Premium Nickel Resources Ltd. has released further assay results from its ongoing drilling program at the Selebi North underground mine in Botswana. This latest update follows ten previous news releases detailing results from 47 drillholes.

Keith Morrison, CEO of PNRL, commented in a press release: “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.”

The current release focuses on six additional holes, further exploring the mineralized zones known as N2 Limb, N3 Limb, and South Limb. These zones were previously mined and theirnaming reflects their location on the folded mineralized horizon. Further drilling is required to determine the true width of mineralization and define the folded structure.

Ongoing Drilling and Electromagnetic Surveys

Three drills are currently active on the 810-meter level exploration drift. Two of these drills are evaluating areas down plunge and outside the known historic resource estimate. The third drill, located in newly completed development, is targeting the South Limb and N2 Limb.

Borehole electromagnetic (BHEM) surveys have been completed in 30 underground drillholes, including nine from 2024. Results indicate the mineralized zones continue down plunge, allowing for larger step-out intervals in future drilling.

As of May 14, 2024, a total of 35,246 meters have been drilled in 92 holes, with three holes still in progress. Assay results for completed holes will be released as they are received and confirmed.

Highlights from the results are as follows:

• 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)

Table 1: Assay Results Selebi North Deposit

*Length refers to drillhole length and not true width. True widths are unknown.

**NiEq was calculated assuming a price of $US 8.67/lb for Ni, $US 4.61/lb for Cu and $US 12.62/lb for Co with no adjustments for recoveries or payabilities.

Table 2: Drill Collar Information Selebi North Deposit