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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 15,
2024
PREMIUM
RESOURCES LTD.
(Exact
name of registrant as specified in its charter)
Ontario,
Canada
(State
or other jurisdiction of incorporation)
000-14740 |
|
N/A |
(Commission
File Number) |
|
(IRS
Employer Identification No.) |
|
|
|
Suite
3400,
One First
Canadian Place
P.O.
Box 130
Toronto,
Ontario,
Canada |
|
M5X
1A4 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(604)
770-4334
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02 | Departure
of Directors or Certain Offices; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. |
On
September 18, 2024, John Hick retired from the Board of Directors (the “Board”) of Premium Resources Ltd. (the “Company”).
On September 19, 2024, Paul Martin was appointed to the Board to fill the vacancy created by Mr. Hick’s retirement. In connection
with his appointment to the Board, Mr. Martin was appointed to the Audit and Risk Management Committee and Human Resources and Compensation
Committee of the Board. There are no arrangements or understandings between Mr. Martin and any other persons pursuant to which he was
appointed to the Board. Mr. Martin is not a party to any transaction with the Company that would require disclosure under Item 404(a)
of Regulation S-K. Mr. Martin will participate in the Company’s standard compensation program for non-employee directors. The Company’s
press release announcing the foregoing items is attached hereto as Exhibit 99.4.
On
December 2, 2024, the Company announced the retirement of Keith Morrison as Chief Executive Officer and a director of the Company, to
take effect December 31, 2024. Paul Martin, a director of the Company, will assume oversight of corporate activities, and serve as the
interim CEO, pending appointment of a successor. There are no arrangements or understandings between Mr. Martin and any other persons
pursuant to which he was appointed interim CEO. As noted above, Mr. Martin is not a party to any transaction with the Company that would
require disclosure under Item 404(a) of Regulation S-K. As noted above, Mr. Martin will continue to participate in the Company’s
standard compensation program for non-employee directors rather than the Company’s executive compensation program. Effective upon
the completion of the CEO search process, James K. Gowans will retire as Chair of the Board but continue as a director of the Company.
Paul Martin will be appointed Chair of the Board. The Company’s press release announcing the foregoing items is attached hereto
as Exhibit 99.16.
Mr.
Martin, 63, is a mining executive with over thirty years’ experience at the CEO, CFO and director levels, in challenging
and changing corporate environments. He has gained significant experience through his various roles at multi-operational mining, royalty
and exploration companies listed on the Toronto Stock Exchange, TSX Venture Exchange and New York Stock Exchange. He currently serves
as the Chair of the Board of Red Pine Exploration and as a director of Osisko Bermuda Limited. Mr. Martin was interim CEO at Osisko Gold
Royalties Ltd. from July to December 2023 and at Red Pine Exploration from March to August 2024, in each case during CEO transition periods.
He was previously President and CEO at Detour Gold Corporation from 2013 to 2018 and, prior to that, CFO at Detour from 2008 until 2013.
He played a significant role on the senior executive team that permitted, completed a bankable feasibility study, financed, constructed
and brought into operation the large-scale Detour Lake gold mine. Mr. Martin has worked in various senior financial roles at New Gold
Inc., Gabriel Resources Ltd. and TVX Gold Inc. He has significant experience in governance matters related to publicly listed companies
and holds the designation of CPA, CA.
Item
5.03 | Amendments
to Articles of Incorporation or Bylaws; Change I Fiscal Year. |
On
November 15, 2024, the Company filed an amendment to its Articles to change its name to “Premium Resources Inc.,” effective
November 15, 2024. The name change was approved by Shareholders at the Annual Meeting (as defined below) on October 29, 2024.
Copies
of the Certificate of Amendment to the Articles, as filed with the Ministry of Government and Consumer Services under the Business Corporations
Act (Ontario) are attached hereto as Exhibit 3.1 and incorporated herein by reference. The Company’s press release announcing the
name change is attached hereto as Exhibit 99.14.
Item
5.07 | Submission
of Matters to a Vote of Security Holders. |
On
October 29, 2024, the Company held its annual general and special meeting of shareholders (the “Annual Meeting”), at which
five proposals were submitted to the Company’s shareholders. A quorum was present for the Annual Meeting. The eight director
nominees were elected and all other matters were approved by shareholders. The voting results with respect to each matter are set out
below. The Company’s press release announcing
the Annual Meeting results is attached hereto as Exhibit 99.11.
Proposal
#1
To
elect eight (8) directors of the Company for the ensuing year.
Name |
|
For |
|
Against |
|
Withheld/Abstain |
|
Non
Vote |
Mark
Christensen |
|
73,980,664 |
|
0 |
|
1,383,229 |
|
3,383,029 |
James
Gowans |
|
69,325,279 |
|
0 |
|
6,038,614 |
|
3,883,029 |
Jason
LeBlanc |
|
74,793,564 |
|
0 |
|
570,329 |
|
3,883,029 |
Normal
MacDonald |
|
75,006,564 |
|
0 |
|
357,329 |
|
3,883,029 |
Paul
Martin |
|
69,663,934 |
|
0 |
|
5,699,959 |
|
3,883,029 |
Keith
Morrison |
|
65,592,935 |
|
0 |
|
9,770,958 |
|
3,883,029 |
Don
Newberry |
|
68,597,156 |
|
0 |
|
6,766,737 |
|
3,883,029 |
William
O’Reilly |
|
72,037,362 |
|
0 |
|
3,326,531 |
|
3,883,029 |
Proposal
#2
To
appoint the independent auditor of the Company for the ensuing year and to authorize the directors of the Company to fix the remuneration
to be paid to the auditor.
For |
|
Against |
|
Withheld/Abstain |
|
Non
Vote |
78,896,624 |
|
0 |
|
350,298 |
|
0 |
Proposal
#3
To
consider and, if thought fit, pass a special resolution approving the change of name of the Company from “Premium Nickel Resources
Ltd.” to “Premium Resources Ltd.”.
For |
|
Against |
|
Withheld/Abstain |
|
Non
Vote |
78,915,401 |
|
331,521 |
|
0 |
|
0 |
Proposal
#4
To
consider and, if thought fit, pass, with or without variation, an ordinary resolution approving the Company’s restricted share
unit plan.
For |
|
Against |
|
Withheld/Abstain |
|
Non
Vote |
43,645,701 |
|
31,718,192 |
|
0 |
|
3,883,029 |
Proposal
#5
To
consider and, if thought fit, pass, with or without variation, an ordinary resolution of disinterested shareholders approving and ratifying
the previous grants of restricted share units.
For |
|
Against |
|
Withheld/Abstain |
|
Restricted |
|
Non
Vote |
38,032,079 |
|
35,650,684 |
|
0 |
|
1,681,130 |
|
3,883,029 |
Item
7.01 | Regulation
FD Disclosure. |
On
each of August 15, September 5, September 17, September 19, September 20, September 26, October 17, October 22, October 24, October 28,
October 30, November 11, November 13, November 18, November 27, December 2, December 5, December 10 and December 23, 2024, the Company
issued press releases announcing the matters disclosed in this Current Report on Form 8-K, which are attached as Exhibits 99.1, 99.2,
99.3. 99.4, 99.5, 99.6, 99.7, 99.8, 99.9, 99.10, 99.11, 99.12, 99.13, 99.14, 99.15, 99.16, 99.17, 99.18 and 99.19, respectively, hereto.
Cautionary
Statements to Investors on Reserves and Resources
Certain
news releases furnished herewith use the terms “mineral resources”, “indicated mineral resources” and “inferred
mineral resources” as such terms are defined under Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects
(“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators, which establishes standards for all
public disclosure a Canadian issuer makes of scientific and technical information concerning mineral projects.
On
October 31, 2018, the SEC adopted new mining disclosure rules (“S-K 1300”) that are more closely aligned with current industry
and global regulatory practices and standards, including NI 43-101, with which we comply because we are also a “reporting issuer”
under Canadian securities laws. While S-K 1300 is more closely aligned with NI 43-101 than the prior mining disclosure rules of the Securities
and Exchange Commission, there are some differences. Accordingly, there is no assurance any mineral resources that the Company may report
as “indicated mineral resources” and “inferred mineral resources” under NI 43-101 will be the same as the reserve
or resource estimates prepared under S-K 1300. Investors should not assume that any part or all of indicated mineral resources or inferred
mineral resources will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described
using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been characterized
as reserves. Accordingly, investors are cautioned not to assume that any “indicated mineral resources”, or “inferred
mineral resources” on the Company’s projects are or will be economically or legally mineable. Further, “inferred resources”
have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, investors
are also cautioned not to assume that all or any part of the inferred resources exist. In accordance with Canadian rules, estimates of
“inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances
where permitted under NI 43-101.
In
accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 is being furnished and shall not be deemed to be “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject
to the liability of that section, and shall not be incorporated by reference into any of the Company’s filings or other documents
filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such filing.
Item
9.01 | Financial
Statements and Exhibits. |
(d)
Exhibits
Exhibit
No. |
|
Description |
3.1 |
|
Certificate and Articles of Amendment dated November 15, 2024 |
99.1 |
|
Press Release dated August 15, 2024* |
99.2 |
|
Press Release dated September 5, 2024* |
99.3 |
|
Press Release dated September 17, 2024* |
99.4 |
|
Press Release dated September 19, 2024 |
99.5 |
|
Press Release dated September 20, 2024* |
99.6 |
|
Press Release dated September 26, 2024* |
99.7 |
|
Press Release dated October 17, 2024 |
99.8 |
|
Press Release dated October 22, 2024* |
99.9 |
|
Press Release dated October 24, 2024* |
99.10 |
|
Press Release dated October 28, 2024* |
99.11 |
|
Press Release dated October 30, 2024 |
99.12 |
|
Press Release dated November 11, 2024* |
99.13 |
|
Press Release dated November 13, 2024* |
99.14 |
|
Press Release dated November 18, 2024 |
99.15 |
|
Press Release dated November 27, 2024* |
99.16 |
|
Press Release dated December 2, 2024 |
99.17 |
|
Press Release dated December 5, 2024* |
99.18 |
|
Press Release dated December 10, 2024* |
99.19 |
|
Press Release dated December 23, 2024* |
104 |
|
Cover
Page Interactive Data File (embedded within Inline XBRL document). |
*Furnished
herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
PREMIUM
RESOURCES LTD.
(Registrant) |
|
|
|
By:
|
/s/
Timothy H. Moran |
|
|
Timothy
H. Moran
Chief Legal Officer |
Date:
December 31, 2024
Exhibit
3.1
Exhibit
99.1
August
15, 2024
Premium
Nickel Resources Ltd. Grants Stock Options
Toronto,
Ontario—(Newsfile Corp. - August 15, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL)
(“PNRL” or the “Company”) announces
that, effective August 14, 2024, it has granted to certain directors, officers, employees and/or consultants of the Company and/or its
subsidiaries an aggregate of 3,110,000 stock options of the Company (“Options”)
pursuant to the stock option plan of the Company.
The
Options have an exercise price of $1.10 per share and a five-year term from the date of grant, and vest annually in equal thirds beginning
on the date of grant.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director and Chief Executive Officer
Premium Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn Ruptash
Vice President, Communications and Government and Investor Relations
+1 (604) 770-4334
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X
(formally Twitter): https://twitter.com/PremiumNickel
Linked
in: https://www.linkedin.com/company/premium-nickel-resources
Facebook:
https://www.facebook.com/PremiumNickel
Exhibit
99.2
September
5, 2024
Premium
Nickel Expands Deposit While Advancing Infill Drilling at Selebi North: Assays Include 26.35 Metres 4.31% CuEq OR 2.09% NiEq
View
Core Photos Page Here
“Ongoing underground drilling
at Selebi North totaling 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 Pre-Feasibility 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.”- CEO, Keith Morrison
Toronto,
Ontario—(Newsfile Corp. - September 5, 2024) - Premium Nickel Resources Ltd. (TSXV:
PNRL) (“PNRL” or the “Company”) announces
additional high-grade assay results for a further six holes from drilling at its past-producing nickel-copper-cobalt sulphide (“Ni-Cu-Co”)
Selebi North underground (“SNUG”)
mine in Botswana.
Highlights
include:
|
● |
SNUG-24-106 (South Limb): infill
drilling targeting re-classification of Inferred to Indicated Resources) |
26.35 metres of 4.31% CuEq or
2.09% NiEq (1.09% Cu, 1.56% Ni, 0.08% Co) incl.
16.10 metres of 5.87% CuEq or 2.84% NiEq (1.54% Cu, 2.10% Ni, 0.11% Co)
|
● |
SNUG-24-107 (South Limb): infill
drilling targeting re-classification of Inferred to Indicated Resources) |
8.40
metres of 7.04% CuEq or 3.41% NiEq (2.64% Cu, 2.13% Ni, 0.11% Co)
|
● |
SNUG-24-096-W1 (South Limb and
N2): intersected significant mineralization 100 metres down plunge of 2024 initial mineral resource estimate (“MRE”).
Borehole electromagnetic (“BHEM”) results pending |
|
● |
SNUG-24-146 (South Limb): infill
drilling targeting re-classification of Inferred to Indicated Resources) |
This
is the first set of assays not included in the MRE for the Selebi Mines in Botswana (see
news released issued on August 8, 2024, titled: Premium Nickel Resources Ltd. Announces Its
Initial Mineral Resource Estimate of 27.7 MT for the Selebi Mines in Botswana).
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.premiumnickel.com.
Keith
Morrison, CEO of PNRL, 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 Pre-Feasability 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 up-side
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 totaling 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 Pre-Feasibility 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.”
Assay
results are provided below in Table 1 for SNUG-24-106, 107, 109, 110, 113 and 115; hole collar details are provided in Table 2.
True
width of mineralization was estimated using the wireframe as part of the MRE (see news release
August 8, 2024). Figures 1 through 3 show
the location of the holes relative to the MRE and underground infrastructure.
Table
1: Assay Results Selebi North Deposit
Hole-ID |
|
From
(m) |
|
To
(m) |
|
Length
(m) |
|
Est.
True
Thickness
(m) |
|
Cu
(%) |
|
Ni
(%) |
|
Co
(%) |
|
Limb |
|
CuEq
(%) |
|
NiEq
(%) |
SNUG-24-106 |
|
515.70 |
|
542.05 |
|
26.35 |
|
15 |
|
1.09 |
|
1.56 |
|
0.08 |
|
South |
|
4.31 |
|
2.09 |
incl. |
|
525.95 |
|
542.05 |
|
16.10 |
|
11 |
|
1.54 |
|
2.10 |
|
0.11 |
|
South |
|
5.87 |
|
2.84 |
SNUG-24-107 |
|
521.20 |
|
529.60 |
|
8.40 |
|
5 |
|
2.64 |
|
2.13 |
|
0.11 |
|
South |
|
7.04 |
|
3.41 |
SNUG-24-109 |
|
383.75 |
|
391.90 |
|
8.15 |
|
5 |
|
1.21 |
|
0.80 |
|
0.04 |
|
N2 |
|
2.87 |
|
1.39 |
SNUG-24-110 |
|
547.40 |
|
566.40 |
|
19.00 |
|
6 |
|
0.76 |
|
1.39 |
|
0.07 |
|
N2 |
|
3.63 |
|
1.76 |
incl. |
|
550.15 |
|
560.65 |
|
10.50 |
|
3.5 |
|
1.10 |
|
1.55 |
|
0.08 |
|
N2 |
|
4.29 |
|
2.08 |
SNUG-24-110 |
|
588.05 |
|
604.60 |
|
16.55 |
|
9 |
|
0.64 |
|
0.67 |
|
0.04 |
|
N2 |
|
2.03 |
|
0.98 |
incl. |
|
592.05 |
|
600.25 |
|
8.20 |
|
4.5 |
|
0.46 |
|
0.89 |
|
0.05 |
|
N2 |
|
2.31 |
|
1.12 |
SNUG-24-113 |
|
577.40 |
|
597.60 |
|
20.20 |
|
11.5 |
|
1.15 |
|
1.03 |
|
0.05 |
|
South |
|
3.28 |
|
1.59 |
incl. |
|
577.40 |
|
587.80 |
|
10.40 |
|
6 |
|
1.71 |
|
1.31 |
|
0.07 |
|
South |
|
4.42 |
|
2.14 |
SNUG-24-115 |
|
478.40 |
|
494.10 |
|
15.70 |
|
14 |
|
1.19 |
|
0.67 |
|
0.03 |
|
South |
|
2.58 |
|
1.25 |
incl. |
|
478.40 |
|
486.10 |
|
7.70 |
|
7 |
|
1.51 |
|
0.73 |
|
0.03 |
|
South |
|
3.02 |
|
1.47 |
1
Length refers to drillhole length.
