NEXM.V · 2024-01-18 12:00:00

Premium Nickel Reports Assays at Selebi North Underground 15.30 metres of 2.96% NiEq (1.84% Ni; 1.85% Cu; 0.10% Co) Incl. 8.45 metres of 3.07% NiEq (2.15% Ni; 1.40% Cu; 0.11% Co)

Drill Results

Premium Nickel Reports Assays at Selebi

North Underground

15.30 metres of 2.96% NiEq (1.84% Ni; 1.85% Cu; 0.10% Co)

Incl. 8.45 metres of 3.07% NiEq (2.15% Ni; 1.40% Cu; 0.11% Co)

Toronto, Ontario--(Newsfile Corp. - January 18, 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 16 holes were released, November 14, November 27

and December 19, 2023, respectively. Results for a further seven holes are released herein. To date a

total of 23 holes have been released representing an aggregate of approximately 8,242 metres including

the holes and metres released herein. Details of the assay results are shown below along with

accompanying visuals via Figure 1 and Figure 2. 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 website at

www.premiumnickelresources.com

Highlights include:

SNUG-23-055 (South Limb): 15.30 metres of 2.96% NiEq (1.84% Ni; 1.85% Cu; 0.10% Co)

including 8.45 metres of 3.07% NiEq (2.15% Ni; 1.40% Cu; 0.11% Co)

and 3.00 metres of 3.01% NiEq (2.13% Ni; 1.28% Cu; 0.12% Co)

SNUG-23-054 (N3 Limb): 6.85 metres of 4.01% NiEq (2.72% Ni; 1.97% Cu; 0.15% Co)

SNUG-23-053 (South Limb): 6.05 metres of 2.78% NiEq (1.95% Ni; 1.23% Cu; 0.11% Co)

Keith Morrison, CEO of PNRL, commented:

"The Company is very encouraged with these and past

results as they continue to further substantiate our views that higher grade zones relating to the

conductive massive sulphide Ni-Cu-Co mineralization exist at Selebi North underground.

During the

Holiday season we completed additional borehole EM surveys in the area down plunge from these

mineralized structures at the Selebi North deposit. Our underground drilling will now continue to progress

down plunge, aiming to intercept additional mineralization that was not accounted for 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 and 2 show the location of holes

relative to the historic resource and underground infrastructure.

Table 1: Assay Results Selebi North Deposit

Hole-ID

From

(m)

*Length

(m)

(%)

Limb

**NiEq

(%)

SNUG-23-038

47.90

51.55

3.65

1.05

1.27

0.04

1.78

SNUG-23-038

60.00

62.35

2.35

0.62

0.94

0.02

1.14

SNUG-23-038

65.40

70.10

4.70

0.53

2.09

0.05

1.69

SNUG-23-038

77.25

85.85

8.60

0.48

0.93

0.03

1.01

including

77.25

79.75

2.50

0.50

2.60

0.04

1.89

SNUG-23-038

101.80

103.80

2.00

1.20

2.02

0.05

2.32

SNUG-23-038

326.15

332.40

6.25

1.15

0.88

0.06

1.71

SNUG-23-051

159.60

163.75

4.15

0.50

0.69

0.03

South

0.91

SNUG-23-051

182.10

183.40

1.30

0.37

1.47

0.02

South

1.15

SNUG-23-052A

140.40

148.00

7.60

0.97

0.05

1.56

including

145.55

148.00

2.45

1.02

1.85

0.05

2.05

SNUG-23-052A

357.30

358.75

1.45

1.59

0.31

0.07

1.89

SNUG-23-053

74.95

81.00

6.05

1.95

1.23

0.11

South

2.78

SNUG-23-053

95.40

98.00

2.60

1.05

0.65

0.05

South

1.48

SNUG-23-054

110.80

116.80

6.00

0.87

1.23

0.04

1.58

including

111.25

114.80

3.55

1.37

1.49

0.06

2.24

SNUG-23-054

182.25

189.10

6.85

2.72

1.97

0.15

4.01

SNUG-23-055

91.70

107.00

15.30

1.84

1.85

0.10

South

2.96

including

91.70

100.15

8.45

2.15

1.40

0.11

South

3.07

and

104.00

107.00

3.00

2.13

1.28

0.12

South

3.01

Hole-ID

From

(m)

*Length

(m)

(%)

Limb

**NiEq

(%)

*Length refers to drillhole length and not true width. True width is unknown.

**NiEq was calculated assuming a price of $US 7.39/lb for Ni, $US 3.77/lb for Cu and $US 13.86/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-23-038

34919.3

84907.2

-9.0

-36.9

220.9

374.3

Rig #3 895mL

SNUG-23-051

35094.4

84759.3

-51.9

-15.9

129.9

311.6

Rig #1 935mL

SNUG-23-052*

35081.7

84843.7

-7.8

-17.0

255.0

5.1

Rig #2 880mL

SNUG-23-052A

35081.7

84843.7

-7.8

-17.5

255.2

395.0

Rig #2 880mL

SNUG-23-053

35095.1

84759.6

-51.5

-1.4

148.1

134.2

Rig #1 935mL

SNUG-23-054

34918.9

84907.5

-8.2

-12.5

224.5

224.4

Rig #3 895mL

SNUG-23-055

35094.4

84759.0

-50.8

-1.6

165.0

137.4

Rig #1 935mL

*abandoned hole

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 estimate true width and define the folded mineralization.

Drilling Continues

Two drills have been mobilized to the 810 metre level exploration drift, permitting testing areas further

down plunge of the three mineralized zones with the aim to demonstrate upside potential that will support

a future MRE.

As of January 17, 2024, a total of 18,120 metres in 49 drillholes have been completed from the initial

three underground drill bays and 514 metres have been drilled from two drill bays on the 810mL

exploration drift. During this initial phase, drilling is targeting the area down plunge of mine infrastructure

to characterize the remaining resource. 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.

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

Chairman 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.

X (formally Twitter):

https://twitter.com/PremiumNickel

Linked in:

https://www.linkedin.com/company/premium-nickel-resources

Facebook:

https://www.facebook.com/PremiumNickel

Figure 1: 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/7759/194676_9ff7bdf744653905_002full.jpg

Figure 2: Selebi North Drill Hole Location

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7759/194676_9ff7bdf744653905_003full.jpg

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

https://www.newsfilecorp.com/release/194676

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