Premium Nickel Reports 17.55 Metres of 3.28% NiEq or 6.16% CuEq (2.07% Ni, 1.98% Cu, 0.11% Co) at Selebi North Underground, 403 Metres down Plunge of the Historic Resource
"The assays from the down plunge extension of the Selebi North historic resource continue to confirm the interpretation of up-side potential of the high-grade Ni-Cu-Co polymetallic nature of this deposit. These assays will be included in the first Selebi National Instrument 43-101 compliant Mineral Resource Estimate ("MRE"), that will combine drilling from both Selebi North and Selebi Main, which is expected this June." - CEO, Keith Morrison
Toronto, Ontario--(Newsfile Corp. - May 16, 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 47 holes were released in ten separate news releases between November 14, 2023 and April 17, 2024. This release highlights results for a further six holes. Details of the assay results are shown below along with accompanying visuals (Figure 1, Figure 2 and Figure 3). Drill core photos for all highlighted 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-24-089 (South Limb, 403 metres down plunge of historic resource):
17.55 metres of 3.28% NiEq or 6.16% CuEq (2.07% Ni, 1.98% Cu, 0.11% Co)
- SNUG-24-081 (South Limb and N2 Limb, within historic resource):
28.60 metres of 1.95% NiEq or 3.66% CuEq (0.84% Ni, 1.96% Cu, 0.04% Co)
incl. 6.10 metres of 3.18% NiEq or 5.97% CuEq (0.91% Ni, 4.13% Cu, 0.05% Co)
Keith Morrison, CEO of PNRL, commented: "The assays from the down plunge extension of the Selebi North historic resource continue to confirm the interpretation of up-side potential of the high-grade Ni-Cu-Co polymetallic nature of this deposit. These assays will be included in the first Selebi National Instrument 43-101 ("NI 43-101") compliant Mineral Resource Estimate ("MRE"), that will combine drilling from both Selebi North and Selebi Main, which is expected this June. While there is geoscience data indicating that both orebodies continue down plunge from our current drilling, the underground drills will focus on upgrading the inferred resources to indicated resources, with the intent of incorporating the data into a NI 43-101 compliant Prefeasibility Study ("PFS") optimizing initial mine life estimates."
Assay results are given below in Table 1 for SNUG-24-081, 082, 077, 089, 093 and 100; hole collar details are given in Table 2. Figures 1 through 3 show the location of the holes relative to the historic resource and underground infrastructure.
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 properly determine true width of mineralization on each limb and define the folded mineralization.