High Grade Drill Results: 3.55 Metres of 5.52% CuEq or 2.68% NiEq Including 2.35 Metres of 7.80% CuEq or 3.78% NiEq from Selebi North
High Grade Drill Results: 3.55 Metres of 5.52%
CuEq or 2.68% NiEq Including 2.35 Metres of
7.80% CuEq or 3.78% NiEq from Selebi North
"The poly-metallic nature of our deposits offers the opportunity for PNRL to be competitive in multiple
commodity markets, specifically in copper but also in cobalt and PGE, in addition to nickel. However, we
continue to experience what we see as a significant disconnect between the Company's share price and
the value of the Selebi and Selkirk assets and consistently positive information and milestones achieved
to date.
These permitted mines continue to demonstrate that the deposits are larger than previously
understood. The deposits come with existing infrastructure, including two operating shafts, a substantial
network of underground infrastructure, rail, power and roads that will enable PNRL to move faster to
production without incurring the full costs of building a new mine."
- CEO, Keith Morrison
Toronto, Ontario--(Newsfile Corp. - September 17, 2024) -
Premium Nickel Resources Ltd. (TSXV:
PNRL) ("PNRL" or the "Company")
provides additional high-grade assay results for a further three
holes from drilling 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.premiumnickel.com
. To view the 3D modeling, please visit the following link
https://vrify.com/decks/16954
.
Highlights include:
SNUG-24-124 (South Limb): infill drilling targeting re-classification of Inferred to Indicated
Resources.
3.55 metres of 5.52% CuEq or 2.68% NiEq (4.44% Cu, 0.53% Ni,
0.03% Co)
incl. 2.35 metres of 7.80% CuEq or 3.78% NiEq (6.40% Cu, 0.68% Ni,
0.04% Co)
SNUG-24-096-W1 (South Limb and N2):
BHEM results show strong anomaly indicating
additional down-plunge up-side potential and have also outlined a change in the shape of
the fold potentially signalling the transition between Selebi North and Selebi Main.
Keith Morrison, CEO of PNRL, commented:
"The poly-metallic nature of our deposits offers the
opportunity for PNRL to be competitive in multiple commodity markets, specifically in copper but also in
cobalt and PGE, in addition to nickel. However, we continue to experience what we see as a significant
disconnect between the Company's share price and the value of the Selebi and Selkirk assets and
consistently positive information and milestones achieved to date.
These permitted mines continue to
demonstrate that the deposits are larger than previously understood. The deposits come with existing
infrastructure, including two operating shafts, a substantial network of underground infrastructure, rail,
power and roads that will enable PNRL to move faster to production without incurring the full costs of
building a new mine.
PNRL has completed approximately 23,000 metres of additional underground drilling that is not included
in the recently announced MRE. The majority of this drilling is converting the MRE tonnages from Inferred
to Indicated to be included in a future Pre-feasibility Study. I would also like to highlight that drill hole
SNUG-24-096-W1 was drilled significantly down plunge of the lower extents of the MRE volume and has
successfully intercepted massive sulphide mineralization over mineable widths, providing additional
evidence that the Selebi North mineralization is open down plunge. The assays from SNUG-24-096-W1
are expected in 6 weeks.
We continue to make positive progress at the Selebi Mine with the intention of
moving toward the completion of a Pre-feasibility Study."
These assays are not included in the initial Mineral Resource Estimate ("
MRE
") for the Selebi Mines in
Botswana (
see news released issued on August 8, 2024, titled: Premium Nickel Resources Ltd.
Announces Its Initial Mineral Resource Estimate of 27.7 MT for the Selebi Mines in Botswana
).
Details of the assay results are shown below along with accompanying visuals (Figure 1, Figure 2 and
Figure 3).
Assay results are provided below in Table 1 for SNUG-24-117, 120 and 124; hole collar details are
provided in Table 2.
True width of mineralization was estimated using the wireframe as part of the MRE
(see news release
August 8, 2024)
. Figures 1 through 3 show the location of the holes relative to the Selebi Mines MRE
and underground infrastructure.
Table 1: Assay Results Selebi North Deposit
Hole-ID
From
(m)
To
(m)
1
Length
(m)
2
Est. True
Thickness
(m)
Cu
(%)
Ni
(%)
3
Co
(%)
Limb
4
CuEq
(%)
5
NiEq
(%)
SNUG-24-117
431.60
450.16
18.56
14.0
1.33
0.54
0.03
South
2.45
1.19
incl.
431.60
435.05
3.45
2.6
1.08
1.12
0.08
South
3.39
1.64
and
440.25
450.16
9.91
7.6
1.87
0.54
0.02
South
2.99
1.45
and
446.60
450.16
3.56
2.7
2.35
0.87
0.04
South
4.14
2.01
SNUG-24-117
471.65
473.60
1.95
1.4
2.17
2.47
0.11
Other
7.26
3.52
SNUG-24-120
252.65
254.05
1.40
1.0
3.91
0.17
0.01
South
4.26
2.07
SNUG-24-120
256.50
288.80
32.30
25.5
1.10
0.96
0.05
South/N2 Crest
3.07
1.49
incl.
