Premium Nickel Resources Ltd. Reports Assay Results from Underground Exploration Drift Grab Samples and Additional Assays on Historic Core Samples from 100% Owned Selkirk Mine in Botswana
Premium Nickel Resources Ltd. Reports Assay
Results from Underground Exploration Drift
Grab Samples and Additional Assays on
Historic Core Samples from 100% Owned
Selkirk Mine in Botswana
Toronto, Ontario--(Newsfile Corp. - November 15, 2022) -
Premium Nickel Resources Ltd. (formerly,
North American Nickel Inc.) (TSXV: PNRL) ("PNRL" or the "Company")
is pleased to provide an
update on its underground grab sampling program, as well as additional assay results from the sampling
of historic core at its 100% owned Selkirk nickel-copper-cobalt-platinum group elements ("
Ni-Cu-Co-
PGE
") sulphide mine in Botswana.
The past-producing Selkirk Mine is located 28 kilometres south-east of the town of Francistown,
Botswana and 75 kilometres north of the Company's 100% owned flagship asset, Selebi Mine. The
Company has been carrying out due diligence on the past-producing Selkirk Mine since 2021 to
substantiate a plan for its redevelopment, including the feasibility of producing separate nickel and
copper concentrates with potentially significant PGE content. Recently, the Company announced that it
had completed a concept-level metallurgical study in support of this process (see news release of the
Company dated August 24, 2022).
The Company examined underground workings and confirmed continuous visible sulphides along an
exploration drift extending 144 metres across the interpreted primary sulphide horizon, in a southwestern
direction from the previous mining operations. PNRL collected and submitted twenty 10-kilogram grab
samples from this exploration drift for assay to determine the variability in the grade of the mineralization.
Assays from the underground sample program are reported herein (See Figure 1: Historic Drill Hole
Location & Underground Workings at the bottom of this news release). This Figure may also be viewed
using the link provided at the end of this news release.
Highlights of the exploration drift sampling program include:
20 samples collected over a distance of
95 metres, averaging 0.49% nickel, 0.50% copper,
0.02% cobalt, 0.16 g/t platinum, 0.74 g/t palladium, 0.046 g/t gold,
including:
Sample TD00829
grading 2.34% nickel, 0.20% copper, 0.13% cobalt, 0.568 g/t platinum,
2.44 g/t palladium, and 0.011 g/t gold
The Company also assayed samples from a total of five historic drill holes from 2016 core extracted by
the former operator of the Selkirk Mine, Tati Nickel Mining Company ("
TNMC
"). Results from drill holes
DSLK278, 277, 281 and 282 have been previously disclosed (see news releases of the Company dated
August 30, 2022 and September 6, 2022) and results from DSLK283 are reported herein.
Highlights of the core sampling program include:
DSLK283:
25.62 metres grading 0.25% nickel, 0.28% copper, 0.01% cobalt, 0.125 g/t platinum,
0.594 g/t palladium, 0.046 g/t gold, including:
16.21 metres grading 0.27% nickel, 0.31% copper, 0.01% cobalt, 0.142 g/t platinum, 0.665
g/t palladium, and 0.051 g/t gold
Keith Morrison, CEO commented:
"The assay results from the legacy underground exploration drift at
Selkirk confirm the lateral continuity of the Ni-Cu-Co-PGE mineralization. Separately, the assays from
DLSK283 are consistent with the previously released historical drill holes in Table 2 but over a narrower
interval (25.62 meters) as this drillhole is located along the edge of the Selkirk mineralization."
The Selkirk Ni-Cu-Co-PGE deposit is classified as a magmatic sulphide deposit, with massive and local
vein type sulphides, but primarily occurs as a homogenous, uniformly distributed, disseminated sulphide
zone hosted within a taxitic metagabbro.
Production at the Selkirk Mine took place between 1989 and 2002 with Anglo American mining high
grade Ni-Cu massive sulphides and producing 1 million tonnes at 2.6% Ni and 1.5% Cu. Thereafter, in
2007, LionOre Mining International Ltd. ("
LionOre
") published a technical report in accordance with NI
43-101, which reported a historic indicated mineral resource estimate of 6.0 Mt grading 1.06% Nickel
and 0.36% Copper at a cutoff grade of 0.75% Ni. The technical report entitled
"A Preliminary
Assessment and Techno-Economic Analysis of the Requirements for the Establishment of a Nickel
Mining & Processing Facility at the 'Selkirk Project' Situated on the Farms 73NQ and 75 NQ in NE
Botswana, Mineral Properties and Prospects Held by LionOre"
with an effective date of September 21,
2006 (the "
Historic Selkirk MRE
") was prepared for LionOre by TMP Consulting (PTY) Ltd. See
"Historical Estimate"
. The former operator acquired Selkirk from Norilsk Nickel through a purchase
agreement in October 2014. Norilsk was preparing Selkirk as an open pit operation and had completed
Definitive Feasibility Studies in 2012 and 2013 (Nornickel Annual Reports).
