Premium Nickel Expands Selebi North Deposit with Discoveries of New Mineralization Beyond Initial Mineral Resource Estimate
Premium Nickel Expands Selebi North Deposit
with Discoveries of New Mineralization
Beyond Initial Mineral Resource Estimate
Toronto, Ontario--(Newsfile Corp. - October 24, 2024) -
Premium Nickel Resources Ltd. (TSXV:
PNRL) (
"
PNRL
" or the
"Company")
announces deposit expansion and high-grade assay results for a
further three holes and assays pending for one hole all drilled outside of the initial Mineral Resource
Estimate ("
MRE
") wireframe 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
.
Assay highlights include:
SNUG-24-096-W1: South Limb - deepest intersection drilled to date and located 100
meters down plunge of SNUG-24-089 and outside the National Instrument 43-101
("
NI 43-
101
"
) Inferred Resource
12.90 metres of 4.12% CuEq or 2.00% NiEq (1.54% Cu, 0.95% Ni, 0.05% Co)
and 24.50 metres of 2.17% CuEq or 1.05% NiEq (0.72% Cu, 0.67% Ni, 0.04% Co)
SNUG-24-102 extension: N2 outside the NI 43-101 Inferred Resource
17.00 metres of 2.02% CuEq or 0.98% NiEq (0.67% Cu, 0.64% Ni, 0.03% Co)
incl.
8.10 metres of 2.42% CuEq or 1.17% NiEq (0.78% Cu, 0.82% Ni, 0.04% Co)
SNUG-24-114: South Limb infill drilling targeting re-classification of Inferred to Indicated
Resources, and N2 outside the NI 43-101 Inferred Resource
21.30 metres of 4.14% CuEq or 2.01% NiEq (1.36% Cu, 1.34% Ni, 0.07% Co)
incl. 13.80 metres of 2.42% CuEq or 4.40% NiEq (1.42% Cu, 1.48% Ni, 0.07% Co)
SNUG-24-144: Intersected N2 mineralization outside the NI 43-101 Inferred Resource.
Assays pending.
Keith Morrison, CEO of PNRL, commented:
"The ongoing drilling at Selebi North targets
mineralization both inside and outside the deposit geometry defined in the NI 43-101 MRE technical
report effective June 30, 2024. The results of these four holes are the first reporting of results that are
significantly outside the MRE deposit boundaries. SNUG-24-096-W1 successfully intercepted massive
sulphide mineralization 100 metres below the lower extents of the current MRE volume. This reinforces
the open down plunge nature of the Selebi North deposit, and the effectiveness of borehole
electromagnetics to image massive sulphide mineralization. Substantial exploration potential remains at
Selebi, and we are optimistic these results will compliment a future updated economic technical report."
Assay results are provided below in Table 1 for SNUG-24-096-W1, SNUG-24-102 and SNUG-24-114,
hole collar details are provided in Table 2. Assay results have been previously reported for the upper
portion of SNUG-24-102 (see news release dated June 26, 2024). Upon the discovery of a second
mineralized interval in drill hole SNUG-24-114 a decision was made to extend the previously drilled hole
SNUG-24-102 and the assays reported herein are from the extension of that hole.
True thickness of mineralization was estimated using the wireframe as part of the MRE (see news
release August 8, 2024). For intervals outside the MRE in the N2 Limb, true thickness is not yet
determined, and more work is required to confirm the geometry of the new mineralization. Figures 1 and
2 show the location of the holes relative to the 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-
096-W1
684.60
697.50
12.90
11.5
1.54
0.95
0.05
South
4.12
2.00
SNUG-24-
096-W1
737.00
741.20
4.20
3.0
0.42
0.23
0.01
South
1.10
0.53
SNUG-24-
096-W1
762.50
787.00
24.50
Unknown
0.72
0.67
0.04
N2
2.17
1.05
incl
765.55
780.75
15.20
Unknown
0.63
0.87
0.05
N2
2.17
1.05
SNUG-24-
096-W1
777.25
780.75
3.50
Unknown
1.56
1.87
0.10
N2
5.09
2.47
SNUG-24-
102
extension
510.10
527.10
17.00
Unknown
0.67
0.64
0.03
N2
2.02
0.98
incl
512.20
515.00
2.80
Unknown
0.68
0.65
0.04
N2
2.05
0.99
and
519.00
527.10
8.10
Unknown
0.78
0.82
0.04
N2
2.42
1.17
SNUG-24-
114
283.60
304.90
21.30
17.9
1.36
1.34
0.07
South
4.14
2.01
incl
283.60
297.40
13.80
11.1
1.42
1.48
0.07
South
4.40
2.14
SNUG-24-
114
316.15
317.85
1.70
1.3
0.57
0.88
0.04
South
2.06
1.00
SNUG-24-
114
461.85
468.75
6.90
Unknown
0.90
0.71
0.03
N2
2.56
1.24
incl
464.65
468.75
4.10
Unknown
1.16
1.01
0.04
N2
3.41
1.66
SNUG-24-
114
486.95
499.30
12.35
Unknown
1.02
0.87
0.04
N2
2.96
1.44
incl
486.95
496.00
9.05
Unknown
1.22
0.95
0.04
N2
3.46
1.68
SNUG-24-
114
513.50
518.10
4.60
Unknown
0.53
0.41
0.02
N2
1.51
0.73
1
Length refer
s to drillhole length.
2
True thickness is estimated using the MRE wireframe where available.
3
Co 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 cal
culated using the formula NiEq=Ni+0.485*Cu
Table 2: Drill Collar Information Selebi North Deposit
HOLE ID
Mine
East
Mine
North
Elevation
Dip
Mine
Azimuth
Hole
Length
Comment
SNUG-24-096-W1
35377.7
84423.1
81.35
-60.8
175.7
851.2
Rig #3 810mL
SNUG-24-102
35322.6
84605.8
82.32
-59.4
236.0
566.4
Rig #1 810mL
SNUG-24-114
35321.4
84606.1
82.36
-56.1
249.2
602.4
Rig #1 810mL
SNUG-24-144
35322.9
84604.9
82.32
-60.4
217.2
653.3
Rig #1 810mL
Drilling and BHEM Continues
As of October 22, 2024, a total of 58,999 metres in one hundred and fifty (150) drillholes have been
drilled from eight underground drill bays with three of those drillholes currently in-progress. Additional
drilling, totaling 29,015 meters across 65 completed holes, with 3 more in progress, are 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 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.
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 PNRL's issuer profile.
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 response to the MRE 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 MRE; the publication by the Company of a potential
updated MRE or future PFS; 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 MRE
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 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; 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 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. 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
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/227648_d38bde4104284896_002full.jpg
Figure 2: Detailed view showing location of drillholes reported and mentioned in this release
with 2024 Mineral Resource Estimate, Underground Infrastructure and Modeled BHEM Plates.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/227648_d38bde4104284896_003full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/227648