2
True thickness is estimated using the MRE wireframe.
3
Co is not included in the current MRE as cobalt analyses are not consistently available throughout the deposit.
4
CuEq was calculated using the formula CuEq=Cu+2.06*Ni.
5
NiEq was calculated using the formula NiEq=Ni+0.485*Cu.
6
Assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper recoveries of 72.0% and 92.4% respectively, derived from
metallurgical studies which consider a conceptual bulk concentrate scenario.
Table
2: Drill Collar Information Selebi North Deposit
HOLE
ID |
|
Mine
East |
|
Mine
North |
|
Elevation |
|
Dip |
|
Mine
Azimuth |
|
Hole
Length |
|
Comment |
SNUG-24-106 |
|
35367.5 |
|
84408.0 |
|
81.29 |
|
-70.38 |
|
196.64 |
|
593.79 |
|
Rig
#2 P5 810mL |
SNUG-24-107 |
|
35377.5 |
|
84424.0 |
|
81.13 |
|
-70.97 |
|
185.97 |
|
581.38 |
|
Rig
#3 P4 810mL |
SNUG-24-109 |
|
35320.8 |
|
84606.4 |
|
82.39 |
|
-46.31 |
|
260.69 |
|
428.07 |
|
Rig
#1 P6 810mL |
SNUG-24-110 |
|
35365.9 |
|
84408.8 |
|
81.08 |
|
-70.36 |
|
227.49 |
|
635.53 |
|
Rig
#2 P5 810mL |
SNUG-24-113 |
|
35367.4 |
|
84408.2 |
|
81.13 |
|
-66.80 |
|
189.53 |
|
722.75 |
|
Rig
#2 P5 810mL |
SNUG-24-115 |
|
35378.8 |
|
84424.5 |
|
81.20 |
|
-70.96 |
|
203.30 |
|
540.00 |
|
Rig
#3 P4 810mL |
Drilling
and BHEM Continues
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 southern most extent of the 810-metre level exploration drift allows for the evaluation of areas further
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. The drill positioned on 925-metre level
allows for testing of the lower portions of both limbs of N3 and their down plunge extents. BHEM surveys continue, with a total of 40
holes surveyed, including a survey in the deepest down-plunge hole, SNUG-24-096-W1. BHEM data from this hole is pending.
As
of September 3, 2024, a total of 51,612 metres in one hundred and twenty-eight (128) drillholes have been drilled from eight underground
drill bays with three of those drillholes currently in-progress. Drilling totaling 21,628 meters across 43 completed holes with 3 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 down dip and down plunge.
New
assay results not captured in the MRE will be published as they are received and verified by the Company. Due to the extensive drilling
that has intersected mineralization, the Company has released assay results only for the most significant intercepts. The results of
these new drill holes will be included in a future mineral resource update, with the goal of both expansion and reclassification of the
current MRE. PNRL anticipates that these pending results combined with future drilling will support the progression towards a Pre-Feasibility
Study.
Quality
Control
The
underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada,
who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter).
All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally
1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS
Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with
a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are
completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).
Holes
are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.
BHEM
Surveys
The
BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3 component fluxgate
probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has
been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to
be invaluable because of the size of the highly conductive mineralized system.
Qualified
Person
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of NI 43-101.
Technical
Report
Scientific
and technical information relating to the Selebi Mine is supported by the technical report titled “Technical
Report on the Selebi Mines, Central District, Republic of Botswana, Report for NI 43-101”,
dated June 16, 2022 (effective date of March 1, 2022) (the “Selebi Technical Report”),
and prepared by SLR Consulting (Canada) Ltd. for PNRL. Reference should be made to the full text of the Selebi Technical Report, including
the assumptions, limitations and data verification therein relating to the historic data compilation presented in this news release,
which was prepared in accordance with NI 43-101 and is available electronically on SEDAR+ (www.sedarplus.com)
under PNRL’s issuer profile.
An
updated NI 43-101 Technical Report will be released in the coming weeks days to support the recent publication by PNRL of a mineral resource
estimate on August 8, 2024.
Historic
Resource Estimate
The
historical mineral resource estimate referenced herein (the “Historic Resource”)
was calculated for the Selebi North and Selebi Main, in accordance with SAMREC, in 2016 prior to the acquisition of the property by the
Company. To that end, the Historic Resource is considered to be historical in nature and should not be relied upon as a current mineral
resource estimate. While management believes that the Historic Resource could be indicative of the presence of mineralization on the
deposits, it has been superseded by the mineral resource estimate disclosed on August 8, 2024.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director and Chief Executive Officer
Premium Nickel Resources Ltd.
For further information about Premium
Nickel Resources Ltd., please contact:
Jaclyn Ruptash
Vice President, Communications and Government and Investor Relations
+1 (604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally;
the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mines as
currently contemplated; the ability of exploration activities (including drill results) to accurately predict mineralization; management’s
belief that the Selebi and Selebi North deposits may be connected at depth; the timing to release of the remaining assay results; the
ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally; the implementation
of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mines as currently contemplated;
the ability of the Company to define mineral resource estimates on the Selebi Mines in accordance with NI 43-101 and/or obtain an updated
MRE in respect of the Selebi Mines; the productivity rates for underground drilling at Selebi North; drilling results confirming the
legacy fold pattern continues at depth; the effective targeting activities proposed by the Company; the ability to identify mineralization
down plunge of existing workings and the ability of such findings to be used to complete a MRE and/or to support further economic studies
the ability and timing of advancing the underground drilling program at Selebi North as contemplated (if at all); the ability to expand
the resource potential at the Selebi Mine; the results of the drill program on Selebi North and the timing and disclosures of the Company
regarding same; the relationships between, and continuity of, the various deposits (if any); the benefits of the Company’s approach
to exploration; and the anticipated benefits of the Company’s approach to the resource development plan. These forward-looking
statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties
that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Factors that
could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating
costs varying significantly from estimates; the preliminary nature of metallurgical test results; the ability of exploration results
to predict mineralization or the feasibility of mine production; delays in obtaining or failures to obtain required governmental, environmental
or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity
markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral
exploration and development industry; and those risks set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.com)
under PNRL’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
Follow Us
X
(formally Twitter): https://twitter.com/PremiumNickel
Linked
in: https://www.linkedin.com/company/premium-nickel-resources
Facebook:
https://www.facebook.com/PremiumNickel
Figure
1: Selebi North: Location of Reported Drill Holes with Underground Infrastructure, PNRL Mineral Resource Estimate, Exploration Targets
and modeled BHEM plates.
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/222208_923d4f95b40f0b09_003full.jpg
Figure
2: Selebi North: Location of Reported Drill Holes with Underground Infrastructure, PNRL Mineral Resource Estimate and Exploration Targets
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/222208_923d4f95b40f0b09_004full.jpg
Figure
3: Detailed view showing location of drillholes reported and mentioned in this release.
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/222208_923d4f95b40f0b09_005full.jpg
View
Core Pho tos Page Here
Exhibit
99.3
September
17, 2024
High
Grade Drill Results: 3.55 Metres of 5.52% CuEq or 2.68% NiEq Including 2.35 Metres of 7.80% CuEq or 3.78% NiEq from Selebi North
View
Core Photos Page Here
“The
poly-metallic nature of our deposits offers the opportunity for PNRL to be competitive in multiple commodity markets, specifically in
copper but also in cobalt and PGE, in addition to nickel. However, we continue to experience what we see as a significant disconnect
between the Company’s share price and the value of the Selebi and Selkirk assets and consistently positive information and milestones
achieved to date. These permitted mines continue to demonstrate that the deposits are larger than previously understood. The deposits
come with existing infrastructure, including two operating shafts, a substantial network of underground infrastructure, rail, power and
roads that will enable PNRL to move faster to production without incurring the full costs of building a new mine.” -
CEO, Keith Morrison
Toronto,
Ontario—(Newsfile Corp. - September 17, 2024) - Premium Nickel Resources Ltd. (TSXV:
PNRL) (“PNRL” or the “Company”) provides
additional high-grade assay results for a further three holes from drilling 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.
To view the 3D modeling, please visit the following link https://vrify.com/decks/16954.
Highlights
include:
|
● |
SNUG-24-124 (South Limb): infill
drilling targeting re-classification of Inferred to Indicated Resources. |
3.55
metres of 5.52% CuEq or 2.68% NiEq (4.44% Cu, 0.53% Ni, 0.03% Co)
incl. 2.35 metres of 7.80% CuEq or 3.78% NiEq (6.40% Cu, 0.68% Ni, 0.04% Co)
|
● |
SNUG-24-096-W1 (South Limb and
N2): BHEM results show strong anomaly indicating additional down-plunge up-side potential and have also outlined a change in the shape
of the fold potentially signalling the transition between Selebi North and Selebi Main. |
Keith
Morrison, CEO of PNRL, commented: “The
poly-metallic nature of our deposits offers the opportunity for PNRL to be competitive in
multiple commodity markets, specifically in copper but also in cobalt and PGE, in addition
to nickel. However, we continue to experience what we see as a significant disconnect between
the Company’s share price and the value of the Selebi and Selkirk assets and consistently
positive information and milestones achieved to date. These permitted mines continue to demonstrate
that the deposits are larger than previously understood. The deposits come with existing
infrastructure, including two operating shafts, a substantial network of underground infrastructure,
rail, power and roads that will enable PNRL to move faster to production without incurring
the full costs of building a new mine.
PNRL
has completed approximately 23,000 metres of additional underground drilling that is not included in the recently announced MRE. The
majority of this drilling is converting the MRE tonnages from Inferred to Indicated to be included in a future Pre-feasibility Study.
I would also like to highlight that drill hole SNUG-24-096-W1 was drilled significantly down plunge of the lower extents of the MRE volume
and has successfully intercepted massive sulphide mineralization over mineable widths, providing additional evidence that the Selebi
North mineralization is open down plunge. The assays from SNUG-24-096-W1 are expected in 6 weeks. We continue to make positive progress
at the Selebi Mine with the intention of moving toward the completion of a Pre-feasibility Study.”
These
assays are not included in the initial Mineral Resource Estimate (“MRE”)
for the Selebi Mines in Botswana (see news released issued on August 8, 2024, titled: Premium
Nickel Resources Ltd. Announces Its Initial Mineral Resource Estimate of 27.7 MT for the Selebi Mines in Botswana).
Details of the assay results are shown below along with accompanying visuals (Figure 1, Figure 2 and Figure 3).
Assay
results are provided below in Table 1 for SNUG-24-117, 120 and 124; hole collar details are provided in Table 2.
True
width of mineralization was estimated using the wireframe as part of the MRE (see news release
August 8, 2024). Figures 1 through 3 show
the location of the holes relative to the Selebi Mines MRE and underground infrastructure.
Table
1: Assay Results Selebi North Deposit
Hole-ID |
|
From
(m) |
|
To
(m) |
|
1Length
(m) |
|
2Est.
True
Thickness
(m) |
|
Cu
(%) |
|
Ni
(%) |
|
3Co
(%) |
|
Limb |
|
4CuEq
(%) |
|
5NiEq
(%) |
SNUG-24-117 |
|
431.60 |
|
450.16 |
|
18.56 |
|
14.0 |
|
1.33 |
|
0.54 |
|
0.03 |
|
South |
|
2.45 |
|
1.19 |
incl. |
|
431.60 |
|
435.05 |
|
3.45 |
|
2.6 |
|
1.08 |
|
1.12 |
|
0.08 |
|
South |
|
3.39 |
|
1.64 |
and |
|
440.25 |
|
450.16 |
|
9.91 |
|
7.6 |
|
1.87 |
|
0.54 |
|
0.02 |
|
South |
|
2.99 |
|
1.45 |
and |
|
446.60 |
|
450.16 |
|
3.56 |
|
2.7 |
|
2.35 |
|
0.87 |
|
0.04 |
|
South |
|
4.14 |
|
2.01 |
SNUG-24-117 |
|
471.65 |
|
473.60 |
|
1.95 |
|
1.4 |
|
2.17 |
|
2.47 |
|
0.11 |
|
Other |
|
7.26 |
|
3.52 |
SNUG-24-120 |
|
252.65 |
|
254.05 |
|
1.40 |
|
1.0 |
|
3.91 |
|
0.17 |
|
0.01 |
|
South |
|
4.26 |
|
2.07 |
SNUG-24-120 |
|
256.50 |
|
288.80 |
|
32.30 |
|
25.5 |
|
1.10 |
|
0.96 |
|
0.05 |
|
South/N2
Crest |
|
3.07 |
|
1.49 |
incl. |
|
256.50 |
|
263.60 |
|
7.10 |
|
5.6 |
|
1.75 |
|
1.05 |
|
0.06 |
|
South |
|
3.92 |
|
1.90 |
and |
|
276.60 |
|
288.80 |
|
12.20 |
|
9.6 |
|
1.34 |
|
1.45 |
|
0.08 |
|
N2 |
|
4.32 |
|
2.10 |
SNUG-24-124 |
|
482.45 |
|
486.00 |
|
3.55 |
|
2.4 |
|
4.44 |
|
0.53 |
|
0.03 |
|
South |
|
5.52 |
|
2.68 |
incl. |
|
482.45 |
|
484.80 |
|
2.35 |
|
1.6 |
|
6.40 |
|
0.68 |
|
0.04 |
|
South |
|
7.80 |
|
3.78 |
SNUG-24-124 |
|
493.00 |
|
506.05 |
|
13.05 |
|
6.0 |
|
1.75 |
|
1.01 |
|
0.05 |
|
South |
|
3.83 |
|
1.86 |
incl. |
|
493.00 |
|
498.80 |
|
5.80 |
|
2.6 |
|
0.95 |
|
1.80 |
|
0.09 |
|
South |
|
4.66 |
|
2.26 |
SNUG-24-124 |
|
517.00 |
|
519.10 |
|
2.10 |
|
1.0 |
|
0.45 |
|
0.70 |
|
0.03 |
|
South |
|
1.90 |
|
0.92 |
SNUG-24-124 |
|
534.05 |
|
535.50 |
|
1.45 |
|
0.6 |
|
2.39 |
|
0.23 |
|
0.01 |
|
N2 |
|
2.87 |
|
1.39 |
SNUG-24-124 |
|
548.30 |
|
550.85 |
|
2.55 |
|
1.2 |
|
0.72 |
|
1.58 |
|
0.08 |
|
N2 |
|
3.99 |
|
1.93 |
1Length
refers to drillhole length.
2True thickness is estimated
using the MRE wireframe.
3Co is not included in the
current MRE as cobalt analyses are not consistently available throughout the deposit.
4CuEq was calculated using
the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper recoveries of 72.0% and 92.4%,
respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.
5NiEq was calculated using
the formula NiEq=Ni+0.485*Cu assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper recoveries of 72.0% and
92.4%, respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.
