Premium Resources Infill Drilling at Selebi Delivers Grades Significantly Higher than Mineral Resource Estimate 27.55 Metres of 4.97% CuEq
Premium Resources Infill Drilling at Selebi
Delivers Grades Significantly Higher than
Mineral Resource Estimate 27.55 Metres of
4.97% CuEq
Toronto, Ontario--(Newsfile Corp. - April 17, 2025) -
Premium Resources Ltd. (TSXV: PREM) (OTC
Pink: PRMLF) (
"
PREM
" or the "
Company
"
)
announces additional high-grade assay results from
resource reclassification drilling at its past-producing nickel-copper-cobalt sulphide ("
Ni-Cu-Co
") Selebi
North underground ("
SNUG
") mine in Botswana. Results from a total of ~34,300 metres over 80 holes,
including the 17 holes reported herein, were not included in the mineral resource estimate ("
MRE
").
Final Drilling Assay Highlights for Resource Reclassification:
SNUG-24-174: South Limb
27.55 metres of 4.97% CuEq (2.14% Cu, 1.38% Ni, 0.07% Co)
SNUG-24-146: South Limb
13.15 metres of 4.59% CuEq (1.19% Cu, 1.65% Ni, 0.08% Co)
Morgan Lekstrom, CEO and Director of PREM, commented:
"These results continue to highlight
Selebi North's strong mineralization, which remains open down-plunge and down-dip beyond the known
resource. This marks the completion of our infill drill program, and our focus now shifts to high-impact
resource growth through an accelerated expansion drilling strategy. This next phase will prioritize areas
showing strong correlations with geophysical borehole electromagnetic responses indicative of massive
sulphides and high-grade mineralization."
Assay results for SNUG holes reported herein are provided below in Table 1 and drill hole collar details
are provided in Table 2.
True thickness of mineralization was estimated using the wireframe as part of the MRE (see PREM
news release dated August 8, 2024, and titled: "Premium Nickel Resources Ltd. Announces Its Initial
Mineral Resource Estimate of 27.7 Mt for The Selebi Mines in Botswana").
Figure 1 shows the location of these seventeen drill holes relative to the MRE and underground
infrastructure. Figure 2 is a plan showing the section locations in Figures 3 and 4 that display the
comparison between the estimated net smelter return (NSR
1)
from the 2024 MRE block model and the
results from highlight holes SNUG-24-174 and SNUG-24-146.
1
Mineral Resources are estimated using long-term prices of US$10.50/lb Ni and US$4.75/lb Cu, using
nickel and copper recoveries of 72.0% and 92.4% respectively, derived from metallurgical studies which
consider a conceptual bulk concentrate scenario.
To view the 3D modeling, please visit the following link
https://vrify.com/decks/18519
.
T
able 1: Assay Results Selebi North Deposit
Hole-ID
From
(m)
To
(m)
1
Length
(m)
2
Est. True
Thickness
(m)
Cu
(%)
Ni
(%)
3
Co
(%)
Limb
4
CuEq
(%)
SNUG-24-146
487.65
500.80
13.15
12.95
1.19
1.65
0.08
South Limb
4.59
including
487.65
498.20
10.55
10.30
1.39
2.01
0.09
South Limb
5.54
SNUG-24-148
299.35
308.00
8.65
7.10
1.05
1.75
0.09
N3
4.65
SNUG-24-150
256.15
266.60
10.45
8.65
0.43
0.71
0.04
South
Limb/N2
1.89
including
256.15
262.75
6.60
5.35
0.50
0.82
0.04
South
Limb/N2
2.20
SNUG-24-150
275.20
277.20
2.00
1.65
1.38
0.53
0.02
N2
2.47
SNUG-24-155
248.85
256.00
7.15
6.75
0.84
0.54
0.02
South Limb
1.94
SNUG-24-157
258.95
269.35
10.40
9.55
0.76
0.83
0.03
South Limb
2.48
including
263.40
269.35
5.95
5.45
0.54
1.24
0.05
South Limb
3.10
SNUG-24-161
516.45
519.60
3.15
3.95
0.89
1.58
0.08
N3
4.15
SNUG-24-162
328.70
334.35
5.65
5.45
0.55
0.24
0.01
South Limb
1.05
SNUG-24-164
523.90
529.65
5.75
4.20
0.46
0.42
0.02
N3
1.33
SNUG-24-166
210.45
212.65
2.20
1.85
0.76
0.29
0.02
South Limb
1.35
SNUG-24-168
365.00
367.00
