Premium Nickel Resources Ltd. [TSXV-PNRL; OTCQX-PNRLF] reported additional high-grade assay results for a further six holes from drilling at its past-producing nickel-copper-cobalt sulphide Selebi North underground mine in Botswana.
Highlights – SNUG-24-106 (South Limb): infill drilling targeting reclassification of inferred to indicated resources): 26.35 metres of 4.31% copper equivalent or 2.09% nickel equivalent (1.09% copper, 1.56% nickel and 0.08% cobalt) including 16.10 metres of 5.87% CuEq or 2.84% NiEq (1.54% Cu, 2.10% Ni and 0.11% Co).
SNUG-24-107 (South Limb) – infill drilling targeting reclassification of inferred to indicated resources): 8.40 metres of 7.04% CuEq or 3.41% NiEq (2.64% Cu, 2.13% Ni and 0.11% Co).
SNUG-24-096-W1 (South Limb and N2): intersected significant mineralization 100 metres down plunge of 2024 initial mineral resource estimate; borehole electromagnetic results pending.
SNUG-24-146 (South Limb): infill drilling targeting reclassification of inferred to indicated resources).
This is the first set of assays not included in the MRE for the Selebi mines in Botswana.
CEO Keith Morrison commented: “When we acquired these permitted projects in January, 2022, our strategy was to recharacterize the remaining resources, achieve NI 43-101 compliance and advance to a prefeasability study as part of an accelerated path to production.
This release highlights the successful exploration strategy that has further extended the mineralization at Selebi North beyond the MRE. We work from known mineralization and use BHEM to image mineralization down plunge. BHEM data in SNUG-24-096-W1, when available, is expected to provide direct evidence of the upside potential at depth and any change in the fold morphology. Our strategy prioritizes time and cost-efficiencies beginning with data compilation, geological analysis and economic studies to meet our goal of production by late 2027.
“Ongoing underground drilling at Selebi North totalling approximately 20,000 metres has been completed, in addition to the approximately 30,000 metres reflected in the initial mineral resource estimate. Infill drilling is designed to upgrade classification in the mineral resource estimate from inferred into indicated, which is required for future prefeasibility studies. We are also preparing to move underground and start the process of infill drilling to upgrade the classification of the Selebi Main resources and expand on the deposit. With this data and potential future underground infrastructure development, we are better positioned to effectively evaluate additional upside potential between the known Selebi North and Selebi Main deposits,” said Morrison.
Two drills are currently active on the 810-metre-level exploration drift, and the third drill is on a new drill bay on the 925-metre level. The drill bay located at the southernmost extent of the 810-metre-level exploration drift allows for the evaluation of areas farther down plunge of the deposit. The drill positioned approximately 130 metres east of the exploration, perpendicular to the main 810-metre-level exploration drift, allows for optimal intersection angles on the South Limb and N2 Limb.
As of September 3, 2024, a total of 51,612 metres in 128 drill holes have been drilled from eight underground drill bays with three of those drill holes currently in progress. Drilling totalling 21,628 metres across 43 completed holes with three more in progress is not included in the MRE. This new drilling is a combination of infill and exploration drilling to follow the extension of the mineralization downdip and down plunge.