Table
2: Drill Collar Information Selebi North Deposit
HOLE
ID |
|
Mine
East |
|
Mine
North |
|
Elevation |
|
Dip |
|
Mine
Azimuth |
|
Hole
Length |
|
Comment |
SNUG-24-117 |
|
35365.7 |
|
84409.2 |
|
81.1 |
|
-70.4 |
|
253.9 |
|
506.5 |
|
Rig
#2 P5 810mL |
SNUG-24-120 |
|
35321.0 |
|
84606.1 |
|
82.6 |
|
-40.4 |
|
248.0 |
|
398.1 |
|
Rig
#1 P6 810mL |
SNUG-24-124 |
|
35366.2 |
|
84409.7 |
|
81.2 |
|
-70.6 |
|
221.6 |
|
587.9 |
|
Rig
#2 P5 810mL |
Drilling
and BHEM Continues
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 southern most extent of the 810-metre level exploration drift allows for the evaluation of areas further
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. The drill positioned on 925-metre level
allows for testing of the lower portions of both limbs of N3 and their down plunge extents.
BHEM
surveys continue, with a total of 46 holes surveyed, including a recently completed survey in the deepest down-plunge hole, SNUG-24-096-W1.
BHEM data from SNUG-24-096-W1 has identified additional down plunge potential at Selebi North. The results have also outlined a change
in the shape of the fold potentially signalling the transition between Selebi North and Selebi Main. Follow-up drilling is planned to
collect additional structural information. Results have been modeled and are shown in Figure 3.
As
of September 14, 2024, a total of 53,697 metres in one hundred and thirty-five (135) drillholes have been drilled from eight underground
drill bays with three of those drillholes currently in-progress. Drilling totaling 23,714 meters across 50 completed holes, with 3 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 down dip and down plunge.
New
assay results not captured in the MRE will be published as they are received and verified by the Company. Due to the extensive drilling
that has intersected mineralization, the Company has released assay results only for the most significant intercepts. The results of
these new drill holes will be included in a future Mineral Resource update, with the goal of both expansion and reclassification of the
current MRE. It is PNRL’s ambition that these pending results combined with future drilling would support the progression towards
a Pre-feasibility Study.
Quality
Control
The
underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada,
who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter).
All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally
1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS
Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with
a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are
completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).
Holes
are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.
BHEM
Surveys
The
BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3 component fluxgate
probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has
been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to
be invaluable because of the size of the highly conductive mineralized system.
Qualified
Person
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of National Instrument 43-101 (“NI
43-101”).
Technical
Report
Scientific
and technical information relating to the Selebi Mine is supported by the technical report titled “Technical
Report on the Selebi Mines, Central District, Republic of Botswana, Report for NI 43-101”,
dated June 16, 2022 (effective date of March 1, 2022) (the “Selebi Technical Report”),
and prepared by SLR Consulting (Canada) Ltd. for PNRL. Reference should be made to the full text of the Selebi Technical Report, including
the assumptions, limitations and data verification therein relating to the historic data compilation, which was prepared in accordance
with NI 43-101 and is available electronically on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile.
An
updated NI 43-101 Technical Report will be released in the coming days to support the recent publication by PNRL of a mineral resource
estimate on August 8, 2024.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director and Chief Executive Officer
Premium Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn
Ruptash
Vice President, Communications and Government and Investor Relations
+1 (604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-Looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward-looking information includes, but is not limited
to: the ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally;
the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mines as
currently contemplated; the ability of exploration activities (including drill results) to accurately predict mineralization; management’s
belief that the Selebi and Selebi North deposits may be connected at depth; the timing to release of the remaining assay results; the
ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally; the implementation
of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mines as currently contemplated;
the ability of the Company to define mineral resource estimates on the Selebi Mines in accordance with NI 43-101 and/or obtain an updated
MRE in respect of the Selebi Mines; the productivity rates for underground drilling at Selebi North; drilling results confirming the
legacy fold pattern continues at depth; the effective targeting activities proposed by the Company; the ability to identify mineralization
down plunge of existing workings and the ability of such findings to be used to complete a MRE and/or to support further economic studies
the ability and timing of advancing the underground drilling program at Selebi North as contemplated (if at all); the ability to expand
the resource potential at the Selebi Mine; the results of the drill program on Selebi North and the timing and disclosures of the Company
regarding same; the relationships between, and continuity of, the various deposits (if any); the benefits of the Company’s approach
to exploration; and the anticipated benefits of the Company’s approach to the resource development plan. These forward-looking
statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties
that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Factors that
could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating
costs varying significantly from estimates; the preliminary nature of metallurgical test results; the ability of exploration results
to predict mineralization or the feasibility of mine production; delays in obtaining or failures to obtain required governmental, environmental
or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity
markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral
exploration and development industry; and those risks set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
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Us
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Figure
1: Selebi North: Location of Reported Drill Holes with Underground Infrastructure, PNRL Mineral Resource Estimate, Exploration Targets
and modeled BHEM plates.
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/223574_9176840154e2499d_003full.jpg
Figure
2: Selebi North: Location of Reported Drill Holes with Underground Infrastructure, PNRL Mineral Resource Estimate
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/223574_9176840154e2499d_004full.jpg
Figure
3: Detailed view showing location of drillholes reported and mentioned in this release.
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/223574_9176840154e2499d_005full.jpg
To
view the source version of this press release, please visit https://www.newsfilecorp.com/release/223574
View
Core Photos Page Here
Exhibit
99.4
September
19, 2024
Premium
Nickel Resources Ltd. Announces Board Changes
Toronto,
Ontario—(Newsfile Corp. - September 19, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL) (“PNRL” or the “Company”)
is pleased to announce the appointment of Mr. Paul Martin to the Board of Directors of the Company. Mr. Martin was appointed to the
Board effective immediately, to fill a vacancy resulting from the retirement from the Board of Mr. John Hick.
Mr.
Martin is a mining executive with over thirty years’ experience at the CEO, CFO and director levels, in challenging and changing
corporate environments. He has gained significant experience through his various roles at multi-operational mining, royalty and exploration
companies listed on the Toronto Stock Exchange, TSX Venture Exchange and New York Stock Exchange. He currently serves as the Chair of
the Board of Red Pine Exploration and as a director of Osisko Bermuda Limited. Mr. Martin was interim CEO at Osisko Gold Royalties Ltd.
from July to December 2023 and at Red Pine Exploration from March to August 2024, in each case during CEO transition periods. He was
previously President and CEO at Detour Gold Corporation from 2013 to 2018 and, prior to that, CFO at Detour from 2008 until 2013. He
played a significant role on the senior executive team that permitted, completed a bankable feasibility study, financed, constructed
and brought into operation the large-scale Detour Lake gold mine. Mr. Martin has worked in various senior financial roles at New Gold
Inc., Gabriel Resources Ltd. and TVX Gold Inc. He has significant experience in governance matters related to publicly listed companies
and holds the designation of CPA, CA.
John
Hick has been a director of the Company since August, 2022, and prior to that Mr. Hick was a director of the Company’s predecessor,
North American Nickel, Inc., from February 2021. Mr. Hick has served at various times as the Lead Director of the Company, the Chair
of its Audit Committee and the Chair of its Compensation Committee.
With
Mr. Hick’s retirement from the Board, and the appointment of Mr. Martin as a director, the Board now consists of eight directors,
namely James Gowans (Chair), Mark Christensen, Jason LeBlanc, Norman MacDonald, Paul Martin, Keith Morrison, Don Newberry and William
O’Reilly.
Keith
Morrison, CEO of PNRL, commented: “I welcome Paul to PNRL. Paul brings to the Board the benefit of his many years of direct
relevant experience in international mining finance, strategic planning, project development and operations, and governance. He has important
contributions to make as we move forward with our plans for the redevelopment of the Company’s Botswana mines. I want to acknowledge
and thank John Hick for his contributions to the growth and development of the Company during his tenure as a Director of PNRL and of
North American Nickel, and in particular for his leadership in various roles at the Board level and for his continuing support and commitment
to the success of the Company.”
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
Certain
statements contained in this news release may be considered “forward-looking statements” within the meaning of applicable
Canadian securities laws, including: the intention to add new directors to the Board, anticipated key qualifications of such new directors,
the intention to appoint an independent Chair of the Board and the intention to advance the Company’s Botswana assets. These forward-looking
statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties
that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking
statements are not guarantees of performance. Words such as “may”, “will”, “would”, “could”,
“expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”,
“continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are
intended to identify forward-looking statements. Information contained in forward-looking statements reflects assumptions that management
believes to be appropriate in the circumstances. The Company considers its assumptions to be reasonable based on information currently
available but cautions the reader that their assumptions regarding future events, many of which are beyond the control of the Company,
may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its businesses.
The
forward-looking statements set forth herein concerning the Company reflect management’s expectations as at the date of this news
release and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
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Us
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(formally Twitter): https://twitter.com/PremiumNickel
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in: https://www.linkedin.com/company/premium-nickel-resources
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Exhibit
99.5
September
20, 2024
Premium
Nickel Files NI 43-101 Technical Report: Initial Mineral Resource Estimate of 27.7 MT for the Selebi Mine in Botswana
Toronto,
Ontario—(Newsfile Corp. - September 20, 2024) - Premium Nickel Resources Ltd. (TSXV:
PNRL) (“PNRL” or the “Company”) is
pleased to announce that the Company has filed an initial Mineral Resource Estimate (“MRE”)
titled “Technical Report, Selebi Mines, Central District, Republic of Botswana”
(the “Technical
Report”) and dated September 20, 2024
(with an effective date of June 30, 2024) on its past-producing copper-nickel-cobalt (“Cu-Ni-Co”)
sulphide Selebi Main and Selebi North deposits (together, the “Selebi Mine”)
in Botswana.
The
Technical Report has been prepared by SLR Consulting (Canada) Ltd. (“SLR”)
in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects
(“NI
43-101”), and is available electronically
on the Company’s website (www.premiumnickel.com)
and on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile.
Download
the 2024 Selebi NI 43-101 MRE Technical Report Here
There
are no material differences between the Technical Report and the information presented in this news release, and the results disclosed
in the Company’s news release dated August 8, 2024 and titled “Premium Nickel
Resources Ltd. Announces Its Initial Mineral Resource Estimate of 27.7 MT for the Selebi Mines in Botswana”.
Highlights:
| ● | Selebi
Main Deposit MRE tonnage is 67% larger than the Historic Resource (as
defined herein) |
Inferred
Mineral Resource Estimate of 18.89 million tonnes at 3.51% CuEq or 1.70% NiEq.
| ○ | Contained
metal Inferred - 165,000 tonnes nickel and 319,000 tonnes copper. |
| ● | Selebi
North Deposit MRE tonnage is 90% larger than the Historic Resource |
Indicated
Mineral Resource Estimate of 3.00 million tonnes at 2.92% CuEq or 1.42% NiEq.
| ○ | Contained
metal Indicated - 29,000 tonnes nickel and 27,000 tonnes copper. |
Inferred
Mineral Resource Estimate of 5.83 million tonnes at 3.11% CuEq or 1.51% NiEq.
| ○ | Contained
metal Inferred - 62,000 tonnes nickel and 52,000 tonnes copper. |
| ● | While
not included in this initial MRE, Cobalt, which may offer additional economic value, is undergoing
analysis as part of external studies to assess its payability. |
CEO
Keith Morrison commented: “The response to
the initial MRE in Botswana has been extremely positive. The support for the redevelopment of the Selebi Mines from the National Government
to local stakeholders is ongoing and has been widely encouraging. Drilling at Selebi North underground is ongoing and is designed to
upgrade the Inferred resources to Indicated, while exploration drilling and BHEM surveys continue to highlight expansion potential down-dip
and down-plunge of the existing resources which will be included in an updated MRE. The Company is also carrying out trade-off studies
which will be used to support a future Pre-Feasibility Study (PFS).”
Qualified
Persons
The
MRE described in this news release has been reviewed and approved by Valerie Wilson, M.Sc., P.Geo. (Ontario) and a Principal Resource
Geologist at SLR Consulting Ltd., who is independent of PNRL and a “qualified person” for purposes of NI 43-101.
Verification
included a site visit to inspect mineralization in underground workings, active drilling, mineralized core, logging, density measurement
procedures and sampling procedures, and a review of the control sample results used to assess laboratory assay quality. In addition,
100% of samples collected by PNRL have been verified against independently accessed assay certificates and a random selection of historical
database results have been compared against original paper and digital records.
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of NI 43-101.
Technical
Report
The
MRE on the Selebi Mine is supported by the Technical Report. Reference should be made to the full text of the Technical Report for the
assumptions, qualifications and limitations set forth therein, a copy of which is available on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile.
Historic
Resource Estimate
The
historical mineral resource estimate referenced herein (the “Historical Resource”)
was calculated for the Selebi North, Selebi Main, Phikwe South and Southeast Extension deposits in accordance with the South African
Mineral Resource Committee (SAMREC), in 2016, and does not comply with NI 43-101. PNRL is not treating the historical mineral estimates
as current mineral resource estimates. To that end, the Historical Resource is considered to be historical in nature and should not be
relied upon as a current mineral resource estimate. In addition, the Historical Resource has been superseded by the Technical Report.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward-looking information includes, but is not limited
to: the response to the MRE in Botswana; the support for the redevelopment of the Selebi Mine from the National Government and local
stakeholders; drilling at Selebi North; the ability to upgrade the inferred mineral resources on Selebi North; possible expansion potential
down-dip and down-plunge of the existing MRE; the publication by the Company of a potential updated MRE or future PFS; the implementation
of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as currently contemplated;
the ability of exploration activities (including drill results) to accurately predict mineralization; management’s belief that
the Selebi and Selebi North deposits may be connected at depth; the timing and ability of the Company to publish a prefeasibility study
(by H1 2025 or at all); any discrepancies between the MRE technical report and the scientific and technical information in this news
release; the timing to release of the remaining assay results; the ability of the Company to implement its drilling, geoscience and metallurgical
work on its properties and work plans generally; the implementation of the objectives, goals and future plans of the Company including
the proposed advancement of the Selebi Mine as currently contemplated; the ability of the Company to define additional or upgrade existing
mineral resource estimates on the Selebi Mine in accordance with NI 43-101; the productivity rates for underground drilling at Selebi
North; drilling results confirming the legacy fold pattern continues at depth; the effective targeting activities proposed by the Company;
the ability to identify additional mineralization down plunge of existing workings and the ability of such findings to be used to complete
a MRE and/or to support further economic studies; the ability and timing of advancing the underground drilling program at Selebi North
as contemplated (if at all); the ability to expand the resource potential at the Selebi Mine; the results of the drill program on Selebi
North and the timing and disclosures of the Company regarding same; the relationships between, and continuity of, the various deposits
(if any); the benefits of the Company’s approach to exploration; management’s belief that the Historic Resource could be
indicative of the presence of mineralization on the deposits; and the anticipated benefits of the Company’s approach to the resource
development plan. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily
involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied
in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information
include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical
test results; the ability of exploration results to predict mineralization, prefeasibility or the feasibility of mine production; delays
in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability
and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development
of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s
public disclosure record on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
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(formally Twitter): https://twitter.com/PremiumNickel
Linkedin:
https://www.linkedin.com/company/premium-nickel-resources
Facebook:
https://www.facebook.com/PremiumNickel
Exhibit
99.6
September
26, 2024
Premium
Nickel Highlights More Assays from Selebi North Underground Including 8.30 Metres of 6.07% CuEq or 2.94% NiEq
View
Core Photos Page Here
“These
in-fill assay results continue to meet our expectations and confirm both the high grade and scale of our Selebi North resource. Our underground
drilling program at Selebi North continues to be an efficient process for both converting the NI 43-101 MRE Inferred resources to Indicated
resources, while also increasing the size of the deposit” - CEO, Keith Morrison
Toronto,
Ontario—(Newsfile Corp. - September 26, 2024) - Premium Nickel Resources Ltd. (TSXV:
PNRL) (“PNRL” or the “Company”) announces
more high-grade assay results for a further four holes from drilling 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.