256.50
263.60
7.10
5.6
1.75
1.05
0.06
South
3.92
1.90
and
276.60
288.80
12.20
9.6
1.34
1.45
0.08
N2
4.32
2.10
SNUG-24-124
482.45
486.00
3.55
2.4
4.44
0.53
0.03
South
5.52
2.68
incl.
482.45
484.80
2.35
1.6
6.40
0.68
0.04
South
7.80
3.78
SNUG-24-124
493.00
506.05
13.05
6.0
1.75
1.01
0.05
South
3.83
1.86
incl.
493.00
498.80
5.80
2.6
0.95
1.80
0.09
South
4.66
2.26
SNUG-24-124
517.00
519.10
2.10
1.0
0.45
0.70
0.03
South
1.90
0.92
SNUG-24-124
534.05
535.50
1.45
0.6
2.39
0.23
0.01
N2
2.87
1.39
SNUG-24-124
548.30
550.85
2.55
1.2
0.72
1.58
0.08
N2
3.99
1.93
1
Length refers to drillhole length.
2
True thickness is estimated using the MRE wireframe.
3
Co is not included in the current 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 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.
Table 2: Drill Collar Information Selebi North Deposit
HOLE ID
Mine East
Mine North
Elevation
Dip
Mine
Azimuth
Hole Length
Comment
SNUG-24-117
35365.7
84409.2
81.1
-70.4
253.9
506.5
Rig #2 P5 810mL
SNUG-24-120
35321.0
84606.1
82.6
-40.4
248.0
398.1
Rig #1 P6 810mL
SNUG-24-124
35366.2
84409.7
81.2
-70.6
221.6
587.9
Rig #2 P5 810mL
Drilling and BHEM Continues
Two drills are currently active on the 810-metre level exploration drift, and the third drill is on a new drill
bay on the 925-metre level. The drill bay located at the southern most extent of the 810-metre level
exploration drift allows for the evaluation of areas further down plunge of the deposit. The drill positioned
approximately 130 metres east of the exploration, perpendicular to the main 810-metre level exploration
drift, allows for optimal intersection angles on the South Limb and N2 Limb. The drill positioned on 925-
metre level allows for testing of the lower portions of both limbs of N3 and their down plunge extents.
BHEM surveys continue, with a total of 46 holes surveyed, including a recently completed survey in the
deepest down-plunge hole, SNUG-24-096-W1. BHEM data from SNUG-24-096-W1 has identified
additional down plunge potential at Selebi North. The results have also outlined a change in the shape of
the fold potentially signalling the transition between Selebi North and Selebi Main.
Follow-up drilling is
planned to collect additional structural information. Results have been modeled and are shown in Figure
3.
As of September 14, 2024, a total of 53,697 metres in one hundred and thirty-five (135) drillholes have
been drilled from eight underground drill bays with three of those drillholes currently in-progress. Drilling
totaling 23,714 meters across 50 completed holes, with 3 more in progress, is not included in the MRE.
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 current
MRE. It is PNRL's ambition that these pending results combined with future drilling would support the
progression towards a Pre-feasibility Study.
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 ("
NI 43-101
").
Technical Report
Scientific and technical information relating to the Selebi Mine is supported by the technical report titled
"Technical Report on the Selebi Mines, Central District, Republic of Botswana, Report for NI 43-101"
,
dated June 16, 2022 (effective date of March 1, 2022) (the "
Selebi Technical Report
"), and prepared
by SLR Consulting (Canada) Ltd. for PNRL. Reference should be made to the full text of the Selebi
Technical Report, including the assumptions, limitations and data verification therein relating to the
historic data compilation, which was prepared in accordance with NI 43-101 and is available
electronically on SEDAR+ (
www.sedarplus.ca
) under PNRL's issuer profile.
An updated NI 43-101 Technical Report will be released in the coming days to support the recent
publication by PNRL of a mineral resource estimate on August 8, 2024.
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 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 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 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 as currently contemplated; the ability of the Company to define mineral
resource estimates on the Selebi Mines in accordance with NI 43-101 and/or obtain an updated MRE in
respect of the Selebi Mines; 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 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; 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 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.
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Figure 1: Selebi North: Location of Reported Drill Holes with Underground Infrastructure,
PNRL Mineral Resource Estimate, Exploration Targets and modeled BHEM plates.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/223574_9176840154e2499d_003full.jpg
Figure 2: Selebi North: Location of Reported Drill Holes with Underground Infrastructure,
PNRL Mineral Resource Estimate
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/223574_9176840154e2499d_004full.jpg
Figure 3: Detailed view showing location of drillholes reported and mentioned in this release.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/223574_9176840154e2499d_005full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/223574