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

Premium Nickel Resources (TSXV:PNRL) (OTCQX: PNRLF) recently shared updates on its ongoing drill program at the Selebi North underground (SNUG) mine in Botswana, a site known for its nickel-copper-cobalt sulphide (Ni-Cu-Co) deposits. This follows previous announcements between November 14, 2023, and March 5, 2024, which reported results from 42 drillholes. The latest update includes results from an additional hole, bringing the total to 50 holes and 18,120 metres of drilling.

CEO, Keith Morrison commented in a press release: “By the end of March, we will have completed the underground drilling at Selebi North that will be included in our maiden Selebi NI 43-101 Mineral Resource Estimate. The objective of the Selebi MRE, expected in June, is to provide the basis to support the rapid redevelopment of these deposits using the existing shafts and infrastructure. The mineralization continues down plunge and down dip from beyond the drilling to be reported in the MRE, which is evidenced in recent drilling, BHEM results and historic drilling. The mineralization continues down plunge and down dip from beyond the drilling to be reported in the MRE, which is evidenced in recent drilling, BHEM results and historic drilling. News flow will continue with assay results from the latest phase of underground drilling.”

The company’s drill program aims to delineate mineralization beyond the existing mine workings, contributing data towards a Mineral Resource Estimate (MRE) that adheres to the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). The results from the latest hole, SNUG-23-069, drilled at the 880-metre level, are notable for two reasons: it is located on the limb between the N2 and N3 fold noses, where no historical resources have been identified, and it represents the first nickel assay to exceed 4% nickel concentration.

The drilling project is part of a broader exploration effort to assess the extent of mineralization, particularly in areas not covered by historical resources. The project involves three drill rigs operating from the 810-metre level, targeting regions further down plunge and beyond the known mineral resources. This setup allows for a more comprehensive evaluation of the site’s potential.

Additionally, Borehole Electromagnetic (BHEM) surveys are being conducted to further understand the continuity of mineralization. To date, surveys have been completed in 25 drillholes, including nine drilled in 2024 from the 810-metre level. These surveys provide critical data on the down-plunge potential of the South Limb and other areas, guiding the planning of future drilling activities with larger step-out intervals.

As of March 25, 2024, the drilling campaign has accumulated 28,574 metres across 80 drillholes, with three currently underway. The company plans to continue releasing assay results as they become available and are verified. This comprehensive exploration effort not only underscores the potential for further discoveries at the SNUG mine but also reflects Premium Nickel Resources Ltd.’s commitment to thoroughly evaluating and responsibly developing its mineral assets.

Highlights from the project are as follows:

• Completion of $21.6 million financing to fund initial Mineral Resource Estimate (“MRE”) on Selebi Main and Selebi North (see news release December 2023).

• More than 28,000 metres of drilling completed as of the date of this news release from seven underground drill bays at Selebi North.

• Repeatedly encountering massive sulphide mineralization when drilling within the historic resource (see historic resource).
  • SNUG-23-053 (South Limb): 6.05 metres of 2.76% NiEq (1.95% Ni; 1.23% Cu; 0.11% Co)
  • SNUG-23-054 (N3 Limb): 6.85 metres of 3.97% NiEq (2.72% Ni; 1.97% Cu; 0.15% Co)
  • SNUG-23-055 (South Limb): 15.30 metres of 2.95% NiEq (1.84% Ni; 1.85% Cu; 0.10% Co)
    incl. 8.45 metres of 3.04% NiEq (2.15% Ni; 1.40% Cu; 0.11% Co)
    and 3.00 metres of 2.98% NiEq (2.13% Ni; 1.28% Cu; 0.12% Co)
  • SNUG-23-056 (South Limb): 30.45 metres of 2.85% NiEq (1.78% Ni; 1.81% Cu; 0.09% Co)
    including 15.80 metres of 2.97% NiEq (1.73% Ni; 2.15% Cu; 0.09% Co)
    and 12.10 metres of 3.12% NiEq (2.06% Ni; 1.73% Cu; 0.11% Co)
  • SNUG-23-057 (N3 Limb): 9.55 metres of 3.90% NiEq (2.72% Ni; 1.81 Cu; 0.16% Co)
  • SNUG-23-058 (N2 Limb): 12.95 metres of 2.45% NiEq (0.74% Ni; 3.23% Cu; 0.04% Co)
    including 10.40 metres of 2.76% NiEq (0.69% Ni; 3.94% Cu; 0.04% Co)