Highlights
include:
| ● | SNUG-24-121
(South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources) |
8.30
metres of 6.07% CuEq or 2.94% NiEq (1.86% Cu, 2.04% Ni, 0.10% Co)
| ● | SNUG-24-126
(South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources) |
12.15
metres of 3.97% CuEq or 1.92% NiEq (0.89% Cu, 1.49% Ni, 0.07% Co)
Keith
Morrison, CEO of PNRL, commented: “These in-fill
assay results continue to meet our expectations and confirm both the high grade and scale of our Selebi North resource. Our underground
drilling program at Selebi North continues to be an efficient process for both converting the NI 43-101 MRE Inferred resources to Indicated
resources, while also increasing the size of the deposit.”
Assay
results are provided below in Table 1 for SNUG-24-111, 119, 121 and 126; hole collar details are provided in Table 2.
True
width of mineralization was estimated using the wireframe as part of the Mineral Resource Estimate (see
news release dated August 8, 2024). Figures
1 through 3 show the location of the holes relative to the Selebi Mines Mineral Resource Estimate and underground infrastructure.
Table
1: Assay Results Selebi North Deposit
Hole-ID | |
From (m) | |
To (m) | |
1Length (m) | |
2Est. True Thickness (m) | |
Cu (%) | |
Ni (%) | |
3Co (%) | |
Limb | |
4CuEq (%) | |
5NiEq (%) |
SNUG-24-111 | |
259.65 | |
275.65 | |
16.00 | |
12.5 | |
0.81 | |
1.48 | |
0.07 | |
South | |
3.86 | |
1.87 |
Including | |
259.65 | |
272.20 | |
12.55 | |
9.8 | |
0.71 | |
1.73 | |
0.09 | |
South | |
4.28 | |
2.07 |
SNUG-24-111 | |
286.10 | |
294.40 | |
8.30 | |
6.0 | |
1.37 | |
0.25 | |
0.01 | |
South FW | |
1.88 | |
0.91 |
Including | |
287.10 | |
293.10 | |
6.00 | |
4.3 | |
1.65 | |
0.23 | |
0.01 | |
South FW | |
2.13 | |
1.03 |
SNUG-24-111 | |
348.10 | |
351.60 | |
3.50 | |
2.5 | |
0.45 | |
1.30 | |
0.06 | |
N2 | |
3.14 | |
1.52 |
SNUG-24-111 | |
361.40 | |
365.95 | |
4.55 | |
3.2 | |
0.67 | |
0.71 | |
0.04 | |
N2 | |
2.14 | |
1.04 |
SNUG-24-119 | |
475.05 | |
487.15 | |
12.10 | |
3.3 | |
1.40 | |
1.15 | |
0.07 | |
N2 | |
3.77 | |
1.83 |
incl. | |
475.05 | |
479.50 | |
4.45 | |
1.2 | |
1.63 | |
1.94 | |
0.10 | |
N2 | |
5.63 | |
2.73 |
SNUG-24-119 | |
537.70 | |
549.65 | |
11.95 | |
4.0 | |
1.00 | |
0.36 | |
0.02 | |
FW | |
1.74 | |
0.85 |
incl. | |
537.70 | |
540.35 | |
2.65 | |
0.9 | |
2.58 | |
1.11 | |
0.05 | |
N2 | |
4.87 | |
2.36 |
SNUG-24-119 | |
588.80 | |
601.65 | |
12.85 | |
4.8 | |
1.18 | |
1.09 | |
0.06 | |
N2 | |
3.43 | |
1.66 |
SNUG-24-121 | |
400.60 | |
408.90 | |
8.30 | |
8.0 | |
1.86 | |
2.04 | |
0.10 | |
South | |
6.07 | |
2.94 |
SNUG-24-126 | |
270.65 | |
282.80 | |
12.15 | |
8.2 | |
0.89 | |
1.49 | |
0.07 | |
South | |
3.97 | |
1.92 |
SNUG-24-126 | |
294.85 | |
298.60 | |
3.75 | |
2.5 | |
0.31 | |
1.30 | |
0.06 | |
South | |
2.99 | |
1.45 |
1Length
refers to drillhole length.
2True
thickness is estimated using the Mineral Resource Estimate wireframe.
3Co
is not included in the current MRE as cobalt analyses are not consistently available throughout the deposit.
4CuEq
was calculated using the formula CuEq=Cu+2.06*Ni
assuming
long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper recoveries of 72.0% and 92.4% respectively, derived from metallurgical
studies which consider a conceptual bulk concentrate scenario.
5NiEq
was calculated using the formula NiEq=Ni+0.485*Cu
Table
2: Drill Collar Information Selebi North Deposit
HOLE ID | |
Mine East | |
Mine North | |
Elevation | |
Dip | |
Mine Azimuth | |
Hole Length | |
Comment |
SNUG-24-111 | |
35320.5 | |
84606.5 | |
82.4 | |
-39.8 | |
265.4 | |
398.0 | |
Rig #1 P6 810mL |
SNUG-24-119 | |
35365.9 | |
84409.4 | |
81.2 | |
-69.9 | |
238.5 | |
627.7 | |
Rig #2 P5 810mL |
SNUG-24-121 | |
35378.3 | |
84424.6 | |
81.3 | |
-73.5 | |
245.5 | |
476.2 | |
Rig #1 P4 810mL |
SNUG-24-126 | |
35320.9 | |
84606.5 | |
82.5 | |
-50.0 | |
260.6 | |
449.1 | |
Rig #1 P6 810mL |
Drilling
and BHEM Continues
As
of September 24, 2024, a total of 55,125 metres in one hundred and thirty-eight (138) drillholes have been drilled from eight underground
drill bays with three of those drillholes currently in-progress. Drilling totaling 25,141 meters across 53 completed holes, with 3 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 down dip and down plunge.
New
assay results not captured in the MRE will be published as they are received and verified by the Company. Due to the extensive drilling
that has intersected mineralization, the Company has released assay results only for the most significant intercepts. The results of
these new drill holes will be included in a future Mineral Resource update, with the goal of both expansion and reclassification of the
current MRE. It is PNRL’s ambition that these pending results combined with future drilling would support the progression towards
a Pre-feasibility Study.
Quality
Control
The
underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada,
who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter).
All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally
1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS
Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with
a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are
completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).
Holes
are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.
BHEM
Surveys
The
BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3 component fluxgate
probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has
been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to
be invaluable because of the size of the highly conductive mineralized system.
Qualified
Person
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of National Instrument 43-101 (“NI
43-101”).
Technical
Report
Scientific
and technical information relating to the Selebi Mine is supported by the technical report titled “Technical
Report, Selebi Mines, Central District, Republic of Botswana”,
dated September 20, 2024 (effective date of June 30, 2024) (the “Selebi Mines Technical
Report”), and prepared by SLR Consulting
(Canada) Ltd. for PNRL. Reference should be made to the full text of the Selebi Mines Technical Report, including the assumptions, limitations
and data verification therein relating to the historic data compilation, which was prepared in accordance with NI 43-101 and is available
electronically on the Company’s website (www.premiumnickel.com)
and on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward-looking information includes, but is not limited
to: the ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally;
the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mines as
currently contemplated; the ability of exploration activities (including drill results) to accurately predict mineralization; management’s
belief that the Selebi and Selebi North deposits may be connected at depth; the timing to release of the remaining assay results; the
ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally; the implementation
of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mines as currently contemplated;
the ability of the Company to define mineral resource estimates on the Selebi Mines in accordance with NI 43-101 and/or obtain an updated
MRE in respect of the Selebi Mines; the productivity rates for underground drilling at Selebi North; drilling results confirming the
legacy fold pattern continues at depth; the effective targeting activities proposed by the Company; the ability to identify mineralization
down plunge of existing workings and the ability of such findings to be used to complete a MRE and/or to support further economic studies
the ability and timing of advancing the underground drilling program at Selebi North as contemplated (if at all); the ability to expand
the resource potential at the Selebi Mine; the results of the drill program on Selebi North and the timing and disclosures of the Company
regarding same; the relationships between, and continuity of, the various deposits (if any); the benefits of the Company’s approach
to exploration; and the anticipated benefits of the Company’s approach to the resource development plan. These forward-looking
statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties
that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Factors that
could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating
costs varying significantly from estimates; the preliminary nature of metallurgical test results; the ability of exploration results
to predict mineralization or the feasibility of mine production; delays in obtaining or failures to obtain required governmental, environmental
or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity
markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral
exploration and development industry; and those risks set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
Follow
Us
X
(formally Twitter): https://twitter.com/PremiumNickel
Linked
in: https://www.linkedin.com/company/premium-nickel-resources
Facebook:
https://www.facebook.com/PremiumNickel
Figure
1: Selebi North: Location of Reported Drill Holes with Underground Infrastructure, Historic Resources, Exploration Targets and modeled
BHEM plates.
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/224669_4064adef34da1b0d_003full.jpg
Figure
2: Selebi North: Location of Reported Drill Holes with Underground Infrastructure, Historic Resources and Exploration Targets
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/224669_4064adef34da1b0d_004full.jpg
Figure
3: Detailed view showing location of drillholes reported and mentioned in this release.
Exhibit
99.7
October
17, 2024
Premium
Nickel Engages Altitude Capital Partners
Toronto,
Ontario—(Newsfile Corp. - October 17, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL)
(“PNRL”
or the “Company”)
is pleased to announce that the Company has
entered into an advisory agreement with Altitude Capital Partners Inc. (“Altitude”)
to support the Company with capital markets strategy and analysis of funding. This engagement aims to enhance the Company’s market
presence as the Company advances its past-producing copper-nickel-cobalt-platinum group element (“Ni-Cu-Co-PGE”)
sulphide Selebi and Selkirk mines in Botswana.
Altitude
is a capital markets advisory firm based in Toronto, Ontario which is led by Michael Wekerle where he currently serves as Managing Partner.
Altitude works in cooperation with ECM Capital Advisors Inc. (“ECM”),
directed by Managing Partner, Eugene “Gene” McBurney. Mr. Wekerle has an extensive career in capital markets. Early in his
career he joined First Marathon and quickly rose up to become the head trader for the firm, where he was a key player in Roger’s
takeover of McLean Hunter in 1994. He then joined GMP (Griffiths McBurney and Partners) as Vice Chairman of trading, where he was involved
with the 1997 initial public offering of Research in Motion (RIM). In 2012, he formed his own firm, Difference Capital where he invested
in companies such as Thunderbird Films, Vision Critical, Appinions and HootSuite. Mr. Wekerle is well known for the four seasons (seasons
9 through 12) that he was an investor on the Canadian television show, Dragon’s Den. Mr. McBurney, B.A., M.A., LL.B., LL.D., has
over 25 years of international investment banking experience and is an established advisor in the global mining sector. He has a notable
history of leading landmark transactions in the natural resources sector, demonstrating his capability to deliver strategic outcomes
for his clients.
Keith
Morrison, PNRL CEO and Director, commented: “Michael
and his team at Altitude, bring a known track record of working with earlier stage resource companies, and continuing to support them
through complex market conditions. Our team is eager to work with them and help bring the benefits from their career’s experience
to PNRL.”
When
asked about working with PNRL, Michael Wekerle of Altitude Capital commented: “I’m
really looking forward to working with the Premium Nickel team and navigating through this bull market. Premium Nickel presents a
significant opportunity due to the global shift toward electrification and renewable energy particularly given the polymetallic
nature of the deposits. Copper plays an essential role in the global transition to clean energy. As the world moves away from fossil
fuels, the need for sustainable and reliable copper and nickel sources becomes essential. Premium Nickel’s projects offer not
only access to high-quality copper-nickel-cobalt-PGE deposits but also an opportunity to be at the forefront of responsible mining
practices in Africa. This combination of rising demand and the focus on sustainable best practices, positions the Company as a major
player in the energy and materials landscape, making it an ideal opportunity for investors and stakeholders.”
Gene
McBurney commented: “Bahamas-based ECM Advisors
brings decades of experience and a track record of success in the resource and mining sectors to support Premium Nickel’s team
as they reboot their Botswana copper-nickel-cobalt-PGE mines. Our expertise in navigating complex financial landscapes and our commitment
to sustainable growth align perfectly with PNRL’s vision for these mines. We’re excited to leverage our knowledge to help
revitalize one of Africa’s key nickel assets, creating value not only for stakeholders but for the communities and industries that
depend on these resources.”
Altitude
has been engaged for a term of five years, commencing as of October 1, 2024. The services to be rendered by Altitude include providing
the Company with capital markets advice, analysis of strategic opportunities, reviewing capital requirements and capital markets opportunities
for the Company as well as general market making advice and services. Pursuant to the terms of the engagement, the Company will pay Altitude
monthly fees of CAD $17,000 and the Company has agreed to grant, in consideration of Altitude’s services, 1,200,000 options pursuant
to the Company’s option plan. The options will have an exercise price of CAD $1.25 per common share for a period of five years
from the date of grant and vest in equal monthly tranches of 100,000 options commencing October 15, 2024 until the earlier of September
15, 2025 and the date the engagement is terminated. Support provided by ECM will be provided pursuant to the Company’s engagement
with Altitude; no separate agreement has been entered into with ECM. The Company is at arms-length from Altitude, ECM and their principals.
In addition to the options to be granted to Altitude by the Company in connection with the engagement as outlined above, Altitude and
ECM have advised the Company that (i) as of the effective date of the engagement and as of the date hereof, they and their principals
own, directly or indirectly, an aggregate of 1,169,500 common shares of the Company and no other securities of the Company or right or
intent to acquire such interest, and (ii) they and their principals may from time to time acquire and dispose of common shares or other
securities of the Company.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the expected impact and benefits of the engagement of Altitude (in partnership with ECM); the term length of engagement of Altitude;
the global trend towards electrification and renewable energy; the significance of copper and nickel sources and the demand relating
to energy and metals; and the objectives, goals and future plans of the Company, including the proposed advancement of the Selebi and
Selkirk projects. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily
involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied
in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information
include, but are not limited to, uncertainties relating to the availability and costs of financing needed in the future; changes in equity
markets; inflation; fluctuations in commodity prices; and those risks set out in the Company’s public disclosure record on SEDAR+
(www.sedarplus.com)
under PNRL’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X
(formally Twitter): https://twitter.com/PremiumNickel
Linked
in: https://www.linkedin.com/company/premium-nickel-resources
Facebook:
https://www.facebook.com/PremiumNickel
Exhibit
99.8
October
22, 2024
Premium
Nickel Continues to Deliver High Grade Results: 7.25 Metres of 7.48% CuEq or 3.63% NiEq Including 1.80 Metres of 10.27% CuEq or 4.99%
NiEq
View
Core Photos Page Here
Toronto,
Ontario--(Newsfile Corp. - October 22, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL) (“PNRL” or
the “Company”) announces more high-grade assay results for a further six holes from drilling 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. An initial Mineral
Resource Estimate (“MRE”) for the Selebi Mine referred to in this release and prepared in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) which was disclosed on
August 8, 2024 can also be found on the Company’s website and on SEDAR+ (www.sedarplus.ca) under the Company’s
issuer profile.
Assay
highlights include:
● |
SNUG-24-123
(South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources) |
|
|
|
|
● |
13.85 metres of 6.08% CuEq
or 2.95% NiEq (1.29% Cu, 2.33% Ni, 0.12% Co) |
|
|
|
● |
SNUG-24-131
(South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources) |
|
|
|
|
● |
7.25 metres of 7.48% CuEq
or 3.63% NiEq (1.89% Cu, 2.71% Ni, 0.11% Co) |
|
|
incl. 1.80 metres of 10.27% CuEq or 4.99% NiEq (1.86%
Cu, 4.09% Ni, 0.14% Co) |
|
|
|
● |
SNUG-24-133 (between N2 and N3): infill
drilling targeting re-classification of Inferred to Indicated Resources) |
|
|
|
|
● |
8.20 metres of 5.41% CuEq
or 2.63% NiEq (2.20% Cu, 1.56% Ni, 0.08% Co) |
Keith
Morrison, CEO of PNRL, commented:
“Together with these assays, we have reported on approximately 13,930 meters drilled at Selebi North since the MRE cut-off
date of June 30, 2024. The ongoing exploration at the Selebi North deposit consistently demonstrates exceptional high-grade
polymetallic assay results including cobalt. In addition to continued resource drilling, the Company is progressing on engineering
trade-off studies that will support our first NI 43-101 compliant economic model. These studies include metallurgical workflow
improvement, testing the application of X-ray transmission ore-sorting for underground pre-concentration to optimize the lifting
capacity at the Selebi Mines, and mining methods and options to increase the throughput from both the Selebi North and Selebi Main
deposits.”
