Premium Nickel Reports Assays from Selebi North Underground Drilling 22.00 metres of 1.74% NiEq (1.22% Ni; 0.89% Cu; 0.06% Co)
Premium Nickel Reports Assays from Selebi
North Underground Drilling
22.00 metres of 1.74% NiEq (1.22% Ni; 0.89% Cu; 0.06% Co)
Toronto, Ontario--(Newsfile Corp. - November 27, 2023) -
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. Results have been previously released for six holes (see news release
dated November 14, 2023 and entitled
"Premium Nickel Resources Ltd. Reports Initial Assays from
Selebi North Underground Drilling in Botswana"
), and results for a further six holes are released herein.
Highlights and details of the assay results are shown below along with accompanying visuals via
Figure
1, Figure 2, Figure 3
. Drill core photos for recent holes drilled with assays pending that are not included
in the six holes reported herein are accessible by
Clicking Here
. All drill core photos released to date
can be found on the website at
https://premiumnickelresources.com
. To view the 3D modeling, please
visit the following link
https://vrify.com/decks/14741
.
Highlights include:
SNUG-23-028 (South Limb): 10.75 metres of 1.90% NiEq (1.15% Ni; 1.40% Cu; 0.06% Co)
and 13.50 metres of 1.86% NiEq (1.34% Ni; 0.84% Cu; 0.07% Co)
SNUG-23-032 (N2 Limb): 22.00 metres of 1.74% NiEq (1.22% Ni; 0.89% Cu; 0.06% Co)
including 13.45 metres of 2.19% NiEq (1.52% Ni; 1.17% Cu; 0.07% Co)
Keith Morrison, CEO of PNRL, commented:
"Our underground drilling at Selebi North continues at
higher productivity rates than anticipated. Recent drilling results confirm that the legacy fold pattern
identified in the mine (South Limb, N2 Limb and N3 Limb) continues beyond the historic South
African Mineral Resource Committee ("
SAMREC
") resource block model. We have intercepts of
thicker remobilized conductive massive sulphide mineralization associated with these folds. The
combination of fold/fault structures and high electrical conductivity will provide effective targeting for
following this higher-grade mineralization both inside and outside the legacy SAMREC resource."
The objective of these holes 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)
To
(m)
*Length
(m)
Ni
(%)
Cu
(%)
Co
(%)
Limb
**NiEq
(%)
SNUG-23-015
141.60
152.05
10.45
0.69
0.58
0.04
N2
1.03
incl.
141.60
142.15
0.55
1.38
0.57
0.07
N2
1.78
and
144.90
148.20
3.30
1.44
0.46
0.08
N2
1.79
and
149.00
152.05
3.05
0.35
1.30
0.02
N2
0.98
SNUG-23-015
309.55
317.20
7.65
0.53
0.30
0.04
N3
0.74
incl.
309.55
310.80
1.25
2.09
0.30
0.10
N3
2.42
and
316.25
317.20
0.95
0.90
1.13
0.12
N3
1.64
SNUG-23-015
401.40
404.25
2.85
0.53
0.35
0.03
N3
0.76
SNUG-23-026
176.75
184.60
7.85
0.85
0.53
0.05
N2
1.18
incl.
177.00
180.90
3.90
1.13
0.71
0.06
N2
1.57
SNUG-23-026
325.10
329.20
4.10
1.52
3.65
0.07
N3
3.31
incl.
325.10
327.95
2.85
0.89
5.09
0.05
N3
3.31
SNUG-23-026
397.80
399.45
1.65
0.29
0.14
0.04
N3
0.43
SNUG-23-026
415.00
417.30
2.30
1.59
1.55
0.07
N3
2.43
SNUG-23-028
168.05
178.00
9.95
0.62
1.47
0.03
SL
1.34
incl.
168.05
171.20
3.15
0.64
2.54
0.03
SL
1.85
and
175.35
178.00
2.65
1.04
1.54
0.05
SL
1.82
SNUG-23-028
184.25
187.80
3.55
1.40
0.54
0.07
SL
1.77
SNUG-23-028
194.60
205.35
10.75
1.15
1.40
0.06
SL
1.90
SNUG-23-028
210.70
211.75
1.05
2.07
3.76
0.11
SL
3.99
SNUG-23-028
215.00
228.50
13.50
1.34
0.84
0.07
SL
1.86
incl.