2.00
1.90
0.36
0.41
0.04
South Limb
1.21
SNUG-24-173
265.20
277.70
12.50
10.15
1.64
0.82
0.04
South Limb
3.32
including
265.20
274.00
8.80
7.15
1.50
1.03
0.05
South Limb
3.62
SNUG-24-173
286.00
289.35
3.35
3.10
1.03
1.92
0.10
N2
4.97
SNUG-24-174
301.45
329.00
27.55
18.95
2.14
1.38
0.07
South Limb
4.97
including
302.90
322.45
19.55
13.45
2.29
1.75
0.09
South Limb
5.90
*including
305.55
319.60
14.05
9.65
2.20
2.05
0.11
South Limb
6.42
SNUG-24-174
333.65
339.65
6.00
4.45
1.20
1.05
0.06
N2
3.36
including
336.50
339.65
3.15
2.35
1.59
1.39
0.08
N2
4.45
SNUG-24-176
321.00
335.40
14.40
9.50
1.05
1.08
0.05
South Limb
HW
3.28
including
323.20
332.20
9.00
5.95
1.00
1.55
0.08
South Limb
4.20
SNUG-24-176
343.40
349.40
6.00
4.05
1.25
0.98
0.05
South Limb
FW
3.27
SNUG-24-176
355.40
359.40
4.00
2.70
1.85
1.50
0.08
N2 Limb
4.94
SNUG-24-178
264.15
266.10
1.95
1.70
0.64
2.01
0.10
N3
4.78
including
264.15
265.60
1.45
1.25
0.55
2.64
0.12
N3
5.98
SNUG-24-179
402.95
408.90
5.95
3.80
0.99
1.09
0.06
South
Limb/N2
3.23
SNUG-24-182
249.00
250.65
1.65
1.00
0.14
0.90
0.04
South Limb
FW
1.99
SNUG-24-183
516.45
530.15
13.70
10.55
1.46
1.59
0.08
South Limb
4.73
including
516.45
528.95
12.50
9.70
1.50
1.63
0.08
South Limb
4.86
Hole-ID
From
(m)
To
(m)
1
Length
(m)
2
Est. True
Thickness
(m)
Cu
(%)
Ni
(%)
3
Co
(%)
Limb
4
CuEq
(%)
1
Length refers to drillhole length.
2
True thickness is estimated using the MRE wireframe where available.
3
Co is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.
4
CuEq was calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper
recoveries of 72.0% and 92.4% respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.
Table 2: Drill Collar Information Selebi North Deposit
HOLE ID
Mine East
Mine North
Elevation
Dip
Mine
Azimuth
Hole Length
Comment
SNUG-24-146
35378.5
84423.4
81.1
-71.8
200.5
530.58
Rig #3 810mL P4
SNUG-24-148
35089.4
84548.6
-42.4
-42.5
276.0
502.92
Rig #2 925mL P8
SNUG-24-150
35320.8
84605.9
82.9
-36.6
248.2
311.66
Rig #1 810mL P6
SNUG-24-155
35321.6
84606.6
82.4
-68.7
261.8
302.35
Rig #1 810mL P6
SNUG-24-157
35321.4
84606.7
82.4
-56.7
265.5
449.05
Rig #1 810mL P6
SNUG-24-161
35089.6
84548.4
-42.3
-49.2
280.5
566.05
Rig #2 925mL P8
SNUG-24-162
35376.5
84427.9
80.7
-65.5
305.3
358.90
Rig #3 810mL P4
SNUG-24-164
35091.1
84551.4
-41.5
-23.3
304.9
565.65
Rig #2 925mL P8
SNUG-24-166
35321.5
84608.5
83.3
-33.7
304.8
275.65
Rig #1 810mL P6
SNUG-24-168
35377.0
84427.2
81.0
-78.2
266.2
416.45
Rig #3 810mL P4
SNUG-24-173
35320.7
84606.2
82.6
-39.6
242.4
344.30
Rig #1 810mL P6
SNUG-24-174
35323.1
84605.1
82.6
-47.0
227.2
377.25
Rig #1 810mL P6
SNUG-24-176
35322.9
84605.1
82.3
-48.2
214.9
395.15
Rig #1 810mL P6
SNUG-24-178
35089.9
84550.4
-41.6
-27.3
296.0
536.10
Rig #2 925mL P8
SNUG-24-179
35323.0
84605.2
82.3
-51.6
206.5
440.40
Rig #1 810mL P6
SNUG-24-182
35321.9
84607.0
82.5
-61.8
269.0
293.20
Rig #1 810mL P6
SNUG-24-183
35378.4
84424.2
81.2
-68.5
187.7
584.35
Rig #3 810mL P4
HOLE ID
Mine East
Mine North
Elevation
Dip
Mine
Azimuth
Hole Length
Comment
PREM Engages Native Ads Inc. for Digital Marketing Services
The Company has entered into a services agreement with Native Ads, Inc. ("
Native Ads
") to provide
strategic digital media services to the Company. Under the terms of the agreement, Native Ads will
provide a range of services including marketing strategy, data analytics services, content development,
media buying and distribution, as well as campaign reporting and optimization. The Company has
agreed to pay Native Ads a total initial cost of US$265,000 with a term of up to twelve months.
Native Ads is a full-service advertising agency based out of New York and Vancouver, BC. Native Ads