Assay
results are provided below in Table 1 for SNUG-24-123, 125, 130, 131, 132 and 133; hole collar details are provided in Table 2.
True
width of mineralization was estimated using the wireframe as part of the Mineral Resource Estimate (see
news release August 8, 2024). Figures 1 through
3 show the location of the holes relative to the Selebi Mines Mineral Resource Estimate and underground infrastructure.
Table
1: Assay Results Selebi North Deposit
Hole-ID |
|
From
(m) |
|
To
(m) |
|
1Length
(m) |
|
2Est.
True Thickness
(m) |
|
Cu
(%) |
|
Ni
(%) |
|
3Co
(%) |
|
Limb |
|
4CuEq
(%) |
|
5NiEq
(%) |
SNUG-24-123 |
|
246.95 |
|
260.80 |
|
13.85 |
|
12.5 |
|
1.29 |
|
2.33 |
|
0.12 |
|
South |
|
6.08 |
|
2.95 |
SNUG-24-123 |
|
280.00 |
|
293.10 |
|
13.10 |
|
8.6 |
|
1.76 |
|
0.98 |
|
0.05 |
|
N2 |
|
3.77 |
|
1.83 |
incl. |
|
283.20 |
|
292.15 |
|
8.95 |
|
5.9 |
|
2.31 |
|
1.14 |
|
0.06 |
|
N2 |
|
4.67 |
|
2.27 |
SNUG-24-123 |
|
298.70 |
|
300.65 |
|
1.95 |
|
1.3 |
|
1.68 |
|
1.04 |
|
0.06 |
|
N2 |
|
3.82 |
|
1.86 |
SNUG-24-125 |
|
370.20 |
|
381.05 |
|
10.85 |
|
9.3 |
|
1.69 |
|
0.96 |
|
0.06 |
|
South |
|
3.67 |
|
1.78 |
incl. |
|
370.20 |
|
375.30 |
|
5.10 |
|
4.4 |
|
2.43 |
|
1.41 |
|
0.09 |
|
South |
|
5.33 |
|
2.59 |
SNUG-24-130 |
|
483.15 |
|
485.80 |
|
2.65 |
|
1.2 |
|
2.10 |
|
1.34 |
|
0.07 |
|
South |
|
4.86 |
|
2.36 |
SNUG-24-130 |
|
497.50 |
|
511.85 |
|
14.35 |
|
6.5 |
|
1.46 |
|
0.92 |
|
0.05 |
|
South |
|
3.36 |
|
1.63 |
incl. |
|
503.70 |
|
509.50 |
|
5.80 |
|
2.7 |
|
1.46 |
|
1.79 |
|
0.09 |
|
South |
|
5.15 |
|
2.50 |
SNUG-24-131 |
|
336.25 |
|
343.50 |
|
7.25 |
|
6.7 |
|
1.89 |
|
2.71 |
|
0.11 |
|
South |
|
7.48 |
|
3.63 |
incl. |
|
336.25 |
|
338.05 |
|
1.80 |
|
1.6 |
|
1.86 |
|
4.09 |
|
0.14 |
|
South |
|
10.27 |
|
4.99 |
SNUG-24-132 |
|
241.10 |
|
255.05 |
|
13.95 |
|
12.1 |
|
1.56 |
|
1.16 |
|
0.06 |
|
South |
|
3.95 |
|
1.92 |
incl. |
|
241.10 |
|
245.90 |
|
4.80 |
|
4.2 |
|
3.32 |
|
2.16 |
|
0.11 |
|
South |
|
7.76 |
|
3.77 |
SNUG-24-132 |
|
411.80 |
|
415.95 |
|
4.15 |
|
3.9 |
|
0.79 |
|
0.83 |
|
0.04 |
|
N2 |
|
2.50 |
|
1.21 |
SNUG-24-132 |
|
491.70 |
|
496.00 |
|
4.30 |
|
3.9 |
|
0.34 |
|
0.85 |
|
0.05 |
|
N2-N3 |
|
2.08 |
|
1.01 |
SNUG-24-133 |
|
269.30 |
|
277.50 |
|
8.20 |
|
7.2 |
|
2.20 |
|
1.56 |
|
0.08 |
|
N2-N3 |
|
5.41 |
|
2.63 |
1Length
refers to drillhole length.
2True
thickness is estimated using the Mineral Resource Estimate wireframe.
3Co
is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.
4 CuEq
was calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper recoveries
of 72.0% and 92.4% respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.
5 NiEq
was calculated using the formula NiEq=Ni+0.485*Cu
Table
2: Drill Collar Information Selebi North Deposit
HOLE
ID |
|
Mine
East |
|
Mine
North |
|
Elevation |
|
Dip |
|
Mine
Azimuth |
|
Hole
Length |
|
Comment |
SNUG-24-123 |
|
35320.4 |
|
84606.6 |
|
82.8 |
|
-32.1 |
|
265.1 |
|
359.2 |
|
Rig
#1 P6 810mL |
SNUG-24-125 |
|
35377.8 |
|
84425.1 |
|
81.2 |
|
-69.9 |
|
273.4 |
|
581.5 |
|
Rig
#3 P4 810mL |
SNUG-24-130 |
|
35367.4 |
|
84409.1 |
|
81.2 |
|
-70.6 |
|
207.8 |
|
677.9 |
|
Rig
#2 P5 810mL |
SNUG-24-131 |
|
35377.7 |
|
84425.5 |
|
81.0 |
|
-61.3 |
|
289.0 |
|
425.3 |
|
Rig
#3 P4 810mL |
SNUG-24-132 |
|
35320.4 |
|
84607.3 |
|
82.5 |
|
-40.0 |
|
280.0 |
|
563.1 |
|
Rig
#1 P6 810mL |
SNUG-24-133 |
|
35089.3 |
|
84549.5 |
|
-41.9 |
|
-30.0 |
|
290.0 |
|
479.6 |
|
Rig
#2 P8 925mL |
Drilling
and BHEM Continues
As
of October 20, 2024, a total of 58,765 metres in one hundred and fifty (150) drillholes have been drilled from eight underground drill
bays with three of those drillholes currently in-progress. Drilling totaling 28,781 meters across 65 completed holes, with 3 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 down dip and down plunge.
New
assay results not captured in the MRE will be published as they are received and verified by the Company. Due to the extensive drilling
that has intersected mineralization, the Company has released assay results only for the most significant intercepts. The results of
these new drill holes will be included in a future Mineral Resource update, with the goal of both expansion and reclassification of the
MRE. It is PNRL’s ambition that these pending results combined with future drilling would support the progression towards a Pre-feasibility
Study.
Quality
Control
The
underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada,
who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter).
All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally
1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS
Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with
a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are
completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).
Holes
are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.
BHEM
Surveys
The
BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3 component fluxgate
probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has
been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to
be invaluable because of the size of the highly conductive mineralized system.
Qualified
Person
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of National Instrument 43-101.
Technical
Report
The
MRE on the Selebi Mine is supported by the Technical Report. Reference should be made to the full text of the Technical Report for the
assumptions, qualifications and limitations set forth therein, a copy of which is available on SEDAR+ (www.sedarplus.com) under
PNRL’s issuer profile.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON BEHALF OF THE BOARD
OF DIRECTORS
Keith
Morrison
Director and Chief Executive Officer
Premium Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn Ruptash
Vice President, Communications and Government and Investor Relations
+1 (604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the response to the MRE in Botswana; the support for the redevelopment of the Selebi Mine from the National Government and local
stakeholders; drilling at Selebi North; the ability to upgrade the inferred mineral resources on Selebi North; possible expansion potential
down-dip and down-plunge of the existing MRE; the publication by the Company of a potential updated MRE or future PFS; the implementation
of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as currently contemplated;
the ability of exploration activities (including drill results) to accurately predict mineralization; management’s belief that
the Selebi and Selebi North deposits may be connected at depth; the timing and ability of the Company to publish a prefeasibility study
(by H1 2025 or at all); any discrepancies between the MRE technical report and the scientific and technical information in this news
release; the timing to release of the remaining assay results; the ability of the Company to implement its drilling, geoscience and metallurgical
work on its properties and work plans generally; the implementation of the objectives, goals and future plans of the Company including
the proposed advancement of the Selebi Mine as currently contemplated; the ability of the Company to define additional or upgrade existing
mineral resource estimates on the Selebi Mine in accordance with NI 43-101; the productivity rates for underground drilling at Selebi
North; drilling results confirming the legacy fold pattern continues at depth; the effective targeting activities proposed by the Company;
the ability to identify additional mineralization down plunge of existing workings and the ability of such findings to be used to complete
a MRE and/or to support further economic studies; the ability and timing of advancing the underground drilling program at Selebi North
as contemplated (if at all); the ability to expand the resource potential at the Selebi Mine; the results of the drill program on Selebi
North and the timing and disclosures of the Company regarding same; the relationships between, and continuity of, the various deposits
(if any); the benefits of the Company’s approach to exploration; management’s belief that the Historic Resource could be
indicative of the presence of mineralization on the deposits; and the anticipated benefits of the Company’s approach to the resource
development plan. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily
involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied
in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information
include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical
test results; the ability of exploration results to predict mineralization, prefeasibility or the feasibility of mine production; delays
in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability
and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development
of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s
public disclosure record on SEDAR+ (www.sedarplus.com) under PNRL’s issuer profile. Although the Company believes that the
assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should
not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X (formally Twitter): https://twitter.com/PremiumNickel
Linked in: https://www.linkedin.com/company/premium-nickel-resources
Facebook: https://www.facebook.com/PremiumNickel
Figure 1: Selebi North Location of Reported Drill Holes with 2024 Mineral Resource Estimate,
Underground Infrastructure and Modeled BHEM Plates.
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/227390_9bdb61b614632a55_002full.jpg
Figure
2: Selebi North Location of Reported Drill Holes with 2024 Mineral Resource Estimate and Underground Infrastructure
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/227390_9bdb61b614632a55_003full.jpg
Figure
3: Detailed view showing location of drillholes reported and mentioned in this release with 2024 Mineral Resource Estimate, Underground
Infrastructure and Modeled BHEM Plates.
Exhibit
99.9
October
24, 2024
Premium
Nickel Expands Selebi North Deposit with Discoveries of New Mineralization Beyond Initial Mineral Resource Estimate
View
Core Photos Page Here
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 |
|
● |
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 |
|
● |
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 |
|
● |
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 4.40% CuEq or 2.14% 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.
Table
1: Assay Results Selebi North Deposit
Hole-ID |
|
From
(m) |
|
To
(m) |
|
1Length
(m) |
|
2Est.
True Thickness
(m) |
|
Cu
(%) |
|
Ni
(%) |
|
3Co
(%) |
|
Limb |
|
4CuEq
(%) |
|
5NiEq
(%) |
SNUG-24-096-W1 |
|
684.60 |
|
697.50 |
|
12.90 |
|
11.5 |
|
1.54 |
|
0.95 |
|
0.05 |
|
South |
|
4.12 |
|
2.00 |
SNUG-24-096-W1 |
|
737.00 |
|
741.20 |
|
4.20 |
|
3.0 |
|
0.42 |
|
0.23 |
|
0.01 |
|
South |
|
1.10 |
|
0.53 |
SNUG-24-096-W1 |
|
762.50 |
|
787.00 |
|
24.50 |
|
Unknown |
|
0.72 |
|
0.67 |
|
0.04 |
|
N2 |
|
2.17 |
|
1.05 |
incl |
|
765.55 |
|
780.75 |
|
15.20 |
|
Unknown |
|
0.63 |
|
0.87 |
|
0.05 |
|
N2 |
|
2.17 |
|
1.05 |
SNUG-24-096-W1 |
|
777.25 |
|
780.75 |
|
3.50 |
|
Unknown |
|
1.56 |
|
1.87 |
|
0.10 |
|
N2 |
|
5.09 |
|
2.47 |
SNUG-24-102
extension |
|
510.10 |
|
527.10 |
|
17.00 |
|
Unknown |
|
0.67 |
|
0.64 |
|
0.03 |
|
N2 |
|
2.02 |
|
0.98 |
incl |
|
512.20 |
|
515.00 |
|
2.80 |
|
Unknown |
|
0.68 |
|
0.65 |
|
0.04 |
|
N2 |
|
2.05 |
|
0.99 |
and |
|
519.00 |
|
527.10 |
|
8.10 |
|
Unknown |
|
0.78 |
|
0.82 |
|
0.04 |
|
N2 |
|
2.42 |
|
1.17 |
SNUG-24-114 |
|
283.60 |
|
304.90 |
|
21.30 |
|
17.9 |
|
1.36 |
|
1.34 |
|
0.07 |
|
South |
|
4.14 |
|
2.01 |
incl |
|
283.60 |
|
297.40 |
|
13.80 |
|
11.1 |
|
1.42 |
|
1.48 |
|
0.07 |
|
South |
|
4.40 |
|
2.14 |
SNUG-24-114 |
|
316.15 |
|
317.85 |
|
1.70 |
|
1.3 |
|
0.57 |
|
0.88 |
|
0.04 |
|
South |
|
2.06 |
|
1.00 |
SNUG-24-114 |
|
461.85 |
|
468.75 |
|
6.90 |
|
Unknown |
|
0.90 |
|
0.71 |
|
0.03 |
|
N2 |
|
2.56 |
|
1.24 |
incl |
|
464.65 |
|
468.75 |
|
4.10 |
|
Unknown |
|
1.16 |
|
1.01 |
|
0.04 |
|
N2 |
|
3.41 |
|
1.66 |
SNUG-24-114 |
|
486.95 |
|
499.30 |
|
12.35 |
|
Unknown |
|
1.02 |
|
0.87 |
|
0.04 |
|
N2 |
|
2.96 |
|
1.44 |
incl |
|
486.95 |
|
496.00 |
|
9.05 |
|
Unknown |
|
1.22 |
|
0.95 |
|
0.04 |
|
N2 |
|
3.46 |
|
1.68 |
SNUG-24-114 |
|
513.50 |
|
518.10 |
|
4.60 |
|
Unknown |
|
0.53 |
|
0.41 |
|
0.02 |
|
N2 |
|
1.51 |
|
0.73 |
1
Length refers to drillhole length.
2 True thickness is estimated using the MRE wireframe where available.
3 Co
is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.
4 CuEq was
calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper
recoveries of 72.0% and 92.4% respectively, derived from metallurgical studies which consider a conceptual bulk concentrate
scenario.