• Frequently encountering massive sulphide mineralization when drilling down-dip and down-plunge of the historic resource at Selebi North.
  • SNUG-23-017 (South Limb, 180 metres down plunge of historic resource):
    18.15 metres of 2.21% NiEq (1.27% Ni; 1.65% Cu; 0.06% Co)
    incl. 6.25 metres of 3.23% NiEq (2.34% Ni; 1.40% Cu; 0.11% Co)
    and 3.50 metres of 3.22% NiEq (1.06% Ni; 4.08% Cu; 0.05% Co)
  • SNUG-24-089: (South Limb, 403 metres down-plunge and outside of the historic resource) intersected massive sulphide mineralization (assays pending, photos published see news release dated March 5, 2024).
  • *NEW SNUG-24-094 (drilled 400 metres down plunge of N2): intersected massive sulphide mineralization (assays pending).

• New assay result with greater than 4% Nickel
  • SNUG-23-069: (between N2 and N3 fold noses, outside historic resources):
    5.85 metres of 1.63% NiEq (1.17% Ni, 0.70% Cu, 0.06% Co)
    incl. 2.25 metres of 2.50% NiEq (1.52% Ni, 1.64% Cu, 0.09% Co)
    incl. 0.45 metres of 5.86% NiEq (4.53% Ni, 2.10% Cu, 0.16% Co)

• Significant Copper
  • SNUG-23-026 (N3):
    4.10 m of 3.49% NiEq (1.52 % Ni, 3.65% Cu, 0.07% Co)
    incl. 2.85 m of 3.56% NiEq (0.89 % Ni, 5.09% Cu, 0.05% Co)
  • SNUG-23-036 (N2):
    10.45 m of 1.44% NiEq (0.48 % Ni, 1.82% Cu, 0.02% Co)
    incl. 4.15 metres of 2.53%NiEq (0.48 % Ni, 3.97% Cu, 0.02% Co)

• Consistently reporting world-class assay results from ongoing drilling at Selebi North (see Appendix 1 and 2 for tables of assays and collars released to date)
  • SNUG-23-064 (South Limb/N2): 102.80 metres of 2.20% NiEq (1.41% Ni, 1.30% Cu, 0.08% Co)
  • SNUG-23-067 (South Limb/N2): 110.75 metres of 2.52% NiEq (1.52% Ni, 1.70% Cu, 0.08% Co)
  • SNUG-23-057 (N3): 9.55 metres of 3.94% NiEq (2.72 % Ni, 1.81% Cu, 0.16% Co)

• Successfully mapping mineralization using Borehole Electromagnetic (“BHEM”), aiding drilling to extend mineralization below the legacy Selebi North resource. To date, 100% of the high conductance modeled plates correlate to massive sulphides within, down-dip and down plunge of the Selebi North historic resource.

• Exceptional initial hydrometallurgical test results demonstrating high leach rates of Cu, Ni, Co, and PGEs, with equally high extraction rates to precipitates (see news release dated February 22, 2024).

• On track to publishing the maiden Selebi MRE Q2 2024.

Table 1: Assay Results Selebi North Deposit

*Length refers to drillhole length and not true width. True widths of the South Limb are unknown.

**NiEq was calculated assuming a price of $US 7.86/lb for Ni, $US 4.00/lb for Cu and $US 12.95/lb for Co with no adjustments for recoveries and payabilities.

Table 2: Drill Collar Information Selebi North Deposit

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.