Premium Nickel Reports 102.80 Metres of 2.23% NiEq at Selebi North Underground
Premium Nickel Reports 102.80 Metres of
2.23% NiEq at Selebi North Underground
Toronto, Ontario--(Newsfile Corp. - February 13, 2024) -
Premium Nickel Resources Ltd. (TSXV:
PNRL) (OTCQX: PNRLF) ("PNRL" or the "Company")
is pleased to report additional assay results
from drilling at its past-producing nickel-copper-cobalt sulphide ("
Ni-Cu-Co
") Selebi North underground
("
SNUG
") mine in Botswana. Previous results for 26 holes were released in 2023 on November 14,
November 27 and December 19, 2023 and in 2024 on January 18 and January 30. Results for a further
eight holes are released herein. To date a total of 34 holes have been released representing an
aggregate of approximately 12,038 metres including the holes and metres released herein. Details of
the assay results are shown below along with accompanying visuals via Figure 1, Figure 2 and Figure 3.
Drill core photos for all 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.premiumnickelresources.com
.
Highlights include:
SNUG-23-060 (South Limb-north): 36.35 metres of 1.64% NiEq (1.01% Ni; 1.00% Cu;
0.05% Co)
including 15.40 metres of 2.00% NiEq (1.14% Ni; 1.42% Cu; 0.06% Co)
and
4.10 metres of 2.11% NiEq (1.44% Ni; 1.00% Cu; 0.08% Co)
and
5.60 metres of 2.76% NiEq (1.84% Ni; 1.41% Cu; 0.10% Co)
SNUG-23-060 (South Limb-south/N2): 38.20 metres of 1.67% NiEq (1.06% Ni; 0.97% Cu;
0.06% Co)
including 25.05 metres of 2.03% NiEq (1.27% Ni; 1.20% Cu; 0.07% Co)
including
8.30 metres of 3.07% NiEq (1.98% Ni; 1.72% Cu; 0.10% Co)
SNUG-23-062 (N2 Limb): 20.85 metres of 1.64% NiEq (0.85% Ni; 1.35% Cu; 0.04% Co)
including 10.85 metres of 2.10% NiEq (1.06% Ni; 1.79% Cu; 0.05% Co)
SNUG-23-064 (South Limb/N2): 102.80 metres of 2.23% NiEq (1.41% Ni; 1.30% Cu; 0.08%
Co)
including 86.75 metres of 2.64% NiEq (1.66% Ni; 1.55% Cu; 0.09% Co)
including 12.95 metres of 2.89% NiEq (1.92% Ni; 1.49% Cu; 0.10% Co)
and 14.70 metres of 3.26% NiEq (1.91% Ni; 2.23% Cu; 0.10% Co)
and 19.70 metres of 2.93% NiEq (1.99% Ni; 1.43% Cu; 0.11% Co)
and 12.25 metres of 2.71% NiEq (1.69% Ni; 1.62% Cu; 0.09% Co)
Keith Morrison, CEO of PNRL, commented:
"These assays continue to demonstrate notable nickel,
copper and cobalt grades associated with the conductive massive sulphide mineralization contained in
the Selebi North fold structures. These folds have complex shapes related to the formation of these
deposits. The South Limb is convex, like a bowl, and joins with the N2 limb in places. SNUG-23-060
drills through both sides of this South Limb bowl and identifies them as South Limb north and South Limb
south/N2. These results can be visualized in the VRIFY model. Given the restricted locations of the drill
bays, the intersection of multiple complex folds and the nature of resource drilling, true widths are difficult
to estimate accurately for some intercepts.
Our underground drilling and additional borehole electromagnetic ("
BHEM
") results are allowing larger
step-out down plunge intervals, with one hole currently in progress testing 140 metres below the historic
resource model and a second hole testing a further 100 metres down-plunge of that. In addition, our
results continue to outline additional mineralization between the N2 and N3 folds that is not captured in
the historic resource."