5 NiEq was calculated using the formula NiEq=Ni+0.485*Cu
Table
2: Drill Collar Information Selebi North Deposit
HOLE
ID |
|
Mine
East |
|
Mine
North |
|
Elevation |
|
Dip |
|
Mine
Azimuth |
|
Hole
Length |
|
Comment |
SNUG-24-096-W1 |
|
35377.7 |
|
84423.1 |
|
81.35 |
|
-60.8 |
|
175.7 |
|
851.2 |
|
Rig
#3 810mL |
SNUG-24-102 |
|
35322.6 |
|
84605.8 |
|
82.32 |
|
-59.4 |
|
236.0 |
|
566.4 |
|
Rig
#1 810mL |
SNUG-24-114 |
|
35321.4 |
|
84606.1 |
|
82.36 |
|
-56.1 |
|
249.2 |
|
602.4 |
|
Rig
#1 810mL |
SNUG-24-144 |
|
35322.9 |
|
84604.9 |
|
82.32 |
|
-60.4 |
|
217.2 |
|
653.3 |
|
Rig
#1 810mL |
Drilling
and BHEM Continues
As
of October 22, 2024, a total of 58,999 metres in one hundred and fifty (150) drillholes have been drilled from eight underground drill
bays with three of those drillholes currently in-progress. Additional drilling, totaling 29,015 meters across 65 completed holes, with
3 more in progress, are not included in the MRE. This new drilling is a combination of infill and exploration drilling to follow the
extension of the mineralization down dip and down plunge.
New
assay results not captured in the MRE will be published as they are received and verified by the Company. Due to the extensive drilling
that has intersected mineralization, the Company has released assay results only for the most significant intercepts. The results of
these new drill holes will be included in a future mineral resource update, with the goal of both expansion and reclassification of the
MRE. It is PNRL’s ambition that these pending results combined with future drilling would support the progression towards a Pre-feasibility
Study.
Quality
Control
The
underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada,
who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter).
All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally
1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS
Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with
a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are
completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).
Holes
are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.
BHEM
Surveys
The
BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3-component fluxgate
probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has
been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to
be invaluable because of the size of the highly conductive mineralized system.
Qualified
Person
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of National Instrument 43-101.
Technical
Report
The
MRE on the Selebi Mine is supported by the Technical Report. Reference should be made to the full text of the Technical Report for the
assumptions, qualifications and limitations set forth therein, a copy of which is available on SEDAR+ (www.sedarplus.com) under
PNRL’s issuer profile.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than 20 years of
experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director and Chief Executive Officer
Premium Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn
Ruptash
Vice President, Communications and Government and Investor Relations
+1 (604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the response to the MRE in Botswana; the support for the redevelopment of the Selebi Mine from the National Government and local
stakeholders; drilling at Selebi North; the ability to upgrade the inferred mineral resources on Selebi North; possible expansion potential
down-dip and down-plunge of the existing MRE; the publication by the Company of a potential updated MRE or future PFS; the implementation
of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as currently contemplated;
the ability of exploration activities (including drill results) to accurately predict mineralization; management’s belief that the Selebi
and Selebi North deposits may be connected at depth; the timing and ability of the Company to publish a prefeasibility study (by H1 2025
or at all); any discrepancies between the MRE technical report and the scientific and technical information in this news release; the
timing to release of the remaining assay results; the ability of the Company to implement its drilling, geoscience and metallurgical
work on its properties and work plans generally; the implementation of the objectives, goals and future plans of the Company including
the proposed advancement of the Selebi Mine as currently contemplated; the ability of the Company to define additional or upgrade existing
mineral resource estimates on the Selebi Mine in accordance with NI 43-101; the productivity rates for underground drilling at Selebi
North; drilling results confirming the legacy fold pattern continues at depth; the effective targeting activities proposed by the Company;
the ability to identify additional mineralization down plunge of existing workings and the ability of such findings to be used to complete
a MRE and/or to support further economic studies; the ability and timing of advancing the underground drilling program at Selebi North
as contemplated (if at all); the ability to expand the resource potential at the Selebi Mine; the results of the drill program on Selebi
North and the timing and disclosures of the Company regarding same; the relationships between, and continuity of, the various deposits
(if any); the benefits of the Company’s approach to exploration; management’s belief that the Historic Resource could be indicative of
the presence of mineralization on the deposits; and the anticipated benefits of the Company’s approach to the resource development plan.
These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and
unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking
statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited
to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; the ability
of exploration results to predict mineralization, prefeasibility or the feasibility of mine production; delays in obtaining or failures
to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects;
the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public disclosure
record on SEDAR+ (www.sedarplus.com) under PNRL’s issuer profile. Although the Company believes that the assumptions and factors
used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information,
which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time
frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X (formally Twitter): https://twitter.com/PremiumNickel
Linked in: https://www.linkedin.com/company/premium-nickel-resources
Facebook: https://www.facebook.com/PremiumNickel
Figure
1: Selebi North Location of Reported Drill Holes with 2024 Mineral Resource Estimate
Exhibit
99.10
October
28, 2024
Premium
Nickel’s Selkirk Deposit Provides Strong Historic Drill Core Results Including 186.25 Metres of 1.65% CuEq or 0.96% NiEq
Toronto,
Ontario—(Newsfile Corp. - October 28, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL) (“PNRL” or the
“Company”) provides exceptional assay results from the re-sampling of historic drill core and an update on the Mineral
Resource Estimate (“MRE”) for the Selkirk deposit at its nickel-copper-cobalt-platinum group elements (“Ni-Cu-Co-PGE”)
sulphide Selkirk mine (“Selkirk Mine”) in Botswana.
The
Selkirk Mine is the Company’s second asset in Botswana, located 28 kilometres south-east of the town of Francistown and approximately
75 kilometres north of the Company’s flagship Selebi Mines. The Company assayed samples from a total of seventeen historic drill
holes extracted by the former operator, Tati Nickel Mining Company (“TNMC”), to obtain additional PGE analyses required
for the MRE on the Selkirk deposit. PNRL has engaged SLR Consulting Ltd. to complete an MRE in accordance with National Instrument 43-101
- Standards of Disclosure for Mineral Projects (“NI 43-101”), which is expected imminently. Results for all
Selkirk holes are reported herein.
Assay
highlights include:
|
● |
DSLK012:
139.00 metres of 1.55% CuEq or 0.90% NiEq
(0.47%
Cu, 0.38% Ni, 0.02% Co, 0.08ppm Au, 0.16ppm Pt and 0.68ppm Pd) |
|
|
|
|
● |
DSLK037:
88.85 metres of 1.09% CuEq or 0.63% NiEq
(0.29%
Cu, 0.27% Ni, 0.01% Co, 0.05ppm Au, 0.14ppm Pt and 0.61ppm Pd) |
|
|
|
|
● |
DSLK039:
108.01 metres of 0.93% CuEq or 0.54% NiEq
(0.29%
Cu, 0.21% Ni, 0.01% Co, 0.05ppm Au, 0.11ppm Pt and 0.44ppm Pd) |
|
|
|
|
● |
DSLK047:
157.00 metres of 1.21% CuEq or 0.70% NiEq
(0.35%
Cu, 0.29% Ni, 0.02% Co, 0.09ppm Au, 0.12ppm Pt and 0.54ppm Pd) |
|
|
|
|
● |
DSLK079:
114.00 metres of 1.36% CuEq or 0.79% NiEq
(0.41%
Cu, 0.35% Ni, 0.02% Co, 0.05ppm Au, 0.14ppm Pt and 0.59ppm Pd)
including:
65.00 metres of 1.64% CuEq or 0.96% NiEq
(0.50%
Cu, 0.43% Ni, 0.02% Co, 0.05ppm Au, 0.17ppm Pt and 0.70ppm Pd) |
|
|
|
|
● |
DSLK086:
168.00 metres of 1.19% CuEq or 0.69% NiEq
(0.30%
Cu, 0.32% Ni, 0.02% Co, 0.05ppm Au, 0.13ppm Pt and 0.56ppm Pd) |
|
|
|
|
● |
DSLK145:
136.50 metres of 1.06% CuEq or 0.62% NiEq
(0.28%
Cu, 0.27% Ni, 0.01% Co, 0.05ppm Au, 0.13ppm Pt and 0.55ppm Pd) |
|
|
|
|
● |
DSLK216:
210.20 metres of 1.25% CuEq or 0.73% NiEq
(0.36%
Cu, 0.32% Ni, 0.02% Co, 0.06ppm Au, 0.14ppm Pt and 0.57ppm Pd) |
|
|
|
|
● |
DSLK232:
35.84 metres of 4.04% CuEq or 2.35% NiEq
(0.98%
Cu, 1.20% Ni, 0.06% Co, 0.12ppm Au, 0.33ppm Pt and 1.74ppm Pd) |
|
|
|
|
● |
DSLK243:
186.25 metres of 1.65% CuEq or 0.96% NiEq
(0.48%
Cu, 0.41% Ni, 0.02% Co, 0.08ppm Au, 0.17ppm Pt and 0.76ppm Pd) |
Keith
Morrison, CEO of PNRL, commented: “These assay results are very good. Importantly, they are the first step in enabling PNRL
to include the historical drilling and assay database from over approximately 292 legacy drill holes and 87,152 metres, using all payable
commodities (Cu-Ni-Co-Pt-Pd-Au), in calculating an initial NI 43-101 MRE. The disseminated mineralized zone within the Selkirk host intrusive
is large and open down plunge. The initial size of the MRE at Selkirk will be determined by the cut-off grade assumptions. Ideally these
cut-off grade assumptions can be improved through future engineering and metallurgical studies optimizing the overall efficiency of the
mine.”
The
Selkirk property consists of a single mining licence covering an area of approximately 14.6 square kilometres and four prospecting licences
covering an area of approximately 126.7 square kilometres.
Mineral
resource estimates completed by previous operators were based on incomplete analysis of PGEs in the historic drill core. The Company
initiated this re-sampling program to ensure PGEs are included in the upcoming MRE. PNRL selected drillholes from various historic years
of drilling and assaying campaigns and were spaced out as a reference for a possible bulk tonnage operation. The seventeen holes sampled
cover a range of approximately 690 metres in a Northwest/Southeast direction and 210 metres in a Northeast/Southwest direction.
Assay
results are provided below in Table 1 for 17 holes that were re-sampled; hole collar details are provided in Table 2. Figure 1 shows
the location of the re-sampled holes relative to all drill holes and the underground mine development.
Table
1: Assay Results Selkirk Deposit
HOLE
ID |
|
FROM
(m) |
|
TO
(m) |
|
1LENGTH
(m) |
|
Cu
(%) |
|
NI
(%) |
|
Co
(%) |
|
Au
(ppm) |
|
Pt
(ppm) |
|
Pd
(ppm) |
|
2CuEq
(%) |
|
3NiEq
(%) |
DSLK012 |
|
71.00 |
|
211.00 |
|
139.00 |
|
0.47 |
|
0.38 |
|
0.02 |
|
0.08 |
|
0.16 |
|
0.68 |
|
1.55 |
|
0.90 |
DSLK028 |
|
37.00 |
|
110.00 |
|
68.70 |
|
0.32 |
|
0.26 |
|
0.01 |
|
0.06 |
|
0.13 |
|
0.61 |
|
1.11 |
|
0.64 |
DSLK035 |
|
61.00 |
|
92.85 |
|
31.85 |
|
0.29 |
|
0.27 |
|
0.01 |
|
0.05 |
|
0.13 |
|
0.62 |
|
1.10 |
|
0.64 |
DSLK035 |
|
110.00 |
|
189.00 |
|
79.00 |
|
0.24 |
|
0.22 |
|
0.01 |
|
0.05 |
|
0.11 |
|
0.49 |
|
0.90 |
|
0.52 |
DSLK037 |
|
31.15 |
|
120.00 |
|
88.85 |
|
0.29 |
|
0.27 |
|
0.01 |
|
0.05 |
|
0.14 |
|
0.61 |
|
1.09 |
|
0.63 |
DSLK039 |
|
120.00 |
|
238.00 |
|
108.01 |
|
0.29 |
|
0.21 |
|
0.01 |
|
0.05 |
|
0.11 |
|
0.44 |
|
0.93 |
|
0.54 |
DSLK040 |
|
81.00 |
|
169.00 |
|
88.00 |
|
0.37 |
|
0.30 |
|
0.02 |
|
0.05 |
|
0.12 |
|
0.53 |
|
1.23 |
|
0.71 |
DSLK040 |
|
186.60 |
|
200.00 |
|
13.40 |
|
0.51 |
|
0.27 |
|
0.02 |
|
0.05 |
|
0.12 |
|
0.53 |
|
1.30 |
|
0.76 |
DSLK047 |
|
107.00 |
|
264.00 |
|
157.00 |
|
0.35 |
|
0.29 |
|
0.02 |
|
0.09 |
|
0.12 |
|
0.54 |
|
1.21 |
|
0.70 |
DSLK075 |
|
50.00 |
|
73.00 |
|
23.00 |
|
0.24 |
|
0.24 |
|
0.01 |
|
0.04 |
|
0.10 |
|
0.50 |
|
0.94 |
|
0.55 |
DSLK075 |
|
89.00 |
|
101.00 |
|
12.00 |
|
0.27 |
|
0.26 |
|
0.01 |
|
0.05 |
|
0.13 |
|
0.60 |
|
1.06 |
|
0.62 |
DSLK075 |
|
115.00 |
|
214.00 |
|
99.00 |
|
0.32 |
|
0.27 |
|
0.01 |
|
0.06 |
|
0.13 |
|
0.63 |
|
1.15 |
|
0.67 |
DSLK079 |
|
100.00 |
|
214.00 |
|
114.00 |
|
0.41 |
|
0.35 |
|
0.02 |
|
0.05 |
|
0.14 |
|
0.59 |
|
1.36 |
|
0.79 |
incl. |
|
123.00 |
|
188.00 |
|
65.00 |
|
0.50 |
|
0.43 |
|
0.02 |
|
0.05 |
|
0.17 |
|
0.70 |
|
1.64 |
|
0.96 |
DSLK086 |
|
56.00 |
|
76.00 |
|
20.00 |
|
0.19 |
|
0.20 |
|
0.01 |
|
0.04 |
|
0.10 |
|
0.39 |
|
0.77 |
|
0.45 |
DSLK086 |
|
106.00 |
|
274.00 |
|
168.00 |
|
0.30 |
|
0.32 |
|
0.02 |
|
0.05 |
|
0.13 |
|
0.56 |
|
1.19 |
|
0.69 |
DSLK139 |
|
277.00 |
|
333.00 |
|
56.00 |
|
0.33 |
|
0.28 |
|
0.02 |
|
0.06 |
|
0.13 |
|
0.55 |
|
1.15 |
|
0.67 |
incl. |
|
277.00 |
|
297.00 |
|
20.00 |
|
0.39 |
|
0.35 |
|
0.02 |
|
0.06 |
|
0.15 |
|
0.64 |
|
1.38 |
|
0.80 |
DSLK145 |
|
90.00 |
|
128.00 |
|
38.00 |
|
0.13 |
|
0.16 |
|
0.01 |
|
0.03 |
|
0.09 |
|
0.40 |
|
0.64 |
|
0.37 |
DSLK145 |
|
140.00 |
|
202.00 |
|
25.80 |
|
0.06 |
|
0.08 |
|
0.01 |
|
0.01 |
|
0.04 |
|
0.14 |
|
0.28 |
|
0.16 |
DSLK145 |
|
213.00 |
|
349.50 |
|
136.50 |
|
0.28 |
|
0.27 |
|
0.01 |
|
0.05 |
|
0.13 |
|
0.55 |
|
1.06 |
|
0.62 |
incl. |
|
249.00 |
|
349.50 |
|
100.50 |
|
0.31 |
|
0.28 |
|
0.01 |
|
0.05 |
|
0.14 |
|
0.60 |
|
1.14 |
|
0.66 |
DSLK216 |
|
61.00 |
|
273.00 |
|
210.20 |
|
0.36 |
|
0.32 |
|
0.02 |
|
0.06 |
|
0.14 |
|
0.57 |
|
1.25 |
|
0.73 |
incl. |
|
61.00 |
|
97.00 |
|
36.00 |
|
0.24 |
|
0.27 |
|
0.02 |
|
0.05 |
|
0.11 |
|
0.44 |
|
0.99 |
|
0.58 |
and |
|
117.00 |
|
273.00 |
|
154.45 |
|
0.41 |
|
0.35 |
|
0.02 |
|
0.06 |
|
0.15 |
|
0.64 |
|
1.39 |
|
0.81 |
DSLK218 |
|
14.00 |
|
46.00 |
|
32.00 |
|
0.26 |
|
0.18 |
|
0.02 |
|
0.04 |
|
0.11 |
|
0.33 |
|
0.80 |
|
0.46 |
DSLK219 |
|
21.00 |
|
36.60 |
|
15.60 |
|
0.29 |
|
0.23 |
|
0.01 |
|
0.05 |
|
0.11 |
|
0.43 |
|
0.95 |
|
0.55 |
DSLK219 |
|
41.00 |
|
63.80 |
|
22.80 |
|
0.33 |
|
0.24 |
|
0.02 |
|
0.06 |
|
0.11 |
|
0.45 |
|
1.03 |
|
0.60 |
DSLK219 |
|
78.90 |
|
99.00 |
|
20.10 |
|
0.59 |
|
0.34 |
|
0.02 |
|
0.09 |
|
0.13 |
|
0.61 |
|
1.57 |
|
0.91 |
DSLK219 |
|
111.00 |
|
130.00 |
|
19.00 |
|
0.27 |
|
0.18 |
|
0.01 |
|
0.04 |
|
0.08 |
|
0.48 |
|
0.84 |
|
0.49 |
DSLK219 |
|
181.00 |
|
191.00 |
|
10.00 |
|
0.26 |
|
0.18 |
|
0.01 |
|
0.04 |
|
0.08 |
|
0.29 |
|
0.77 |
|
0.45 |
DSLK232 |
|
35.00 |
|
70.84 |
|
35.84 |
|
0.98 |
|
1.20 |
|
0.06 |
|
0.12 |
|
0.33 |
|
1.74 |
|
4.04 |
|
2.35 |
incl. |
|
47.3 |
|
64.00 |
|
16.70 |
|
1.56 |
|
1.73 |
|
0.1 |
|
0.09 |
|
0.37 |
|
2.14 |
|
5.78 |
|
3.36 |
DSLK243 |
|
120.00 |
|
306.25 |
|
186.25 |
|
0.48 |
|
0.41 |
|
0.02 |
|
0.08 |
|
0.17 |
|
0.76 |
|
1.65 |
|
0.96 |
1Length
refers to drillhole length.
