% Ni, 0.06% Co)

The company has initiated an underground exploration drilling program using two drills: one targeting the area between N2 Limb and N3 Limb, and another focusing on testing 100 metres down plunge of the South Limb. The program aims to expand the mineral resource by testing large, highly conductive borehole electromagnetic plates located down plunge, interpreted as massive sulphide mineralization.

Premium Resources (PRMLF) ha annunciato risultati significativi di perforazione al di fuori della Valutazione delle Risorse Minerarie (MRE) presso la sua miniera sotterranea di Selebi North in Botswana. I risultati chiave includono:

- SNUG-24-172: 14,20 metri di 5,14% CuEq o 2,49% NiEq (1,73% Cu, 1,66% Ni, 0,08% Co)
- SNUG-24-144: 14,40 metri di 3,99% CuEq o 1,94% NiEq (1,44% Cu, 1,24% Ni, 0,06% Co)

L'azienda ha avviato un programma di perforazione esplorativa sotterranea utilizzando due trivelle: una mirata all'area tra N2 Limb e N3 Limb, e l'altra focalizzata sul test di 100 metri in profondità dalla South Limb. Il programma si propone di espandere le risorse minerali testando grandi piastre elettromagnetiche a fossa altamente conduttive situate in profondità, interpretate come mineralizzazione a solfuro massivo.

Premium Resources (PRMLF) ha anunciado resultados significativos de perforación fuera de la Estimación de Recursos Minerales (MRE) en su mina subterránea Selebi North en Botswana. Los hallazgos clave incluyen:

- SNUG-24-172: 14,20 metros de 5,14% CuEq o 2,49% NiEq (1,73% Cu, 1,66% Ni, 0,08% Co)
- SNUG-24-144: 14,40 metros de 3,99% CuEq o 1,94% NiEq (1,44% Cu, 1,24% Ni, 0,06% Co)

La empresa ha iniciado un programa de perforación exploratoria subterránea utilizando dos taladros: uno enfocado en el área entre N2 Limb y N3 Limb, y otro centrado en probar 100 metros hacia abajo en la South Limb. El programa tiene como objetivo expandir el recurso mineral probando grandes placas electromagnéticas altamente conductivas ubicadas en profundidad, interpretadas como mineralización de sulfuro masivo.

프리미엄 자원 (PRMLF)는 보츠와나 세레비 노스 지하 광산의 광물 자원 추정(MRE) 외부에서 중요한 시추 결과를 발표했습니다. 주요 발견 사항은 다음과 같습니다:

- SNUG-24-172: 14.20 미터의 5.14% CuEq 또는 2.49% NiEq (1.73% Cu, 1.66% Ni, 0.08% Co)
- SNUG-24-144: 14.40 미터의 3.99% CuEq 또는 1.94% NiEq (1.44% Cu, 1.24% Ni, 0.06% Co)

회사는 두 개의 드릴을 사용하여 지하 탐사 시추 프로그램을 시작했습니다: 하나는 N2 Limb와 N3 Limb 사이의 지역을 겨냥하고, 다른 하나는 South Limb 아래로 100미터를 테스트하는 데 중점을 둡니다. 이 프로그램은 깊은 곳에 위치한 대형 고도전도 보어홀 전자기 판을 시험하여 광물 자원을 확장하는 것을 목표로 하며, 이는 대량의 황화광물화로 해석됩니다.

Premium Resources (PRMLF) a annoncé des résultats de forage significatifs en dehors de l'Estimation des Ressources Minérales (MRE) dans sa mine souterraine de Selebi North au Botswana. Les principaux résultats incluent :

- SNUG-24-172 : 14,20 mètres à 5,14 % CuEq ou 2,49 % NiEq (1,73 % Cu, 1,66 % Ni, 0,08 % Co)
- SNUG-24-144 : 14,40 mètres à 3,99 % CuEq ou 1,94 % NiEq (1,44 % Cu, 1,24 % Ni, 0,06 % Co)

L'entreprise a lancé un programme de forage d'exploration souterrain utilisant deux foreuses : l'une ciblant la zone entre N2 Limb et N3 Limb, et l'autre se concentrant sur un test à 100 mètres en profondeur dans la South Limb. Le programme vise à étendre les ressources minérales en testant de grandes plaques électromagnétiques très conductrices situées en profondeur, interprétées comme une minéralisation massive en sulfure.

Premium Resources (PRMLF) hat bedeutende Bohrergebnisse außerhalb der Mineralressourcenschätzung (MRE) in seiner unterirdischen Mine Selebi North in Botswana bekannt gegeben. Wichtige Ergebnisse umfassen:

- SNUG-24-172: 14,20 Meter von 5,14% CuEq oder 2,49% NiEq (1,73% Cu, 1,66% Ni, 0,08% Co)
- SNUG-24-144: 14,40 Meter von 3,99% CuEq oder 1,94% NiEq (1,44% Cu, 1,24% Ni, 0,06% Co)

Das Unternehmen hat ein unterirdisches Erkundungsbohrprogramm mit zwei Bohrgeräten initiiert: eines, das auf den Bereich zwischen N2 Limb und N3 Limb abzielt, und ein anderes, das darauf fokussiert ist, 100 Meter nach unten in die South Limb zu testen. Das Programm zielt darauf ab, die Mineralressource zu erweitern, indem große, hochleitfähige Bohrloch-Elektromagnetplatten untersucht werden, die in großer Tiefe interpretiert werden als massive Sulfidmineralisierung.