222.20
228.50
6.30
1.89
0.48
0.10
SL
2.30
SNUG-23-030
287.80
289.35
1.55
2.05
2.03
0.11
N3
3.18
SNUG-23-031
131.25
132.15
0.90
1.19
0.72
0.06
SL
1.64
SNUG-23-031
148.45
154.85
6.40
0.64
0.79
0.03
SL
1.07
incl.
151.30
154.85
3.55
0.97
1.34
0.05
SL
1.68
SNUG-23-032
170.90
171.30
0.40
1.65
0.42
0.08
N2
1.99
SNUG-23-032
180.85
182.10
1.25
2.30
0.19
0.11
N2
2.59
SNUG-23-032
186.00
208.00
22.00
1.22
0.89
0.06
N2
1.74
incl.
192.55
206.00
13.45
1.52
1.17
0.07
N2
2.19
SNUG-23-032
221.75
222.40
0.65
1.44
1.10
0.07
N2
2.07
SNUG-23-032
443.95
444.20
0.25
1.63
1.39
0.10
N3
2.45
Hole-ID
From
(m)
To
(m)
*Length
(m)
Ni
(%)
Cu
(%)
Co
(%)
Limb
**NiEq
(%)
*Length refers to drillhole length and not true width.
**NiEq was calculated assuming a price of $US 8.05/lb for Ni, $US 3.67/lb for Cu and $US 15.16/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-23-015
35089.3
84761.4
-52.4
-37.4
224.4
523.73
Rig #1 935mL
SNUG-23-026
35083.5
84840.7
-7.8
-33.7
223.2
464.19
Rig #2 880mL
SNUG-23-028
35094.4
84759.3
-52.0
-25.4
160.2
425.40
Rig #1 935mL
SNUG-23-030
34918.9
84907.2
-8.2
-32.7
243.1
320.40
Rig #3 895mL
SNUG-23-031
35095.1
84759.6
-51.5
-18.9
148.9
191.70
Rig #1 935mL
SNUG-23-032
35081.5
84843.4
-9.0
-28.4
260.1
479.76
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.
At the South and N2 Limbs, the Selebi North mineralization is hosted in an amphibolite that has been
tightly folded and mineralization is generally thickest in the embayments and noses of the folds. The N3
Limb mineralization has historically been Ni-Cu-Co sulphides contained solely within a gneissic
package.
The underground drill program will be carried out from seven drill bays. Three drill rigs are currently
operating from drill bays on the 880L, 895L and 935L, and targeting the areas nearest existing mine
development. The mineralized envelope is tightly folded and the location of the available drill bays is
limited, meaning that drill holes will not necessarily intersect mineralization perpendicular to the strike
and dip. Additional drilling is needed to estimate true width and define the folded mineralization.
Drilling Continues
As of November 23, 2023, a total of 13,817 metres in 40 drillholes have been completed from the initial
three underground drill bays. During this initial phase, drilling is targeting the area down plunge of mine
infrastructure to characterize the remaining resource. Concurrently, step-out drilling will occur further
down plunge with the aim to demonstrate upside potential which will support a future MRE. Assay results
for completed holes will be released as they are received and confirmed by the Company.
Additional drill holes in the N2 Limb, N3 Limb and South Limb mineralization have been recently
concluded and are now in the process of preparation for shipment to the lab for testing. Core photos
from these holes can be viewed by
Clicking Here
.
Quality Control
The underground drilling program is being carried out through an agreement with Forage Fusion Drilling
Ltd. of Hawkesbury, Québec, 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 reported 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; 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 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 and Exploration Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/188719_d359c985947abae3_002full.jpg
Figure 2: Selebi North Drill Hole Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/188719_d359c985947abae3_003full.jpg
Figure 3a.
Selebi North UG Core Photos for New Holes Drilled N2 Limb and South
Limb_Assays Pending
SNUG-23 -064 (Assays Pending)
CLICK HERE FOR FULL INTERSECTION
22 Images Available
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/188719_d359c985947abae3_004full.jpg
Figure 3b.
Selebi North UG Core Photos for New Holes Drilled N2 Limb and South
Limb_Assays Pending
SNUG-23 -067 (Assays Pending)
CLICK HERE FOR FULL INTERSECTION
21 Images Available
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/188719_d359c985947abae3_005full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/188719