Premium Nickel Reports 52.45 Metres of 2.02% NiEq or 3.59% CuEq (1.26% Ni, 1.17% Cu, 0.06% Co) & 35.60 Metres of 2.45% NiEq or 4.35% CuEq (1.54% Ni, 1.38% Cu, 0.08% Co) at Selebi North Underground
Premium Nickel Reports 52.45 Metres of 2.02%
NiEq or 3.59% CuEq (1.26% Ni, 1.17% Cu, 0.06%
Co) & 35.60 Metres of 2.45% NiEq or 4.35%
CuEq (1.54% Ni, 1.38% Cu, 0.08% Co) at Selebi
North Underground
"These assays are the last underground drill holes to be included in the first Selebi National
Instrument 43-101 compliant Mineral Resource Estimate ("
MRE
"). The MRE will incorporate drilling
data from both Selebi North and Selebi Main and is expected in the coming weeks. The delay is
predominantly due to the lag time in receiving the assays from drill hole SNUG-24-105." - CEO, Keith
Morrison
Toronto, Ontario--(Newsfile Corp. - June 26, 2024) -
Premium Nickel Resources Ltd. (TSXV: PNRL)
(OTCQX: PNRLF) ("PNRL"
or the
"Company")
is pleased to announce additional high-grade
polymetallic assay results for a further ten holes from drilling at its past-producing nickel-copper-cobalt
sulphide ("
Ni-Cu-Co
") Selebi North underground ("
SNUG
") mine in Botswana.
Highlights include:
SNUG-24-094 (N2 Limb, 400 metres down plunge of historic N2 resource):
52.45 metres of 2.02% NiEq or 3.59% CuEq (1.26% Ni, 1.17% Cu, 0.06%
Co)
incl. 10.40 metres of 2.93% NiEq or 5.21% CuEq (1.73% Ni, 1.89% Cu, 0.09%
Co)
SNUG-24-105 (South Limb / N2, within the historic resource):
35.60 metres of 2.45% NiEq or 4.35% CuEq (1.54% Ni, 1.38% Cu, 0.08%
Co)
incl.16.15 metres of 3.03% NiEq or 5.38% CuEq (1.86% Ni, 1.80% Cu, 0.10%
Co)
and 5.30 metres of 2.39% NiEq or 4.25% CuEq (1.61% Ni, 1.15% Cu, 0.09%
Co)
and 5.80 metres of 3.38% NiEq or 6.00% CuEq (2.23% Ni, 1.72% Cu, 0.12%
Co)
SNUG-24-098 (South Limb, within historic resource):
9.55 metres of 2.84% NiEq or 5.03% CuEq (1.78% Ni, 1.63% Cu, 0.09%
Co)
SNUG-24-101 (South Limb, 175 metres down plunge of historic resource):
4.55 metres of 2.78% NiEq or 4.94% CuEq (1.96% Ni, 1.19% Cu, 0.10%
Co)
SNUG-24-104 (South Limb, 100 metres down plunge of historic resource):
7.00 metres of 3.29% NiEq or 5.84% CuEq (2.19% Ni, 1.64% Cu, 0.12%
Co)
Previously, results for 53 holes were released in eleven separate news releases between November 14,
2023 and May 16, 2024. Details of the assay results are shown below along with accompanying visuals
(Figure 1, Figure 2 and Figure 3). 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
. To view the 3D modeling, please visit the following link
https://vrify.com/decks/16249
.
Keith Morrison, CEO of PNRL, commented:
"These assays are the last underground drill holes to be
included in the first Selebi National Instrument 43-101 compliant Mineral Resource Estimate ("
MRE
").
The MRE will incorporate drilling data from both Selebi North and Selebi Main and is expected in the
coming weeks. The delay is predominantly due to the lag time in receiving the assays from drill hole
SNUG-24-105. Additional BCL mine development data from the lower Selebi Mines levels has also
been included, to extend the resource upwards to the existing mine infrastructure. The ongoing
underground drilling, along with remaining pending assay results, will support the future classification of
inferred resources to indicated resources. An upgrade in classification would enable their inclusion in a
future NI 43-101 compliant Prefeasibility Study ("
PFS
"), thereby optimizing initial mine life estimates."
Assay results are provided below in Table 1 for SNUG-24-088, 094, 095, 097, 098, 101, 102, 104, 105
and 108; hole collar details are provided in Table 2.
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. Figures 1 through 3 show the location of the holes relative to the historic resource and
underground infrastructure.
Table 1: Assay Results Selebi North Deposit
Hole-ID
From
(m)
To
(m)
*Length
(m)
Ni
(%)
Cu
(%)
Co
(%)
Limb
**NiEq
(%)
**CuEq
(%)
SNUG-24-088
8.10
11.95
3.85
1.09
1.05
0.06
South Limb
1.78
3.16
SNUG-24-094
573.10
625.55
52.45
1.26
1.17
0.06
N2 Limb
2.02
3.59
incl.
573.10
588.00
14.90
1.38
2.04
0.07
N2 Limb
2.64
4.68
*incl.
577.60
588.00
10.40
1.73
1.89
0.09
N2 Limb
2.93
5.21
incl.
592.60
607.00
14.40
1.72
1.05
0.09
N2 Limb
2.45
4.34
incl.