Prior to mining operations at the Selkirk Mine, the high-grade massive sulphides extended from near
surface over a plunge distance of about 200 metres with an average thickness of 20 metres. On the
hanging wall and footwall of this deposit lies a halo of disseminated and coarse blebby sulphides,
averaging approximately 100 metres in thickness, grading roughly 0.3% Ni and extending down plunge
to unknown depths. Previously released hole DSLK278 intercepted this halo of enriched
disseminated/blebby sulphides.
This larger volume of disseminated sulphides was previously evaluated by TNMC, the former operator of
the Selkirk Mine. Since 2003, a total of 71,775.35 metres in 273 surface holes have been drilled by
former operators to evaluate Selkirk and its down-plunge potential. An exploration drift, 144 metres in
length, was developed in 2008 from the bottom of the underground infrastructure.
From the accessible portion of the exploration drift, PNRL collected 20 underground samples, over a
distance of 95 metres, averaging 0.49% nickel, 0.50% copper, 0.02% cobalt, 0.16 g/t platinum, 0.74 g/t
palladium, and 0.046 g/t gold. Sample TD00829 graded 2.34% nickel, 0.20% copper, 0.13% cobalt,
0.568 g/t platinum, 2.44 g/t palladium, and 0.011 g/t gold. Grab sample results are shown in Table 1
below with associated locations of the samples in WGS84 Zone 35 South coordinates.
Table 1. Grab Sample Assays, location information
SAMPLE ID
Ni
%
Cu
%
Co
%
Pt
g/t
Pd
g/t
Au
g/t
NiEq
(1)
%
EASTING
NORTHING
ELEVATION
TD00826
0.323
0.411
0.004
0.124
0.494
0.035
0.664
575413.3
7642664.3
897.4
TD00827
0.177
0.307
0.001
0.071
0.348
0.03
0.418
575418.0
7642666.0
897.4
TD00828
0.608
0.536
0.036
0.219
1.045
0.107
1.272
575422.7
7642667.7
897.3
TD00829
2.34
0.201
0.132
0.568
2.44
0.011
3.554
575427.4
7642669.5
897.2
TD00831
0.379
0.255
0.02
0.169
0.631
0.031
0.746
575432.1
7642671.2
897.2
TD00832
0.578
1.55
0.03
0.186
0.888
0.052
1.543
575436.8
7642672.9
897.1
TD00833
0.564
0.675
0.03
0.131
0.874
0.067
1.192
575441.5
7642674.6
897.0
TD00834
0.485
0.35
0.024
0.127
0.658
0.045
0.904
575446.2
7642676.3
897.0
TD00835
0.354
0.547
0.018
0.138
0.57
0.03
0.803
575450.9
7642678.1
896.9
TD00836
0.638
0.306
0.032
0.213
0.857
0.03
1.127
575455.6
7642679.8
896.9
TD00838
0.341
0.557
0.017
0.131
0.626
0.085
0.822
575460.3
7642681.5
896.8
TD00839
0.393
0.349
0.022
0.108
0.559
0.022
0.768
575465.0
7642683.2
896.7
TD00840
0.333
0.292
0.015
0.068
0.503
0.036
0.651
575469.7
7642684.9
896.7
TD00841
0.223
0.295
0.01
0.061
0.381
0.027
0.490
575474.4
7642686.7
896.6
TD00842
0.726
1.435
0.034
0.241
0.92
0.029
1.669
575479.0
7642688.4
896.5
TD00844
0.369
0.273
0.015
0.278
0.961
0.06
0.853
575483.7
7642690.1
896.5
TD00845
0.377
0.476
0.016
0.17
0.684
0.066
0.843
575488.4
7642691.8
896.4
TD00846
0.295
0.857
0.011
0.131
0.611
0.099
0.874
575493.1
7642693.6
896.4
TD00847
0.071
0.099
0.001
0.028
0.205
0.023
0.183
575497.8
7642695.3
896.3
TD00848
0.274
0.193
0.014
0.126
0.542
0.025
0.569
575502.5
7642697.0
896.2
AVERAGE
0.492
0.498
0.024
0.164
0.740
0.046
0.997
The results of the Company's data verification efforts at the Selkirk Mine include examination and
sampling of the underground workings, reviewing and sampling of mineralized drill core, collecting
DGPS coordinates of drill collars and quality assessment of information in databases.
