Premium Nickel Expands Selebi North Deposit with Discoveries of New Mineralization Beyond Initial Mineral Resource Estimate
Toronto, Ontario--(Newsfile Corp. - October 24, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL) ("PNRL" or the "Company") announces deposit expansion and high-grade assay results for a further three holes and assays pending for one hole all drilled outside of the initial Mineral Resource Estimate ("MRE") wireframe at its past-producing nickel-copper-cobalt sulphide ("Ni-Cu-Co") Selebi North underground ("SNUG") mine in Botswana. 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.premiumnickel.com.
Assay highlights include:
- SNUG-24-096-W1: South Limb - deepest intersection drilled to date and located 100 meters down plunge of SNUG-24-089 and outside the National Instrument 43-101 ("NI 43-101") Inferred Resource
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- 12.90 metres of 4.12% CuEq or 2.00% NiEq (1.54% Cu, 0.95% Ni, 0.05% Co)
- and 24.50 metres of 2.17% CuEq or 1.05% NiEq (0.72% Cu, 0.67% Ni, 0.04% Co)
- SNUG-24-102 extension: N2 outside the NI 43-101 Inferred Resource
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- 17.00 metres of 2.02% CuEq or 0.98% NiEq (0.67% Cu, 0.64% Ni, 0.03% Co)
- incl. 8.10 metres of 2.42% CuEq or 1.17% NiEq (0.78% Cu, 0.82% Ni, 0.04% Co)
- SNUG-24-114: South Limb infill drilling targeting re-classification of Inferred to Indicated Resources, and N2 outside the NI 43-101 Inferred Resource
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- 21.30 metres of 4.14% CuEq or 2.01% NiEq (1.36% Cu, 1.34% Ni, 0.07% Co)
- incl. 13.80 metres of 2.42% CuEq or 4.40% NiEq (1.42% Cu, 1.48% Ni, 0.07% Co)
- SNUG-24-144: Intersected N2 mineralization outside the NI 43-101 Inferred Resource. Assays pending.
Keith Morrison, CEO of PNRL, commented: "The ongoing drilling at Selebi North targets mineralization both inside and outside the deposit geometry defined in the NI 43-101 MRE technical report effective June 30, 2024. The results of these four holes are the first reporting of results that are significantly outside the MRE deposit boundaries. SNUG-24-096-W1 successfully intercepted massive sulphide mineralization 100 metres below the lower extents of the current MRE volume. This reinforces the open down plunge nature of the Selebi North deposit, and the effectiveness of borehole electromagnetics to image massive sulphide mineralization. Substantial exploration potential remains at Selebi, and we are optimistic these results will compliment a future updated economic technical report."
Assay results are provided below in Table 1 for SNUG-24-096-W1, SNUG-24-102 and SNUG-24-114, hole collar details are provided in Table 2. Assay results have been previously reported for the upper portion of SNUG-24-102 (see news release dated June 26, 2024). Upon the discovery of a second mineralized interval in drill hole SNUG-24-114 a decision was made to extend the previously drilled hole SNUG-24-102 and the assays reported herein are from the extension of that hole.
True thickness of mineralization was estimated using the wireframe as part of the MRE (see news release August 8, 2024). For intervals outside the MRE in the N2 Limb, true thickness is not yet determined, and more work is required to confirm the geometry of the new mineralization. Figures 1 and 2 show the location of the holes relative to the MRE and underground infrastructure.