612.80
625.55
12.75
1.43
1.05
0.07
N2 Limb
2.13
3.78
SNUG-24-095
16.30
19.70
3.40
2.03
1.31
0.10
South Limb
2.93
5.21
SNUG-24-095
32.30
34.30
2.00
1.37
0.45
0.07
South Limb
1.73
3.07
SNUG-24-095
94.80
98.00
3.20
1.93
1.46
0.10
N2 Limb
2.91
5.17
SNUG-24-097
33.35
71.10
37.75
0.52
0.97
0.03
South Limb
1.11
1.97
incl.
41.10
57.80
16.70
0.66
0.91
0.04
South Limb
1.23
2.18
SNUG-24-097
133.15
144.25
11.10
1.61
0.91
0.09
N2 Limb
2.26
4.01
incl.
133.15
139.50
6.35
2.24
1.06
0.12
N2 Limb
3.03
5.37
SNUG-24-098
14.00
23.55
9.55
1.78
1.63
0.09
South Limb
2.84
5.03
SNUG-24-098
120.80
128.25
7.45
1.16
0.55
0.06
N2 Limb
1.56
2.77
SNUG-24-101
419.70
424.25
4.55
1.96
1.19
0.10
South Limb
2.78
4.94
SNUG-24-101
456.00
456.55
0.55
1.59
0.35
0.06
South Limb
1.89
3.36
SNUG-24-102
305.95
307.65
1.70
2.21
0.61
0.11
South Limb
2.73
4.84
SNUG-24-102
315.90
318.55
2.65
2.13
1.74
0.11
South Limb
3.28
5.83
SNUG-24-102
329.55
335.10
5.55
0.91
1.19
0.05
South Limb
1.66
2.95
SNUG-24-104
377.30
384.30
7.00
2.19
1.64
0.12
South Limb
3.29
5.84
SNUG-24-105
286.05
321.65
35.60
1.54
1.38
0.08
South Limb / N2
2.45
4.35
incl.
286.05
302.20
16.15
1.86
1.80
0.10
South Limb
3.03
5.38
and
305.90
311.20
5.30
1.61
1.15
0.09
South Limb
2.39
4.25
and
315.85
321.65
5.80
2.23
1.72
0.12
N2 Limb
3.38
6.00
SNUG-24-108
284.80
288.55
3.75
1.37
0.53
0.08
South Limb
1.79
3.18
SNUG-24-108
296.40
301.60
5.20
0.91
1.52
0.05
N2 Limb
1.84
3.27
Hole-ID
From
(m)
To
(m)
*Length
(m)
Ni
(%)
Cu
(%)
Co
(%)
Limb
**NiEq
(%)
**CuEq
(%)
*Length refers to drillhole length and not true width. True widths are unknown.
**NiEq was calculated assuming a price of $US 7.90/lb for Ni, $US 4.45/lb for Cu and $US 12.32/lb for Co with no adjustments for recoveries or
payabilities.
Table 2: Drill Collar Information Selebi North Deposit
HOLE ID
Mine
East
Mine
North
Elevation
Dip
Mine
Azimuth
Hole
Length
Comment
SNUG-24-088
35065.5
84687.5
-44.9
-33.7
218.7
173.4
Rig #1 925mL
SNUG-24-094
35366.0
84406.7
81.5
-66.1
206.9
661.3
Rig #2 810mL
SNUG-24-095
35071.1
84688.6
-44.3
-7.0
179.2
149.6
Rig #1 925mL
SNUG-24-097
35070.8
84688.0
-45.4
-37.6
179.1
212.1
Rig #1 925mL
SNUG-24-098
35069.6
84689.4
-45.3
-51.7
223.5
161.4
Rig #1 925mL
SNUG-24-101
35376.5
84423.8
81.3
-74.4
229.4
479.5
Rig #3 810mL
SNUG-24-102
35322.6
84605.8
82.3
-59.4
235.6
488.4
Rig #1 810mL
SNUG-24-103
35366.7
84407.6
81.3
-68.0
225.8
638.8
Rig #2 810mL
SNUG-24-104
35377.2
84424.1
81.1
-73.4
254.2
434.5
Rig #3 810mL
SNUG-24-105
35321.0
84606.0
82.4
-46.3
246.0
380.4
Rig #1 810mL
SNUG-24-108
35321.3
84605.6
82.6
-41.4
236.0
377.6
Rig #1 810mL
Drilling and BHEM Continues
Three drills are currently active on the 810-metre level exploration drift. The two drill bays, located at the
southern most extent of this drift, allow for the evaluation of areas further down plunge and outside of the
known historic resource estimate. The third drill is positioned approximately 130 metres east, orthogonal
to the main 810-metre level exploration drift, allowing for optimal intersection angles on South Limb and
N2 Limb.
As of June 24, 2024, a total of 41,836 metres in one hundred and seven (107) drillholes have been
completed from seven underground drill bays with three of those drillholes currently in-progress. Due to
the extensive drilling that has intersected mineralization, the Company has released assay results for the
most significant intercepts. Drilling continues, and new assay results will be published as they are
received and verified by the Company. However, these forthcoming assays may not all be included in the
initial MRE, which is based on the data available at this time. If warranted, the remaining results and
future drilling will support the project's progression towards a PFS.
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 three 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 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.ca
) 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.
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 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 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 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.
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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/7759/214421_premiumnickelimg1.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/7759/214421_108bf24874252960_004full.jpg
Figure 3: Detailed view showing location of drillholes reported and mentioned in this release.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/214421_108bf24874252960_005full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/214421