As part of the core review at Selkirk, five unsampled HQ sized core (63.5 millimeters) holes drilled
immediately prior to the closure of operations by TNMC were identified. These five holes were taken to
the core processing facility at Phikwe, where they were sampled in approximately 1 metre intervals,
bagged and sent for assay analyses. Results from DSLK283 returned 0.25% nickel, 0.28% copper,
0.01% cobalt, 0.125 g/t platinum, 0.594 g/t palladium, and 0.046 g/t gold from 85.16 to 110.78 metres
(25.62 metres), including 0.27% nickel, 0.31% copper, 0.01% cobalt, 0.142 g/t platinum, 0.665 g/t
palladium, and 0.051 g/t gold from 94.57 to 110.78 metres (16.21 metres).
A total of 216 quarter core samples were sent to ALS Global in Johannesburg, South Africa for analyses.
Results are shown in Table 2 below. Table 3 shows the recently surveyed hole coordinates and depths of
each hole. The coordinate system is WGS84 UTM Zone 35 South.
Table 2. Drill holes DSLK277, DSLK278, DSLK281, DSLK282 and DSLK283 Assay Results
HOLE ID
FROM
m
TO
m
LENGTH
m
Ni
%
Cu
%
Co
%
Pt
g/t
Pd
g/t
Au
g/t
NiEq
(1)
%
DSLK277
13.54
93.73
80.19
0.20
0.17
0.01
0.117
0.512
0.037
0.469
Incl.
164.73
207.73
43.0
0.29
0.28
0.01
0.144
0.673
0.065
0.661
Incl.
164.73
187.73
25.0
0.32
0.32
0.01
0.172
0.764
0.068
0.738
and
198.73
207.30
8.57
0.37
0.35
0.02
0.151
0.791
0.089
0.834
DSLK278
74.15
213.67
139.52
0.46
0.54
0.03
0.210
0.888
0.093
1.058
Incl.
126.67
150.67
24.0
0.64
0.64
0.03
0.289
1.139
0.116
1.369
and
171.67
175.67
4.0
0.90
0.58
0.05
0.373
1.664
0.096
1.820
and
193.67
201.67
8.0
0.62
1.00
0.03
0.318
1.183
0.193
1.522
DSLK281
115
229.16
114.16
0.38
0.40
<0.01
0.141
0.612
0.056
0.751
Incl.
120
160.21
40.21
0.40
0.36
<0.01
0.134
0.595
0.067
0.752
and
172.44
191.73
19.29
0.54
0.61
<0.01
0.197
0.862
0.060
1.074
and
193.67
201.67
8.0
0.62
1.00
0.03
0.318
1.183
0.193
1.522
DSLK282
56.85
63.85
7.0
0.21
0.26
<0.01
0.080
0.376
0.041
0.444
DSLK283
85.16
110.78
25.62
0.25
0.28
0.01
0.125
0.594
0.046
0.589
94.57
110.78
16.21
0.27
0.31
0.01
0.142
0.665
0.051
0.646
Note:
(1) Nickel equivalent (NiEq) calculation based on London Metal Exchange prices as at August 29, 2022: nickel: $21,633.00 per metric ton, copper:
$8,160.50 per metric ton, cobalt: $51,955.00 per metric ton, platinum: $865.00 per ounce, palladium: $2,056.00 per ounce, gold: $1,736.60 per
ounce.
Table 3. Drill hole collar information
HOLE ID
EASTING
NORTHING
ELEVATION
DIP
AZIMUTH
LENGTH
DSLK277
575387.7
7642384.6
983.1
-86.4
0.0
260.86
DSLK278
575455.0
7642744.3
998.2
-89.9
0.0
300.00
DSLK281
575351.2
7642602.6
989.6
-66.4
180.0
250.31
DSLK282
575432.2
7642767.8
996.1
-61.2
0.0
250.31
DSLK283
575551.1
7642696.5
992.2
-65.1
3.5
250.00
PNRL plans to include the results of its findings in an updated mineral resource estimated prepared in
accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
("
NI 43-
101
"), which is expected to be completed by the end of 2022. The Company is preparing this technical
report on a voluntary basis, as PNRL's near-term focus continues to be its flagship asset, the Selebi
Mine.
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Sharon
Taylor, Chief Geophysicist of the Company, who is a "qualified person" for the purposes of NI 43-101.
QA/QC
Drill core samples (core (HQ: 63.5 millimeters) described in
Table 1. Drill hole DSLK277, DSLK278,
DSLK281, DSLK282 and DSLK283 Assay Results
were cut in half and then halved again by a
diamond saw at the core processing facility in Phikwe. The remaining three-quarters 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 analyses were completed at the ALS
Global in Johannesburg, South Africa. The samples submitted had commercially prepared Blank
samples and certified Cu/Ni sulphide analytical control standards with a range of grades inserted in
every batch of 20 samples or a minimum of one set per sample batch. Analysis for Ni, Cu and Co are
completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81). Analyses for Pt, Pd,
and Au are by fire assay (30 grams nominal sample weight) with an ICP-AES finish (PGM-ICP23).