The purpose of this drill program is to define mineralization down plunge of the existing workings that will
be used to complete a Mineral Resource Estimation ("
MRE
") prepared in accordance with National
Instrument 43-101 -
Standards of Disclosure for Mineral Projects
("
NI 43-101
"). Assay results are given
below in Table 1 and hole collar details are given in Table 2. Figures 1, 2 and 3 show the location of
holes relative to the historic resource and underground infrastructure.
Table 1: Significant Assay Results Selebi North Deposit
Hole-ID
From
(m)
To
(m)
*Length
(m)
Ni
(%)
Cu
(%)
Co
(%)
Limb
**NiEq
(%)
SNUG-23-059
230.25
237.15
6.90
0.80
1.22
0.04
N3
1.52
including
230.25
236.00
5.75
0.71
1.29
0.04
N3
1.46
SNUG-23-060
173.90
210.25
36.35
1.01
1.00
0.05
South
1.64
including
173.90
189.30
15.40
1.14
1.42
0.06
South
2.00
*including*
173.90
178.95
5.05
0.72
3.88
0.04
South
2.83
and
180.65
186.50
5.85
2.02
0.29
0.10
South
2.36
SNUG-23-060
195.20
199.30
4.10
1.44
1.00
0.08
South
2.11
SNUG-23-060
204.65
210.25
5.60
1.84
1.41
0.10
South
2.76
SNUG-23-060
283.15
321.35
38.20
1.06
0.97
0.06
South/N2
1.67
including
283.15
285.35
2.20
1.32
0.70
0.07
South
1.81
and
289.50
293.75
4.25
1.03
1.08
0.06
South
1.71
and
296.30
321.35
25.05
1.27
1.20
0.07
South/N2
2.03
*including*
299.00
307.30
8.30
1.98
1.72
0.10
South/N2
3.07
and
317.35
321.35
4.00
1.76
0.41
0.09
N2
2.14
SNUG-23-060
348.50
350.65
2.15
1.94
1.09
0.10
N2
2.70
SNUG-23-061
57.20
59.10
1.90
1.31
2.50
0.11
N2
2.83
SNUG-23-062
168.90
189.75
20.85
0.85
1.35
0.04
N2
1.64
Including
172.30
183.15
10.85
1.06
1.79
0.05
N2
2.10
SNUG-23-064
73.00
175.80
102.8
1.41
1.30
0.08
South/N2
2.23
including
91.20
177.95
86.75
1.66
1.55
0.09
South/N2
2.64
*including*
94.50
107.45
12.95
1.92
1.49
0.10
South
2.89
and
116.60
131.30
14.70
1.90
2.23
0.10
South
3.26
and
139.00
158.70
19.70
1.99
1.43
0.11
South
2.93
and
163.55
175.80
12.25
1.69
1.62
0.09
N2
2.71
*Length refers to drillhole length and not true width. True widths of the South Limb are unknown but interpreted to be between 5 and 20 metres.
**NiEq was calculated assuming a price of $US 7.25/lb for Ni, $US 3.82/lb for Cu and $US 13.22/lb for cobalt with no adjustments for recoveries
and payabilities.
Table 2: Drill Collar Information Selebi North Deposit
HOLE ID
Mine East
Mine North
Elevation
Dip
Mine
Azimuth
Hole Length
Comment
SNUG-23-059
35081.6
84844.0
-7.7
-10.3
264.6
410.7
Rig #2 880mL
SNUG-23-060
35094.2
84759.2
-51.7
-28.4
163.9
373.7
Rig #1 935mL
SNUG-23-061
34917.5
84909.8
-7.9
-5.3
265.2
279.5
Rig #3 895mL
SNUG-23-062
35081.7
84844.1
-7.9
-20.6
268.1
455.4
Rig #2 880mL
SNUG-23-063
34917.0
84910.9
-7.9
-6.6
280.0
326.1
Rig #3 895mL
SNUG-23-064
35094.0
84759.1
-50.7
-1.6
175.1
239.2
Rig #1 935mL
SNUG-23-065
34917.2
84910.9
-8.3
-18.4
280.2
321.5
Rig #3 895mL
SNUG-23-066
35082.4
84843.4
-9.1
-40.7
247.3
538.4
Rig #2 880mL
The various mineralized zones have been historically mined and subsequently named N2 Limb, N3 Limb
and South Limb to demarcate their location on the folded mineralized horizon. Additional drilling is
needed to properly determine true width of mineralization on each limb and define the folded
mineralization.
