Premium Nickel Extends Selebi Mines Study Phase and Provides Operational Update
Premium Nickel Extends Selebi Mines Study
Phase and Provides Operational Update
Toronto, Ontario--(Newsfile Corp. - November 11, 2024) -
Premium Nickel Resources Ltd. (TSXV:
PNRL) (
"
PNRL
" or the
"Company")
has extended the Study Phase (as defined under Section 43 of
the Botswana Mining Act) for the Selebi Mines project pursuant to the terms of the asset purchase
agreement (the "
Selebi APA
") with the BCL liquidator. This extension follows successful completion by
the Company of the work and investment milestones required by the Selebi APA. It provides the
Company with an additional one year, to February 1, 2026, to complete an economic study and make
the next milestone payment, in the amount of US$25 million, under the Selebi APA.
On January 31, 2022, the Company closed the Selebi APA, and ownership of the Selebi Mines
transferred to the Company. The Selkirk Mine license and exploration permits were acquired in August
2022. Included in the Selebi APA, are contingent milestone payments which apply in aggregate to both
the Selebi Mines and the Selkirk Mine as the assets are derisked.
Selebi Mines
The Company is advancing its resource characterization drilling program at Selebi North, which is
expected to be completed by the end of 2024. The underground development team has mobilized to the
Selebi Main deposit to support underground exploration drilling starting in 2025. Initial drill bays will be
established enabling drill testing of large borehole electromagnetic conductors located below the legacy
Selebi Mine horizons.
The work at the Selebi Mines is focused on advancing key activities that will support an economic study
prepared in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
("
NI 43-101
"). In addition to the underground exploration drilling, the Company is completing engineering
trade-off studies and advancing metallurgical studies. The company is evaluating advancing to a
preliminary economic assessment ("
NI 43-101 PEA
") versus moving directly to a prefeasibility study
("
NI 43-101 PFS
"). The benefits include less time and cost and the ability to publish an initial economic
model including a broad range of development options.
Selkirk Mine
The Company recently published results from seventeen historic drill cores for nickel, copper, cobalt, and
Platinum Group Elements, providing additional data needed for the Selkirk deposit's mineral resource
estimate ("
MRE
") which is expected imminently (see PNRL news release dated October 28, 2024). A
proposed work plan for the Selkirk deposit will be defined following receipt and review of the completed
MRE.
Company Name Change
At the Annual General and Special Meeting of shareholders held on October 29, 2024, shareholders
approved of the Company changing its name to "Premium Resources Ltd.". The Company is in the
process of effecting the name change and expects to complete that process in the coming weeks.
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 Information
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 effect the proposed name
change on terms acceptable to the Company, if at all; the support for the redevelopment of the Selkirk
Mine from the National Government and local stakeholders; 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 and the Selkirk Mine as currently contemplated; 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; 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 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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To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/229466