2
CuEq was calculated using the formula CuEq=Cu+1.72*Ni+2.57*Co+0.928Au+0.35*Pt+0.36*Pd assuming October 23, 2024 prices of US$7.38/lb
Ni, US$4.29/lb Cu, US$11.02/lb Co, US$2,716.85/troy ounce Au, US$1,017.20/troy ounce Pt and US$1,048.50/troy ounce Pd with no adjustments
for recoveries or payabilities.
3
NiEq was calculated using the formula NiEq=Ni+0.58*CuEq
Table
2: Drill Collar Information Selkirk Deposit
HOLE
ID |
|
1Easting |
|
1Northing |
|
1Elevation |
|
Dip |
|
Azimuth |
|
Hole
Length (m) |
DSLK012 |
|
575449.5 |
|
7642670.7 |
|
996.9 |
|
-70.00 |
|
30.0 |
|
368.2 |
DSLK028 |
|
575592.3 |
|
7642713.7 |
|
992.5 |
|
-70.00 |
|
35.0 |
|
188.0 |
DSLK035 |
|
575507.0 |
|
7642676.2 |
|
993.1 |
|
-90.00 |
|
335.0 |
|
256.6 |
DSLK037 |
|
575555.9 |
|
7642642.1 |
|
989.7 |
|
-70.00 |
|
35.0 |
|
150.0 |
DSLK039 |
|
575372.3 |
|
7642697.2 |
|
1001.4 |
|
-72.00 |
|
40.0 |
|
341.1 |
DSLK040 |
|
575408.9 |
|
7642745.1 |
|
998.5 |
|
-69.00 |
|
38.0 |
|
315.7 |
DSLK047 |
|
575340.1 |
|
7642646.4 |
|
996.4 |
|
-70.00 |
|
42.0 |
|
376.8 |
DSLK075 |
|
575367.3 |
|
7642480.9 |
|
986.7 |
|
-72.00 |
|
28.5 |
|
362.4 |
DSLK079 |
|
575319.9 |
|
7642514.8 |
|
988.0 |
|
-70.00 |
|
35.0 |
|
385.1 |
DSLK086 |
|
575285.3 |
|
7642465.2 |
|
984.1 |
|
-70.00 |
|
35.0 |
|
452.0 |
DSLK139 |
|
575148.8 |
|
7642268.3 |
|
982.7 |
|
-69.60 |
|
40.2 |
|
490.3 |
DSLK145 |
|
575197.4 |
|
7642233.7 |
|
982.7 |
|
-68.58 |
|
39.3 |
|
375.3 |
DSLK216 |
|
575410.3 |
|
7642670.8 |
|
999.1 |
|
-87.94 |
|
209.7 |
|
369.5 |
DSLK218 |
|
575376.4 |
|
7642794.8 |
|
990.7 |
|
-86.97 |
|
97.0 |
|
241.4 |
DSLK219 |
|
575470.5 |
|
7642852.1 |
|
991.7 |
|
-87.99 |
|
359.4 |
|
67.3 |
DSLK232 |
|
575563.29 |
|
7642894.07 |
|
1001.8 |
|
-90 |
|
360 |
|
70.8 |
DSLK243 |
|
575325.0 |
|
7642547.6 |
|
988.5 |
|
-88.96 |
|
291.7 |
|
300.1 |
1Coordinates
are WGS84z35S with geoidal elevations
Work
Continues
The
Company has proposed a work plan at the Selkirk Mine and its surrounding prospecting licences that includes a drill program to better
define the existing resources and to explore for additional resources. Additional metallurgical studies are also planned, using fresh
drill core samples obtained from future drilling.
Quality
Control
Drill
core samples are NQ (47.75 mm diameter). All samples are ½ core previously cut by a diamond saw on site. Samples are generally
1.0 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS Chemex
in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with a range
of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are completed
using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).
Qualified
Person
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of National Instrument 43-101.
Technical
Report
In
2023, the Company filed a technical report in respect of the Selkirk Mine titled “NI 43-101 Technical Report, Selkirk Nickel Project,
Northeast District, Republic of Botswana” dated April 12, 2023 (with an effective date of March 31, 2023) (the “Selkirk Technical
Report”), a copy of which is available on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Information
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the response to Mineral Resource Estimates in Botswana; the support for the redevelopment of the Selkirk Mine from the National Government
and local stakeholders; mining at Selkirk; the ability to upgrade the inferred mineral resources on Selkirk; the publication by the Company
of an initial Mineral Resource Estimate or future PFS; the implementation of the objectives, goals and future plans of the Company including
the proposed advancement of the Selkirk Mine as currently contemplated; the ability of exploration activities (including drill results)
to accurately predict mineralization; management’s belief that the Selebi and Selebi North deposits may be connected at depth;
the timing and ability of the Company to publish a prefeasibility study (by H1 2025 or at all); any discrepancies between the initial
Mineral Resource Estimate technical report and the scientific and technical information in this news release; the timing to release of
the remaining assay results; the ability of the Company to implement its drilling, geoscience and metallurgical work on its properties
and work plans generally; the implementation of the objectives, goals and future plans of the Company including the proposed advancement
of the Selebi Mine and Selkirk Mine as currently contemplated; the ability of the Company to define additional or upgrade existing mineral
resource estimates on the Selkirk Mine in accordance with NI 43-101; the productivity rates for mining at Selkirk; drilling results confirming
the legacy fold pattern continues at depth; the effective targeting activities proposed by the Company; the ability to identify additional
mineralization down plunge of existing workings and the ability of such findings to be used to complete a Mineral Resource Estimate and/or
to support further economic studies; the ability and timing of advancing the mining programs at the Selebi Mine and the Selkirk Mine
as contemplated (if at all); the ability to expand the resource potential at the Selkirk Mine; the results of the mining program on Selkirk
and the timing and disclosures of the Company regarding same; the relationships between, and continuity of, the various deposits (if
any); the benefits of the Company’s approach to exploration; management’s belief that the Historic Resource could be indicative
of the presence of mineralization on the deposits; and the anticipated benefits of the Company’s approach to the resource development
plan. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known
and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking
statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited
to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; the ability
of exploration results to predict mineralization, prefeasibility or the feasibility of mine production; delays in obtaining or failures
to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects;
the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public disclosure
record on SEDAR+ (www.sedarplus.ca) under PNRL’s issuer profile. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in
the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X
(formally Twitter): https://twitter.com/PremiumNickel
Linked
in: https://www.linkedin.com/company/premium-nickel-resources
Facebook:
https://www.facebook.com/PremiumNickel
Figure
1: Selkirk location of the re-sampled holes relative to all drill holes and the underground mine development.
Exhibit
99.11
October
30, 2024
Premium
Nickel Announces Results of Annual General and Special Shareholders’ Meeting Including Name Change
Toronto,
Ontario—(Newsfile Corp. - October 30, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL)
(“PNRL”
or the “Company”)
is pleased to report on the results of its
Annual General and Special Meeting (the “Meeting”)
of shareholders held on October 29, 2024. All proposed resolutions, each described in the notice of the meeting and management information
circular of the Company dated September 19, 2024, were approved by the shareholders of the Company.
The
shareholders re-elected James Gowans (Chairman), Don Newberry, Jason LeBlanc, Keith Morrison, Paul Martin, Mark Christensen, Norman MacDonald
and William O’Reilly as directors of the Company to hold office until the next annual meeting of shareholders or until their successors
are elected or appointed. MNP LLP were appointed as auditors for the Company for the ensuing year. In addition, shareholders approved:
(i) the change of name of the Company to “Premium Resources Ltd.” or such other name as may be approved by the board of directors
of the Company; (ii) the Company’s restricted share unit plan; and (iii) the previous grants of restricted share units.
Following
the meeting, the board of directors re-appointed the officers of the Company, namely Keith Morrison (Chief Executive Officer), Peter
Rawlins (Senior Vice President & Chief Financial Officer), Timothy Moran (Corporate Secretary and Chief Legal Officer) and Sharon
Taylor (Vice President Exploration). Sean Whiteford continues as President of Premium Resources International Ltd., an indirect wholly-owned
subsidiary of the Company, which indirectly owns the Company’s Botswana mines.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Nickel Resources Ltd.
For
further information about Premium Resources Ltd., please contact:
Jaclyn
Ruptash
Vice President, Communications and Government and Investor Relations
+1 (604) 770-4334
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X
(formally Twitter): https://twitter.com/PremiumNickel
Linked
in: https://www.linkedin.com/company/premium-nickel-resources
Facebook:
https://www.facebook.com/PremiumNickel
Exhibit
99.12
November
11, 2024
Premium
Nickel Extends Selebi Mines Study Phase and Provides Operational Update
Toronto,
Ontario—(Newsfile Corp. - November 11, 2024) - Premium Nickel Resources Ltd. (TSXV:
PNRL) (“PNRL”
or the “Company”) has
extended the Study Phase (as defined under Section 43 of the Botswana Mining Act) for the Selebi Mines project pursuant to the terms
of the asset purchase agreement (the “Selebi APA”)
with the BCL liquidator. This extension follows successful completion by the Company of the work and investment milestones required by
the Selebi APA. It provides the Company with an additional one year, to February 1, 2026, to complete an economic study and make the
next milestone payment, in the amount of US$25 million, under the Selebi APA.
On
January 31, 2022, the Company closed the Selebi APA, and ownership of the Selebi Mines transferred to the Company. The Selkirk Mine license
and exploration permits were acquired in August 2022. Included in the Selebi APA, are contingent milestone payments which apply in aggregate
to both the Selebi Mines and the Selkirk Mine as the assets are derisked.
Selebi
Mines
The
Company is advancing its resource characterization drilling program at Selebi North, which is expected to be completed by the end of
2024. The underground development team has mobilized to the Selebi Main deposit to support underground exploration drilling starting
in 2025. Initial drill bays will be established enabling drill testing of large borehole electromagnetic conductors located below the
legacy Selebi Mine horizons.
The
work at the Selebi Mines is focused on advancing key activities that will support an economic study prepared in accordance with National
Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI
43-101”). In addition to the underground
exploration drilling, the Company is completing engineering trade-off studies and advancing metallurgical studies. The company is evaluating
advancing to a preliminary economic assessment (“NI 43-101 PEA”)
versus moving directly to a prefeasibility study (“NI 43-101 PFS”).
The benefits include less time and cost and the ability to publish an initial economic model including a broad range of development options.
Selkirk
Mine
The
Company recently published results from seventeen historic drill cores for nickel, copper, cobalt, and Platinum Group Elements, providing
additional data needed for the Selkirk deposit’s mineral resource estimate (“MRE”)
which is expected imminently (see PNRL news release dated October 28, 2024). A proposed work plan for the Selkirk deposit will be defined
following receipt and review of the completed MRE.
Company
Name Change
At
the Annual General and Special Meeting of shareholders held on October 29, 2024, shareholders approved of the Company changing its name
to “Premium Resources Ltd.”. The Company is in the process of effecting the name change and expects to complete that process
in the coming weeks.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Information
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the ability of the Company to effect the proposed name change on terms acceptable to the Company, if at all; the support for the
redevelopment of the Selkirk Mine from the National Government and local stakeholders; the ability of exploration activities (including
drill results) to accurately predict mineralization; management’s belief that the Selebi and Selebi North deposits may be connected
at depth; the timing to release of the remaining assay results; the ability of the Company to implement its drilling, geoscience and
metallurgical work on its properties and work plans generally; the implementation of the objectives, goals and future plans of the Company
including the proposed advancement of the Selebi Mines and the Selkirk Mine as currently contemplated; the effective targeting activities
proposed by the Company; the ability to identify additional mineralization down plunge of existing workings and the ability of such findings
to be used to complete a Mineral Resource Estimate and/or to support further economic studies; and the anticipated benefits of the Company’s
approach to the resource development plan. These forward-looking statements, by their nature, require the Company to make certain assumptions
and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed
or implied in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking
information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature
of metallurgical test results; the ability of exploration results to predict mineralization, prefeasibility or the feasibility of mine
production; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties
relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity
prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those
risks set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X
(formally Twitter): https://twitter.com/Prem_Resources
Linked
in: https://www.linkedin.com/company/Premium-Resources
Facebook:
https://www.facebook.com/PremiumResourcesLtd
Exhibit
99.13
November
13, 2024
Premium
Nickel Intersects Significant Lengths of Mineralization at Selebi North: 28.70 Metres of 3.45% CuEq or 1.67% NiEq
View
Core Photos Page Here
Toronto,
Ontario—(Newsfile Corp. - November 13, 2024) - Premium Nickel Resources Ltd. (TSXV:
PNRL) (“PNRL”
or the “Company”) announces
high-grade assay results for a further ten holes all drilled within the 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.premiumresources.com.
To view the 3D modeling, please visit the following link https://vrify.com/decks/17284.
Infill
Drilling Assay Highlights for Resource Reclassification:
|
● |
SNUG-24-129:
South Limb |
|
|
9.70
metres of 6.12% CuEq or 2.97% NiEq (2.44% Cu, 1.79% Ni, 0.09% Co) |
|
|
incl.
7.20 metres of 7.24% CuEq or 3.52% NiEq (2.74% Cu, 2.19% Ni, 0.10% Co) |
|
|
|
|
● |
SNUG-24-138:
N2 Limb |
|
|
28.70
metres of 3.45% CuEq or 1.67% NiEq (1.66% Cu, 0.87% Ni, 0.05% Co) |
|
|
incl.