The highlighted results from SNUG-23-060 and SNUG-23-064 returned multiple mineralized intervals
over a significant length. The South and N2 Limbs are extremely close and merge, and because of the
complex folding and location of available drill bays, this resulted in wide intervals of mineralization. The
target of these holes was the down plunge extension of N2. To test these extensions of N2, the holes first
passed through the South Limb sulphide horizon at a low angle (Figure 3). The South Limb is concave in
shape, with true thickness varying from 5 metres at the edge to 20 metres in the center. The true width of
these intersections will be determined by drilling from a new drill bay currently under development on the
810 Exploration drift.
Drilling and BHEM Continues
Three drills are currently active, two on the 810mL Exploration Drift and one on the 935mL Exploration
Drift. The two drills on the 810mL Exploration Drift allow for testing of areas further down plunge of the
three mineralized zones with the aim to demonstrate upside potential that will support a future NI 43-101
compliant MRE.
BHEM surveys are currently underway, with surveys completed in a total of eleven underground drillholes
including four 2024 holes drilled from the 810mL Exploration Drift testing the South Limb. Results from
these surveys indicate that the mineralized zones continue down plunge of current drilling, permitting
larger step-out intervals. Drillhole SNUG-24-082 is currently in progress testing South Limb 140 metres
down-plunge of the historic resource and a second hole, SNUG-24-083, is testing 100 metres down-
plunge of SNUG-24-082.
As of February 11, 2024, a total of 22,070 metres in fifty-nine (59) drillholes have been completed with
three drillholes in-progress from five underground drill bays. Assay results for completed holes will be
released as they are received and confirmed by the Company.
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 the 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 5Hz). 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 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 presented in this news release, which was prepared in accordance with NI 43-
101 and is available electronically on SEDAR+ (
www.sedarplus.com
) under PNRL's issuer profile.
Historic Resource Estimate
The historical mineral resource estimate referenced herein (the "
Historic Resource
") was calculated
for the Selebi North, Selebi Main, Phikwe South and Southeast Extension deposits in accordance with
SAMREC, in 2016, and does not comply with NI 43-101. To that end, the Historic Resource is
considered to be historical in nature and should not be relied upon as a current mineral resource
estimate. While management believes that the Historic Resource could be indicative of the presence of
mineralization on the deposits, a qualified person for purposes of NI 43-101 has not completed sufficient
work to classify the historical mineral estimates as current mineral resource estimates and PNRL is not
treating the historical mineral estimates as current mineral resource estimates.
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. We are driven by our belief that the demand for these metals will continue to grow in the
medium to long term, as a result of global urbanization and the increasing adoption of electric motors
over internal combustion engines. These metals are vital for achieving a low-carbon future.
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. Forward-looking information in this news
release 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; the ability and timing of advancing the underground drilling
program at Selebi North as contemplated (if at all); 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 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.
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Figure 1: Selebi North: Location of Reported Drill Holes with Underground Infrastructure,
Historic Resources, Exploration Targets and modeled BHEM plates.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/197690_115d7f78541d3af2_002full.jpg
Figure 2: Selebi North: Location of Reported Drill Holes with Underground Infrastructure,
Historic Resources and Exploration Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/197690_115d7f78541d3af2_003full.jpg
Figure 3: Selebi North: Plan view showing location of drillholes reported in this release.
To view an enhanced version of this graphic, please visit:
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To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/197690