Toronto, Ontario--(Newsfile Corp. - February 13, 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 26 holes were released in 2023 on November 14, November 27 and December 19, 2023 and in 2024 on January 18 and January 30. Results for a further eight holes are released herein. To date a total of 34 holes have been released representing an aggregate of approximately 12,038 metres including the holes and metres released herein. Details of the assay results are shown below along with accompanying visuals via Figure 1, Figure 2 and Figure 3. 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's website at www.premiumnickelresources.com.
Highlights include:
- SNUG-23-060 (South Limb-north): 36.35 metres of 1.64% NiEq (1.01% Ni; 1.00% Cu; 0.05% Co)
- including 15.40 metres of 2.00% NiEq (1.14% Ni; 1.42% Cu; 0.06% Co)
- and 4.10 metres of 2.11% NiEq (1.44% Ni; 1.00% Cu; 0.08% Co)
- and 5.60 metres of 2.76% NiEq (1.84% Ni; 1.41% Cu; 0.10% Co)
- SNUG-23-060 (South Limb-south/N2): 38.20 metres of 1.67% NiEq (1.06% Ni; 0.97% Cu; 0.06% Co)
- including 25.05 metres of 2.03% NiEq (1.27% Ni; 1.20% Cu; 0.07% Co)
- including 8.30 metres of 3.07% NiEq (1.98% Ni; 1.72% Cu; 0.10% Co)
- SNUG-23-062 (N2 Limb): 20.85 metres of 1.64% NiEq (0.85% Ni; 1.35% Cu; 0.04% Co)
- including 10.85 metres of 2.10% NiEq (1.06% Ni; 1.79% Cu; 0.05% Co)
- SNUG-23-064 (South Limb/N2): 102.80 metres of 2.23% NiEq (1.41% Ni; 1.30% Cu; 0.08% Co)
- including 86.75 metres of 2.64% NiEq (1.66% Ni; 1.55% Cu; 0.09% Co)
- including 12.95 metres of 2.89% NiEq (1.92% Ni; 1.49% Cu; 0.10% Co)
- and 14.70 metres of 3.26% NiEq (1.91% Ni; 2.23% Cu; 0.10% Co)
- and 19.70 metres of 2.93% NiEq (1.99% Ni; 1.43% Cu; 0.11% Co)
- and 12.25 metres of 2.71% NiEq (1.69% Ni; 1.62% Cu; 0.09% Co)
Keith Morrison, CEO of PNRL, commented: "These assays continue to demonstrate notable nickel, copper and cobalt grades associated with the conductive massive sulphide mineralization contained in the Selebi North fold structures. These folds have complex shapes related to the formation of these deposits. The South Limb is convex, like a bowl, and joins with the N2 limb in places. SNUG-23-060 drills through both sides of this South Limb bowl and identifies them as South Limb north and South Limb south/N2. These results can be visualized in the VRIFY model. Given the restricted locations of the drill bays, the intersection of multiple complex folds and the nature of resource drilling, true widths are difficult to estimate accurately for some intercepts.
Our underground drilling and additional borehole electromagnetic ("BHEM") results are allowing larger step-out down plunge intervals, with one hole currently in progress testing 140 metres below the historic resource model and a second hole testing a further 100 metres down-plunge of that. In addition, our results continue to outline additional mineralization between the N2 and N3 folds that is not captured 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, 2 and 3 show the location of holes relative to the historic resource and underground infrastructure.
Table 1: Significant Assay Results Selebi North Deposit
| Hole-ID | From
(m) | To
(m) | *Length
(m) | Ni
(%) | Cu
(%) | Co
(%) | Limb | **NiEq
(%) |
| SNUG-23-059 | 230.25 | 237.15 | 6.90 | 0.80 | 1.22 | 0.04 | N3 | 1.52 |
| including | 230.25 | 236.00 | 5.75 | 0.71 | 1.29 | 0.04 | N3 | 1.46 |
| SNUG-23-060 | 173.90 | 210.25 | 36.35 | 1.01 | 1.00 | 0.05 | South | 1.64 |
| including | 173.90 | 189.30 | 15.40 | 1.14 | 1.42 | 0.06 | South | 2.00 |
| *including* | 173.90 | 178.95 | 5.05 | 0.72 | 3.88 | 0.04 | South | 2.83 |
| and | 180.65 | 186.50 | 5.85 | 2.02 | 0.29 | 0.10 | South | 2.36 |
| SNUG-23-060 | 195.20 | 199.30 | 4.10 | 1.44 | 1.00 | 0.08 | South | 2.11 |
| SNUG-23-060 | 204.65 | 210.25 | 5.60 | 1.84 | 1.41 | 0.10 | South | 2.76 |
| SNUG-23-060 | 283.15 | 321.35 | 38.20 | 1.06 | 0.97 | 0.06 | South/N2 | 1.67 |
| including | 283.15 | 285.35 | 2.20 | 1.32 | 0.70 | 0.07 | South | 1.81 |
| and | 289.50 | 293.75 | 4.25 | 1.03 | 1.08 | 0.06 | South | 1.71 |
| and | 296.30 | 321.35 | 25.05 | 1.27 | 1.20 | 0.07 | South/N2 | 2.03 |
| *including* | 299.00 | 307.30 | 8.30 | 1.98 | 1.72 | 0.10 | South/N2 | 3.07 |
| and | 317.35 | 321.35 | 4.00 | 1.76 | 0.41 | 0.09 | N2 | 2.14 |
| SNUG-23-060 | 348.50 | 350.65 | 2.15 | 1.94 | 1.09 | 0.10 | N2 | 2.70 |
| SNUG-23-061 | 57.20 | 59.10 | 1.90 | 1.31 | 2.50 | 0.11 | N2 | 2.83 |
| SNUG-23-062 | 168.90 | 189.75 | 20.85 | 0.85 | 1.35 | 0.04 | N2 | 1.64 |
| Including | 172.30 | 183.15 | 10.85 | 1.06 | 1.79 | 0.05 | N2 | 2.10 |
| SNUG-23-064 | 73.00 | 175.80 | 102.8 | 1.41 | 1.30 | 0.08 | South/N2 | 2.23 |
| including | 91.20 | 177.95 | 86.75 | 1.66 | 1.55 | 0.09 | South/N2 | 2.64 |
| *including* | 94.50 | 107.45 | 12.95 | 1.92 | 1.49 | 0.10 | South | 2.89 |
| and | 116.60 | 131.30 | 14.70 | 1.90 | 2.23 | 0.10 | South | 3.26 |
| and | 139.00 | 158.70 | 19.70 | 1.99 | 1.43 | 0.11 | South | 2.93 |
| and | 163.55 | 175.80 | 12.25 | 1.69 | 1.62 | 0.09 | N2 | 2.71 |
*Length refers to drillhole length and not true width. True widths of the South Limb are unknown but interpreted to be between 5 and 20 metres.
**NiEq was calculated assuming a price of $US 7.25/lb for Ni, $US 3.82/lb for Cu and $US 13.22/lb f