Positive
  • High-grade mineral intersections discovered outside current resource boundaries
  • Exploration results indicate potential for resource expansion
  • Strategic drilling program underway with two underground drills
Negative
  • None.

Toronto, Ontario--(Newsfile Corp. - January 27, 2025) - Premium Resources Ltd. (TSXV: PREM) (OTC Pink: PRMLF) ("PREM" or the "Company") announces significant assay results for two holes that were drilled outside of the Mineral Resource Estimate ("MRE") at its past-producing nickel-copper-cobalt sulphide ("Ni-Cu-Co") Selebi North underground ("SNUG") mine in Botswana. The Company has commenced an underground exploration drilling program at Selebi North to test the deeper borehole electromagnetic ("BHEM") plates from N2 Limb and South Limb. The Company will continue to report on assay results from the extensive in-fill drilling program as they are received.

Assays Highlight Potential for Resource Expansion:

  • SNUG-24-172: South Limb (Outside Extents of MRE)
                    14.20 metres of 5.14% CuEq or 2.49% NiEq (1.73% Cu, 1.66% Ni, 0.08% Co)
  • SNUG-24-144: down-dip of N2 (Outside Extents of MRE)
                   14.40 metres of 3.99% CuEq or 1.94% NiEq (1.44% Cu, 1.24% Ni, 0.06% Co)

Sean Whiteford, President of Premium Resources International, commented: "We are excited and encouraged by the exploration drill and assay results. This exploration drilling program is designed to increase the mineral resource of the Selebi North deposit by drill testing large, highly conductive BHEM plates located down plunge and interpreted to represent massive sulphide mineralization. These BHEM plates are situated outside the current resource estimate boundary."

The exploration program will include two underground drills with one drill targeting the area between the N2 Limb and N3 Limb following up on results from hole SNUG-24-144 while the second drill will focus on testing 100 metres down plunge of the South Limb in the area that SNUG-24-172 was drilled (Figure 1).

SNUG-24-144 intersected intermittent mineralization outside the current MRE wireframe and SNUG-24-172 intersected South Limb mineralization approximately 20 meters outside of the current MRE wireframe.

Assay results for SNUG-24-144 and SNUG-24-172 reported herein are provided below in Table 1 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 PREM news release dated August 8, 2024) where available. True thickness of mineralization outside the MRE is not estimated for the new mineralization down dip of the N2 Limb.

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.

Table 1: Assay Results Selebi North Deposit

Hole-IDFrom
(m)
To
(m)
1Length
(m)
2Est. True Thickness
(m)
Cu
(%)
Ni
(%)
3Co
(%)
Limb4CuEq
(%)
5NiEq
(%)
SNUG-24-144374.05381.006.955.211.850.930.04South Limb3.781.83
incl.374.05379.505.454.092.190.550.02South Limb3.321.61
and379.50381.001.501.120.622.330.11South Limb5.422.63
SNUG-24-144547.90562.2014.30Unknown0.330.350.02N2 down dip1.040.51
SNUG-24-144576.50580.403.90Unknown1.150.360.02N2 down dip1.900.92
SNUG-24-144586.55587.601.05Unknown1.431.040.05N2 down dip3.571.73
SNUG-24-144610.30624.7014.40Unknown1.441.240.06N2 down dip3.991.94
incl.610.30616.956.65Unknown1.331.340.07N2 down dip4.091.99
and618.70621.352.65Unknown0.612.080.10N2 down dip4.892.38
and621.35623.602.25Unknown3.600.910.05N2 down dip5.472.66
SNUG-24-172623.75637.9514.207.091.731.660.08South Limb5.142.49
Including625.25635.5010.255.121.812.030.10South Limb5.982.90

 

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-24-14435322.984604.982.3-60.4217.2653.3Rig #1 810mL P6
SNUG-24-17235378.584423.281.1-63.7175.2851.5Rig #3 810mL P4

 

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.com) under PREM's issuer profile.

About Premium Resources Ltd.

PREM 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.

PREM 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. PREM'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.

For further information about Premium 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 mineral resource estimate 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 mineral resource estimate; the publication by the Company of a potential updated mineral resource estimate or future prefeasibility study; 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 mineral resource estimate 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 mineral resource estimate 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.com) under PREM'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, BHEM & Planned Initial Exploration Drilling

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/238500_90e273418445c830_002full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238500

FAQ

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

The latest drilling results show 14.20m of 5.14% CuEq from hole SNUG-24-172 and 14.40m of 3.99% CuEq from hole SNUG-24-144, both outside the current Mineral Resource Estimate.

How many drill rigs is PRMLF currently operating at Selebi North?

PRMLF is operating two underground drills at Selebi North, with one targeting the area between N2 Limb and N3 Limb, and the second testing 100 metres down plunge of the South Limb.

What is the purpose of PRMLF's current drilling program at Selebi North?

The drilling program aims to increase the mineral resource by testing large, highly conductive BHEM plates located down plunge, which are interpreted to represent massive sulphide mineralization.

What metals is PRMLF exploring for at the Selebi North mine?

PRMLF is exploring for nickel, copper, and cobalt (Ni-Cu-Co) sulphide deposits at the Selebi North underground mine.

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