ALS Geochemistry sites are accredited and operate under the requirements of ISO/IEC 17025 for
specific tests as listed on their scope of accreditation, including geochemical, mineralogical, and trade
mineral tests. To view a list of the accredited methods, please visit the following website and search
ALS: Geochemistry
https://www.scc.ca/en
.
About Premium Nickel Resources Ltd.
PNRL is a Canadian company dedicated to the exploration and development of high-quality nickel-
copper + cobalt resources. PNRL believes that the medium to long-term demand for these metals will
continue to grow through global urbanization and the increasing replacement of internal combustion
engines with electric motors. Importantly, these metals are key to a low-carbon future.
PNRL maintains a skilled team with strong financial, technical and operational expertise to take an asset
from discovery to exploration to mining.
PNRL has focused its efforts on discovering world class nickel sulphide assets in jurisdictions with rule-
of-law that fit a strict criteria that comply with PNRL's values and principles which stand up and surpass
the highest acceptable industry standards. PNRL is committed to governance through transparent
accountability and open communication within our team and our stakeholders.
On January 31, 2022, PNRL closed the acquisition of PNRL's flagship asset, the Selebi Mine. The
Selebi Mine includes two shafts, (Selebi and Selebi North shafts) and related infrastructure (rail, power
and water).
Shaft sinking and plant construction started in 1970. Mining concluded in October 2016 when
the operations were placed on care and maintenance due to a failure in the separate and offsite
processing facility. The Selebi Mine was subsequently placed under liquidation in 2017.
The proposed work plan for the Selebi Mine includes diamond drilling which is expected to be ongoing
for up to 18 months. During that time, additional metallurgical samples will be collected and sent for more
detailed studies. The underground infrastructure at Selebi North will be upgraded to support an
underground drilling program as well as improve health & safety.
In addition, PNRL is evaluating direct and indirect nickel asset acquisition opportunities globally, and
also: (i) holds 100% interest in the Selkirk Mining Licence and four Prospecting Licenses in Botswana,
(ii) holds a 100% interest in the Maniitsoq property in Greenland, which is a camp-scale permitted
exploration project comprising 3,048 square kilometres covering numerous high-grade nickel-copper +
cobalt-sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the
Greenland Norite Belt; (iii) holds a 100% interest in the Post Creek/Halcyon property in Sudbury, Ontario
which is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal
sulphide deposit of KGHM International Ltd.; (iv) holds a 100% ownership of property in the Quetico
region near Thunder Bay, Ontario; and (v) is expanding its area of exploration interest into Morocco.
ON BEHALF OF THE BOARD OF DIRECTORS
Keith Morrison
Chief Executive Officer
Premium Nickel Resources Ltd.
For further information about Premium Nickel Resources Ltd., please contact:
Jaclyn Ruptash
Vice President Business Development
+1 (604) 770-4334
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this news release may be considered "forward-looking statements"
within the meaning of applicable Canadian securities laws, including the ability of exploration results
(including drilling) to accurately predict mineralization; the significance of the metallurgical study; the
ability of assay results and historic data to accurately predict mineralization; the timing and ability of
the Company to prepare a technical report by the end of 2022, if at all; the veracity of historic
information derived from the records of the former operators of PNRL's properties; the significance of
PGE in the concentrate; and the business and prospects of the Company. 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. Forward-looking statements are
not guarantees of performance. Words such as "may", "will", "would", "could", "expect", "believe",
"plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as
well as terms usually used in the future and the conditional, are intended to identify forward-looking
statements. Information contained in forward-looking statements are based upon certain material
assumptions that were applied in drawing a conclusion or making a forecast or projection, including
management's perception of geology and mineralization; perceptions of historical trends, current
conditions and expected future developments, current information available to the management of the
Company, public disclosure from operators of the relevant mines, as well as other considerations that
are believed to be appropriate in the circumstances. The Company considers its assumptions to be
reasonable based on information currently available, but cautions the reader that their assumptions
regarding future events, many of which are beyond the control of the Company, may ultimately prove
to be incorrect since they are subject to risks and uncertainties that affect the Company and its
businesses.
For additional information with respect to these and other factors and assumptions underlying the
forward-looking statements made in this news release concerning the Company, see the section
entitled "Risks and Uncertainties" in the most recent management discussion and analysis of the
Company, which is filed with the Canadian securities commissions and available electronically under
the Company's issuer profile on SEDAR (
www.sedar.com
) and the risk factors outlined in the filing
statement of the Company dated July 22, 2022, which are available electronically on SEDAR
(
www.sedar.com
) under the PNRL's issuer profile.
The forward-looking statements set forth herein
concerning the Company reflect management's expectations as at the date of this news release and
are subject to change after such date. The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information, future events or
otherwise, other than as required by law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the 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.
Figure 1: Historic Drill Hole Location & Underground Workings
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/144243_12b15b29540d4922_002full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/144243