NEXM.V · 2024-11-13 12:00:00

Premium Nickel Intersects Significant Lengths of Mineralization at Selebi North: 28.70 Metres of 3.45% CuEq or 1.67% NiEq

Drill Results

Premium Nickel Intersects Significant Lengths

of Mineralization at Selebi North: 28.70 Metres

of 3.45% CuEq or 1.67% NiEq

Toronto, Ontario--(Newsfile Corp. - November 13, 2024) -

Premium Nickel Resources Ltd. (TSXV:

PNRL) (

PNRL

" or the

"Company")

announces high-grade assay results for a further ten holes all

drilled within the 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.premiumresources.com

. To view the 3D

modeling, please visit the following link

https://vrify.com/decks/17284

Infill Drilling Assay Highlights for Resource Reclassification:

SNUG-24-129: South Limb

9.70 metres of 6.12% CuEq or 2.97% NiEq (2.44% Cu, 1.79% Ni, 0.09% Co)

incl. 7.20 metres of 7.24% CuEq or 3.52% NiEq (2.74% Cu, 2.19% Ni, 0.10% Co)

SNUG-24-138: N2 Limb

28.70 metres of 3.45% CuEq or 1.67% NiEq (1.66% Cu, 0.87% Ni, 0.05% Co)

incl.

10.60 metres of 4.75% CuEq or 2.30% NiEq (1.26% Cu, 1.69% Ni, 0.09% Co)

SNUG-24-139: South Limb/N2

10.30 metres of 4.80% CuEq or 2.33% NiEq (2.29% Cu, 1.22% Ni, 0.06% Co)

Keith Morrison, CEO of PNRL, commented:

"These assays are the next group of in-fill drilling results

at our Selebi North deposit. We have used the National Instrument 43-101 mineral resource estimate

geometry to estimate the true widths of these holes. They continue to demonstrate both very good

grades and widths. Assays are pending for approximately 14,000 metres of in-fill and expansion drilling."

Assay results are provided below in Table 1 for SNUG-24-129,134,135,136,138,139,140,141,142 and

147; and drill hole collar details are provided in Table 2.

True thickness of mineralization was estimated using the wireframe as part of the MRE (see PNRL news

release dated August 8, 2024). 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)

Length

(m)

Est. True

Thickness

(m)

(%)

Limb

CuEq

(%)

NiEq

(%)

SNUG-24-129

261.30

271.00

9.70

8.7

2.44

1.79

0.09

South Limb

6.12

2.97

incl

261.30

268.50

7.20

6.4

2.74

2.19

0.10

South Limb

7.24

3.52

SNUG-24-134

348.15

352.25

4.10

3.8

1.10

1.16

0.07

South Limb

3.48

1.69

SNUG-24-135

314.50

321.40

6.90

5.7

0.86

0.58

0.03

South Limb

2.06

1.00

SNUG-24-135

325.90

344.50

18.60

10.3

0.70

0.04

2.14

1.04

incl

337.30

339.85

2.55

1.5

1.15

2.18

0.11

5.65

2.74

SNUG-24-136

388.30

397.70

9.40

7.5

0.58

1.06

0.05

South Limb

/N2

2.77

1.35

incl

390.50

397.00

6.50

5.2

0.52

1.44

0.07

South Limb

/N2

3.48

1.69

SNUG-24-138

348.85

377.55

28.70

21.9

1.66

0.87

0.05

3.45

1.67

incl

348.85

359.45

10.60

8.1

1.26

1.69

0.09

4.75

2.30

and

372.00

374.65

2.65

2.1

4.36

0.86

0.05

6.13

2.97

SNUG-24-139

377.00

387.30

10.30

9.3

2.29

1.22

0.06

South

Limb/N2

4.80

2.33

SNUG-24-140

325.30

332.30

7.00

6.6

1.18

1.71

0.09

4.71

2.28

SNUG-24-141

361.45

365.05

3.60

3.5

0.25

1.20

0.06

2.71

1.32

SNUG-24-141

368.35

402.40

34.05

20.7

0.60

0.80

0.05

SL/N2

2.24

1.09

incl

368.35

375.45

7.10

4.4

1.04

1.17

0.06

SL/N2

3.45

1.67

and

396.35

402.40

6.05

3.7

0.91

1.62

0.09

4.23

2.06

SNUG-24-142

517.10

520.10

3.00

2.9

0.82

0.38

0.02

1.61

0.78

SNUG-24-147

259.30

260.65

1.35

1.0

1.16

1.90

0.08

5.08

2.46

SNUG-24-147

270.15

272.60

2.45

2.3

1.76

1.55

0.07

4.95

2.40

SNUG-24-147

442.40

443.80

1.40

1.3

1.48

1.21

0.08

3.97

1.93

Hole-ID

From

(m)

Length

(m)

Est. True

Thickness

(m)

(%)

Limb

CuEq

(%)

NiEq

(%)

Length refers to drillhole length.

True thickness is estimated using the MRE wireframe where available.

Co is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.

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.

NiEq was calculated 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-24-129

35320.5

84607.1

82.6

-49.6

270.0

617.1

Rig #1 810mL P6

SNUG-24-134

35377.7

84426.1

81.2

-55.8

289.3

392.3

Rig #3 810mL P4

SNUG-24-135

35322.2

84605.5

82.4

-46.4

222.8

389.4

Rig #1 810mL P6

SNUG-24-136

35377.6

84425.6

81.2

-62.4

272.1

578.0

Rig #3 810mL P4

SNUG-24-138

35322.3

84605.8

82.4

-52.7

239.5

428.6

Rig #1 810mL P6

SNUG-24-139

35377.8

84425.7

81.3

-56.5

279.8

427.4

Rig #3 810mL P4

SNUG-24-140

35089.1

84549.4

-42.1

-29.8

285.5

463.9

Rig #2 810mL P8

SNUG-24-141

35322.3

84605.5

82.4

-52.1

217.3

440.3

Rig #1 810mL P6

SNUG-24-142

35089.8

84550.1

-42.1

-30.4

298.8

587.7

Rig #2 810mL P8

SNUG-24-147

35089.3

84548.7

-42.4

-39.6

282.5

481.9

Rig #2 810mL P8

Drilling and BHEM Continues

As of November 10, 2024, a total of 60,899 metres in one hundred and fifty-six (156) drillholes have

been drilled from eight underground drill bays with three of those drillholes currently in-progress.

Additional drilling, totaling 30,915 meters across 71 completed holes, with 3 more in progress, are not

included in the MRE. BHEM surveys have been completed in 59 holes. 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 an economic study prepared in accordance with National Instrument 43-101 - Standards of

Disclosure for Mineral Projects.

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.ca

) 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.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.

X (formally Twitter):

https://twitter.com/Prem_Resources

Linked in:

https://www.linkedin.com/company/Premium-Resources

Facebook:

https://www.facebook.com/PremiumResourcesLtd

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/7759/229759_8409c1cd84e75b85_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/7759/229759_8409c1cd84e75b85_003full.jpg

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/229759

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