Premium Drilling Extends Mineralization 315 Metres Below Resource Area Demonstrating Scaled Expansion at the Selebi Project
Premium Drilling Extends Mineralization 315
Metres Below Resource Area Demonstrating
Scaled Expansion at the Selebi Project
Toronto, Ontario--(Newsfile Corp. - May 27, 2025) -
Premium Resources Ltd. (TSXV: PREM) (OTC
Pink: PRMLF) (
"
PREM
" or the "
Company
"
)
announces another successful intercept of mineralization
at Selebi North Underground ("
SNUG
") targeting down-plunge expansion beyond the resource model.
Key Highlights:
SNUG-25-186 intersected South Limb mineralization over 16.20 metres at a distance of 132
metres down-plunge of previously announced drill hole SNUG-25-184 (
Figure 1
).
Borehole electromagnetic ("
BHEM
") results indicate that a thicker interval of mineralization lies
immediately to the northwest of drill hole SNUG-25-186.
Drill holes SNUG-25-186 and SNUG-25-184 have together extended the South Limb
mineralization 315 metres down-plunge from the lower extent of the 2024 resource model.
The next drill hole is underway to define strike extent of the down-plunge extension.
Figure 1: Location of drill holes and BHEM target zones relative to the Mineral Resource
Estimate
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/253471_a7c9f1eae4e74b31_002full.jpg
Morgan Lekstrom, CEO of Premium Resources,
commented:
"The significant step-outs and
ongoing expansion that we are achieving, in the time frame, clearly illustrates that this deposit expands
well beyond the boundaries of the current resource area.
Given the strong grades in our existing
resource well over 3% CuEq, each successful step-out highlights the potential that was previously
undefined.
Our use of BHEM and our deep understanding of the technology has enabled us to target and
drill these step-downs with a high degree of precision. While the current resource has a down-plunge
extent of 965 metres, our drilling has intercepted more massive sulphides (host to the copper, nickel and
cobalt) and extended the deposit by approximately 315 metres. We have several exciting initiatives
running in parallel which we look forward to sharing with the market very soon."
Next Steps
Follow-up drilling is already underway, with drill hole SNUG-25-189 targeting the area between SNUG-
24-096-W1 and SNUG-25-184 to further evaluate the continuity and scale of both the South Limb and N2
mineralized systems. Assays for 2025 drill holes are expected in early July and will be released as they
are received.
BHEM Surveys
The BHEM surveys at Selebi Mine 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 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 on 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 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 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.ca
) 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 drill holes and BHEM target zones relative to the Mineral Resource
Estimate
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/253471_a7c9f1eae4e74b31_003full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/253471