and its principal Jon Malach are arms length to the Company and hold no interest, directly or indirectly, in
the securities of the Company or any right to acquire such an interest. The appointment of Native Ads is
subject to approval by the TSX Venture Exchange.
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.
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
National Instrument 43-101.
Technical Report
The MRE on the Selebi Mine is supported by the Technical Report. Reference should be made to the full
text of the Technical Report for the assumptions, qualifications and limitations set forth therein, a copy of
which is available on SEDAR+ (
www.sedarplus.com
) under PREM's issuer profile.
About Premium Resources Ltd.
PREM 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.
PREM 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. PREM'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.
For further information about Premium Resources Ltd., please contact:
Morgan Lekstrom
CEO and Director
Jaclyn Ruptash
Vice President, Communications 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 response to the mineral resource estimate in
Botswana; the support for the redevelopment of the Selebi Mine from the National Government and
local stakeholders; drilling at Selebi North; the ability to upgrade the inferred mineral resources on
Selebi North; possible expansion potential down-dip and down-plunge of the existing mineral
resource estimate; the publication by the Company of a potential updated mineral resource estimate
or future prefeasibility study; the implementation of the objectives, goals and future plans of the
Company including the proposed advancement of the Selebi Mine 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
and ability of the Company to publish a prefeasibility study (by H1 2025 or at all); any discrepancies
between the mineral resource estimate technical report and the scientific and technical information in
this news release; 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 Mine as currently contemplated; the ability of the Company to define
additional or upgrade existing mineral resource estimates on the Selebi Mine in accordance with NI
43-101; 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 additional mineralization down plunge of existing workings and the ability of such
findings to be used to complete a mineral resource estimate 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, prefeasibility 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 PREM'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. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information contained herein.
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Figure 1: Location of
Reported Drill Holes with 2024 Mineral Resource Estimate and BHEM
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/248879_0ebc5c72b49d3989_002full.jpg
Figure 2: Plan view of Selebi North 2024 Mineral Resource Estimate with section line locations
for Figures 3 and 4.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/248879_0ebc5c72b49d3989_003full.jpg
Figure 3. Drillhole Results for SNUG-24-174 comparing the resource conversion drill hole
results to the estimated NSR value in the 2024 block model.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/248879_0ebc5c72b49d3989_004full.jpg
Figure 4. Drillhole Results for SNUG-24-146 comparing the resource conversion drillhole
results to the estimated NSR value in the 2024 block model.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/248879_0ebc5c72b49d3989_005full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/248879