Premium Commences Resource Expansion Through Drilling and Comprehensive Metallurgy Optimization at Selkirk
Premium Commences Resource Expansion
Through Drilling and Comprehensive
Metallurgy Optimization at Selkirk
Toronto, Ontario--(Newsfile Corp. - May 15, 2025) -
Premium Resources Ltd. (TSXV: PREM) (OTC
Pink: PRMLF) (
"
PREM
" or the "
Company
"
)
announces that a surface drilling program is underway and
provides details of the work program at its past-producing copper-nickel-cobalt-platinum group elements
("
Cu-Ni-Co-PGE
") sulphide Selkirk mine ("
Selkirk Mine
") in Botswana. The drilling program is
designed to demonstrate resource expansion and metallurgical flowsheet development. These initiatives
are aimed at de-risking the project to support future development decisions.
Highlights of Selkirk Work Program
Drilling program initiated -
A
12-hole drill program
is underway at Selkirk (
Figure 1
), focused
on twinning historical holes to validate legacy data, adding key data points to support a future
resource model update, and resource expansion through continued resampling of historical core
(
See news release April 10, 2025
).
Continued resampling of historical core -
In 2024, 17 historical drill holes were resampled to
obtain complete PGE analysis (
See press releases dated October 28, 2024
, titled: "
Selkirk
Deposit Provides Strong Historic Drill Core Results Including
186.25 Metres of 1.65% CuEq
").
An additional 34 historical holes have been identified for resampling.
Metallurgical program ongoing -
Aimed at refining orebody domains and developing a more
comprehensive, de-risked metallurgical model reflected in an updated Mineral Resource Estimate
("
MRE
") and supporting studies.
Morgan Lekstrom, CEO of Premium Resources
states:
"Resampling the historical drill core has
proven to be a cost-effective and impactful way to enhance our understanding of the Selkirk deposit. This
phase of
drilling will prove critical for resource reclassification as we rapidly advance toward
restoring the project's legacy resource estimate
. We remain focused on accelerating Selkirk and
positioning it for near future development."
The surface drilling program will collect fresh HQ-sized core to support metallurgical flowsheet, generate
material for preliminary X-ray Transmission ("
XRT
") ore-sorting tests, and support the potential
expansion and
upgrade of the
National Instrument 43-101
("NI 43-101") compliant 44.2Mt Inferred
MRE to the Indicated category
(
see news release dated November 27, 2024
).
Historical production at the Selkirk Mine took place between 1989 and 2002 with Anglo
American mining high grade Cu-Ni massive sulphides and producing 1 million tonnes at 2.6%
Ni and 1.5% Cu
. Thereafter, in 2006, LionOre Mining International Ltd. ("
LionOre
") published a
technical report in accordance with NI 43-101 and more recently in 2013, Norilsk Nickel Africa
commissioned GiproNickel Institute to calculate an updated mineral resource estimate in accordance
with JORC Code (Joint Ore Reserves Committee) that demonstrated
a historical resource of 128.4
Mt 0.21% Ni, 0.23% Cu Measured & Indicated / 123.8 Mt 0.17% Ni, 0.19% Cu Inferred
(See
Historical Estimates).
The Company will continue to provide regular updates as drilling activities progress and metallurgical
test work advances.
Figure 1 and Figure 2
To view an enhanced version of this graphic, please visit:
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Premium Engages ICP Securities Inc.
The Company has engaged the services of ICP Securities Inc. ("
ICP
") to provide automated market
making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the
policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a
monthly fee of C$7,500, plus applicable taxes, which will be paid from the Company's working capital.
The agreement between the Company and ICP was signed with a start date of May 15, 2025, and is for
four (4) months (the "
Initial Term
") and shall be automatically renewed for subsequent one (1) month
terms (each month called an "
Additional Term
") unless either party provides at least thirty (30) days'
written notice prior to the end of the Initial Term or an Additional Term, as applicable. There are no
performance factors contained in the agreement and no stock options or other compensation securities
issuable in connection with the engagement. ICP presently has no interest, directly or indirectly, in the
Company or its securities. ICP and its clients may acquire an interest in the securities of the Company in
the future.
ICP is an arm's length party to the Company. ICP's office is located at 204 - 251 Queens Quay East,
Toronto, Ontario, M5A 0X3. ICP's market making activity will be primarily to correct temporary
imbalances in the supply and demand of the Company's shares. ICP will be responsible for the costs it
incurs in buying and selling the Company's shares, and no third party will be providing funds or securities
for the market making activities. The appointment of ICP is subject to approval by the TSX Venture
Exchange.
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 Mineral Resource Estimate on the Selkirk Mine is supported by the technical report entitled "NI 43-
101 Technical Report Selkirk Nickel Project, North East District, Republic of Botswana", dated
November 1, 2024 (with an effective date of January 10, 2025) (the "
Technical Report
") prepared by
SLR Consulting (Canada) Ltd. for PREM. 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.
Historical Estimates
Certain of the mineral resource estimates referred to in this release are historical in nature and should
not be relied upon as a current mineral resource estimate. While management believes that these
historical mineral resource estimates could be indicative of the presence of mineralization on the Selkirk
Mine property, a "qualified person" (for purposes of NI 43-101) has not completed sufficient work to
classify the historical mineral estimates as a current mineral resource estimates and the Company is not
treating the historical mineral estimates as current mineral resource estimates.
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:
Morgan Lekstrom
CEO and Director
Jaclyn Ruptash
Vice President, Communications and Investor Relations
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 implementation of the objectives, goals and
future plans of the Company including the proposed advancement of the Selkirk Mine as currently
contemplated; the anticipated ability of exploration activities (including drill results) to accurately
predict mineralization; the timing of release of assay results; the timing and ability of the Company to
implement its drilling, geoscience and metallurgical work on its properties and work plans generally,
including metallurgical flowsheet development and preliminary XRT ore-sorting tests; the goal of the
Company to define additional or upgrade existing mineral resource estimates on the Selkirk Mine in
accordance with NI 43-101; the results of the exploration program at the Selkirk Mine and the timing
and disclosures of the Company regarding same; the benefits of the Company's approach to
exploration; and management's belief that the historical resource estimates disclosed in this news
release could be indicative of the presence of mineralization on the deposits. 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; the risk that the Company will not be able to advance the Selkirk Mine as currently
contemplated; the risk that the Company will not be able to define additional or upgrade existing
mineral resource estimates on the Selkirk Mine in accordance with NI 43-101; 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; 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: Location of planned drill holes
To view an enhanced version of this graphic, please visit:
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Figure 2: Selkirk Mining License
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/252197_figure2.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/252197