10.60 metres of 4.75% CuEq or 2.30% NiEq (1.26% Cu, 1.69% Ni, 0.09% Co) |
|
|
|
|
● |
SNUG-24-139: South Limb/N2 |
|
|
10.30 metres of 4.80% CuEq or 2.33% NiEq (2.29% Cu, 1.22% Ni, 0.06% Co) |
Keith
Morrison, CEO of PNRL, commented: “These assays
are the next group of in-fill drilling results at our Selebi North deposit. We have used the National Instrument 43-101 mineral resource
estimate geometry to estimate the true widths of these holes. They continue to demonstrate both very good grades and widths. Assays are
pending for approximately 14,000 metres of in-fill and expansion drilling.”
Assay
results are provided below in Table 1 for SNUG-24-129,134,135,136,138,139,140,141,142 and 147; and drill hole collar details are provided
in Table 2.
True
thickness of mineralization was estimated using the wireframe as part of the MRE (see PNRL news release dated August 8, 2024). Figures
1 and 2 show the location of the holes relative to the MRE and underground infrastructure.
Table
1: Assay Results Selebi North Deposit
Hole-ID |
|
From
(m) |
|
To
(m) |
|
1Length
(m) |
|
2Est.
True
Thickness
(m) |
|
Cu
(%) |
|
Ni
(%) |
|
3Co
(%) |
|
Limb |
|
4CuEq
(%) |
|
5NiEq
(%) |
SNUG-24-129 |
|
261.30 |
|
271.00 |
|
9.70 |
|
8.7 |
|
2.44 |
|
1.79 |
|
0.09 |
|
South
Limb |
|
6.12 |
|
2.97 |
incl |
|
261.30 |
|
268.50 |
|
7.20 |
|
6.4 |
|
2.74 |
|
2.19 |
|
0.10 |
|
South
Limb |
|
7.24 |
|
3.52 |
SNUG-24-134 |
|
348.15 |
|
352.25 |
|
4.10 |
|
3.8 |
|
1.10 |
|
1.16 |
|
0.07 |
|
South
Limb |
|
3.48 |
|
1.69 |
SNUG-24-135 |
|
314.50 |
|
321.40 |
|
6.90 |
|
5.7 |
|
0.86 |
|
0.58 |
|
0.03 |
|
South
Limb |
|
2.06 |
|
1.00 |
SNUG-24-135 |
|
325.90 |
|
344.50 |
|
18.60 |
|
10.3 |
|
0.70 |
|
0.70 |
|
0.04 |
|
N2 |
|
2.14 |
|
1.04 |
incl |
|
337.30 |
|
339.85 |
|
2.55 |
|
1.5 |
|
1.15 |
|
2.18 |
|
0.11 |
|
N2 |
|
5.65 |
|
2.74 |
SNUG-24-136 |
|
388.30 |
|
397.70 |
|
9.40 |
|
7.5 |
|
0.58 |
|
1.06 |
|
0.05 |
|
South
Limb /N2 |
|
2.77 |
|
1.35 |
incl |
|
390.50 |
|
397.00 |
|
6.50 |
|
5.2 |
|
0.52 |
|
1.44 |
|
0.07 |
|
South
Limb /N2 |
|
3.48 |
|
1.69 |
SNUG-24-138 |
|
348.85 |
|
377.55 |
|
28.70 |
|
21.9 |
|
1.66 |
|
0.87 |
|
0.05 |
|
N2 |
|
3.45 |
|
1.67 |
incl |
|
348.85 |
|
359.45 |
|
10.60 |
|
8.1 |
|
1.26 |
|
1.69 |
|
0.09 |
|
N2 |
|
4.75 |
|
2.30 |
and |
|
372.00 |
|
374.65 |
|
2.65 |
|
2.1 |
|
4.36 |
|
0.86 |
|
0.05 |
|
N2 |
|
6.13 |
|
2.97 |
SNUG-24-139 |
|
377.00 |
|
387.30 |
|
10.30 |
|
9.3 |
|
2.29 |
|
1.22 |
|
0.06 |
|
South
Limb/N2 |
|
4.80 |
|
2.33 |
SNUG-24-140 |
|
325.30 |
|
332.30 |
|
7.00 |
|
6.6 |
|
1.18 |
|
1.71 |
|
0.09 |
|
N3 |
|
4.71 |
|
2.28 |
SNUG-24-141 |
|
361.45 |
|
365.05 |
|
3.60 |
|
3.5 |
|
0.25 |
|
1.20 |
|
0.06 |
|
SL |
|
2.71 |
|
1.32 |
SNUG-24-141 |
|
368.35 |
|
402.40 |
|
34.05 |
|
20.7 |
|
0.60 |
|
0.80 |
|
0.05 |
|
SL/N2 |
|
2.24 |
|
1.09 |
incl |
|
368.35 |
|
375.45 |
|
7.10 |
|
4.4 |
|
1.04 |
|
1.17 |
|
0.06 |
|
SL/N2 |
|
3.45 |
|
1.67 |
and |
|
396.35 |
|
402.40 |
|
6.05 |
|
3.7 |
|
0.91 |
|
1.62 |
|
0.09 |
|
N2 |
|
4.23 |
|
2.06 |
SNUG-24-142 |
|
517.10 |
|
520.10 |
|
3.00 |
|
2.9 |
|
0.82 |
|
0.38 |
|
0.02 |
|
N3 |
|
1.61 |
|
0.78 |
SNUG-24-147 |
|
259.30 |
|
260.65 |
|
1.35 |
|
1.0 |
|
1.16 |
|
1.90 |
|
0.08 |
|
N3 |
|
5.08 |
|
2.46 |
SNUG-24-147 |
|
270.15 |
|
272.60 |
|
2.45 |
|
2.3 |
|
1.76 |
|
1.55 |
|
0.07 |
|
N3 |
|
4.95 |
|
2.40 |
SNUG-24-147 |
|
442.40 |
|
443.80 |
|
1.40 |
|
1.3 |
|
1.48 |
|
1.21 |
|
0.08 |
|
N3 |
|
3.97 |
|
1.93 |
1Length
refers to drillhole length.
2True
thickness is estimated using the MRE wireframe where available.
3Co
is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.
4 CuEq
was calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper recoveries
of 72.0% and 92.4% respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.
5 NiEq
was calculated using the formula NiEq=Ni+0.485*Cu.
Table
2: Drill Collar Information Selebi North Deposit
HOLE
ID |
|
Mine
East |
|
Mine
North |
|
Elevation |
|
Dip |
|
Mine
Azimuth |
|
Hole
Length |
|
Comment |
SNUG-24-129 |
|
35320.5 |
|
84607.1 |
|
82.6 |
|
-49.6 |
|
270.0 |
|
617.1 |
|
Rig
#1 810mL P6 |
SNUG-24-134 |
|
35377.7 |
|
84426.1 |
|
81.2 |
|
-55.8 |
|
289.3 |
|
392.3 |
|
Rig
#3 810mL P4 |
SNUG-24-135 |
|
35322.2 |
|
84605.5 |
|
82.4 |
|
-46.4 |
|
222.8 |
|
389.4 |
|
Rig
#1 810mL P6 |
SNUG-24-136 |
|
35377.6 |
|
84425.6 |
|
81.2 |
|
-62.4 |
|
272.1 |
|
578.0 |
|
Rig
#3 810mL P4 |
SNUG-24-138 |
|
35322.3 |
|
84605.8 |
|
82.4 |
|
-52.7 |
|
239.5 |
|
428.6 |
|
Rig
#1 810mL P6 |
SNUG-24-139 |
|
35377.8 |
|
84425.7 |
|
81.3 |
|
-56.5 |
|
279.8 |
|
427.4 |
|
Rig
#3 810mL P4 |
SNUG-24-140 |
|
35089.1 |
|
84549.4 |
|
-42.1 |
|
-29.8 |
|
285.5 |
|
463.9 |
|
Rig
#2 810mL P8 |
SNUG-24-141 |
|
35322.3 |
|
84605.5 |
|
82.4 |
|
-52.1 |
|
217.3 |
|
440.3 |
|
Rig
#1 810mL P6 |
SNUG-24-142 |
|
35089.8 |
|
84550.1 |
|
-42.1 |
|
-30.4 |
|
298.8 |
|
587.7 |
|
Rig
#2 810mL P8 |
SNUG-24-147 |
|
35089.3 |
|
84548.7 |
|
-42.4 |
|
-39.6 |
|
282.5 |
|
481.9 |
|
Rig
#2 810mL P8 |
Drilling
and BHEM Continues
As
of November 10, 2024, a total of 60,899 metres in one hundred and fifty-six (156) drillholes have been drilled from eight underground
drill bays with three of those drillholes currently in-progress. Additional drilling, totaling 30,915 meters across 71 completed holes,
with 3 more in progress, are not included in the MRE. BHEM surveys have been completed in 59 holes. This new drilling is a combination
of infill and exploration drilling to follow the extension of the mineralization down dip and down plunge.
New
assay results not captured in the MRE will be published as they are received and verified by the Company. Due to the extensive drilling
that has intersected mineralization, the Company has released assay results only for the most significant intercepts. The results of
these new drill holes will be included in a future mineral resource update, with the goal of both expansion and reclassification of the
MRE. It is PNRL’s ambition that these pending results combined with future drilling would support the progression towards an economic
study prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Quality
Control
The
underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada,
who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter).
All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally
1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS
Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with
a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are
completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).
Holes
are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.
BHEM
Surveys
The
BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3 component fluxgate
probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has
been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to
be invaluable because of the size of the highly conductive mineralized system.
Qualified
Person
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of National Instrument 43-101.
Technical
Report
The
MRE on the Selebi Mine is supported by the Technical Report. Reference should be made to the full text of the Technical Report for the
assumptions, qualifications and limitations set forth therein, a copy of which is available on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile.
About
Premium Nickel Resources Ltd.
PNRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PNRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Nickel Resources Ltd.
For
further information about Premium Nickel Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the response to the MRE in Botswana; the support for the redevelopment of the Selebi Mine from the National Government and local
stakeholders; drilling at Selebi North; the ability to upgrade the inferred mineral resources on Selebi North; possible expansion potential
down-dip and down-plunge of the existing MRE; the publication by the Company of a potential updated MRE or future PFS; the implementation
of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as currently contemplated;
the ability of exploration activities (including drill results) to accurately predict mineralization; management’s belief that
the Selebi and Selebi North deposits may be connected at depth; the timing and ability of the Company to publish a prefeasibility study
(by H1 2025 or at all); any discrepancies between the MRE technical report and the scientific and technical information in this news
release; the timing to release of the remaining assay results; the ability of the Company to implement its drilling, geoscience and metallurgical
work on its properties and work plans generally; the implementation of the objectives, goals and future plans of the Company including
the proposed advancement of the Selebi Mine as currently contemplated; the ability of the Company to define additional or upgrade existing
mineral resource estimates on the Selebi Mine in accordance with NI 43-101; the productivity rates for underground drilling at Selebi
North; drilling results confirming the legacy fold pattern continues at depth; the effective targeting activities proposed by the Company;
the ability to identify additional mineralization down plunge of existing workings and the ability of such findings to be used to complete
a MRE and/or to support further economic studies; the ability and timing of advancing the underground drilling program at Selebi North
as contemplated (if at all); the ability to expand the resource potential at the Selebi Mine; the results of the drill program on Selebi
North and the timing and disclosures of the Company regarding same; the relationships between, and continuity of, the various deposits
(if any); the benefits of the Company’s approach to exploration; management’s belief that the Historic Resource could be
indicative of the presence of mineralization on the deposits; and the anticipated benefits of the Company’s approach to the resource
development plan. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily
involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied
in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information
include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical
test results; the ability of exploration results to predict mineralization, prefeasibility or the feasibility of mine production; delays
in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability
and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development
of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s
public disclosure record on SEDAR+ (www.sedarplus.ca)
under PNRL’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X
(formally Twitter): https://twitter.com/Prem_Resources
Linked
in: https://www.linkedin.com/company/Premium-Resources
Facebook:
https://www.facebook.com/PremiumResourcesLtd
Figure 1: Selebi North Location of Reported Drill Holes with 2024 Mineral Resource Estimate
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/229759_8409c1cd84e75b85_002full.jpg
Figure 2: Detailed view showing location of drillholes reported and mentioned in this release
with 2024 Mineral Resource Estimate, Underground Infrastructure and Modeled BHEM Plates.
Exhibit
99.14
November
18, 2024
Premium
Resources Ltd. Announces Name Change
Toronto,
Ontario—(Newsfile Corp. - November 18, 2024) - Premium Resources Ltd. (TSXV: PNRL) (“PRL”
or the “Company”)
is pleased to announce that the Company has changed its name from “Premium Nickel Resources Ltd.” to “Premium Resources
Ltd.” (the “Name Change”).
The Name Change was approved at the Annual General and Special Meeting of shareholders held on October 29, 2024.
Accordingly,
it is anticipated that the Company’s common shares will commence trading under the new name and new stock ticker symbol “PREM”
at the start of trading on November 20, 2024, on the TSX Venture Exchange. In connection with the Name Change, the following new CUSIP
74061L104 and ISIN CA74061L1040 numbers have been assigned to the common shares of the Company.
The
Name Change is being proposed to more accurately reflect the Company’s current projects and focus on a broader range of critical
metals than nickel. The Company’s flagship asset is the Selebi project, a nickel-copper-cobalt sulphide past producing mine. The
Company’s Selkirk project is a nickel-copper-cobalt and platinum group elements sulphide past producing mine. Management believes
that the Name Change is in the best interest of shareholders and better reflects the Company’s overall business strategy, projects,
mission and vision.
No
action is required to be taken by shareholders with respect to the name change. Outstanding common share and warrant certificates bearing
the old name of the Company are still valid and are not affected by the name and ticker symbol change.
About
Premium Resources Ltd.
PRL
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PRL
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PRL’s senior team members have on average more than 20
years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Resources Ltd.
For
further information about Premium Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the implementation of the objectives, goals and future plans of the Company including the proposed redevelopment of past producing
mines; the anticipated date the common shares will begin trading on the TSX Venture Exchange under the new ticker symbol; and the significance
of management’s prior experience in developing mineral projects. These forward-looking statements, by their nature, require the
Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results
to differ materially from those expressed or implied in these forward-looking statements. Factors that could cause actual results to
differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly
from estimates; the preliminary nature of metallurgical test results; the ability of exploration results to predict mineralization, prefeasibility
or the feasibility of mine production; delays in obtaining or failures to obtain required governmental, environmental or other project
approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation;
fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development
industry; and those risks set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.com)
under PNRL’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
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Us
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(formally Twitter): https://twitter.com/Prem_Resources
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in: https://www.linkedin.com/company/Premium-Resources
Facebook:
https://www.facebook.com/PremiumResourcesLtd
Exhibit
99.15
November
27, 2024
Premium
Resources Announces Initial Mineral Resource Estimate of 44.2 MT for the Selkirk Mine in Botswana
Selkirk
Deposit
Inferred
Mineral Resource Estimate of 44.2 million tonnes at 0.81% CuEq or 1.91g/t PdEq.
| ○ | Contained
metal Inferred - 132,000 tonnes copper and 108,000 tonnes nickel |
Toronto,
Ontario—(Newsfile Corp. - November 27, 2024) - Premium Resources Ltd. (TSXV: PREM) (“PREM”
or the “Company”) is pleased
to report an initial Mineral Resource Estimate (“MRE”)
with an effective date of November 1, 2024, prepared in accordance with CIM (2014) Definitions Standards incorporated in National Instrument
43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”),
on its past-producing Nickel-Copper-Platinum Group Elements sulphide (“Ni-Cu-PGE “)
Selkirk deposit in Botswana (the “Selkirk Mine”).
The completed NI 43-101 Technical Report, once finalized, will be filed on SEDAR+ (www.sedarplus.ca)
under PREM’s issuer profile within 45 days of the date of this news release.
Details
of the initial MRE are shown below along with accompanying tables (Tables 1 through 3) and visuals (Figure 1).
Key
Takeaways
| ● | The
initial MRE was prepared using results from 232 surface and 10 underground historical drillholes
drilled between 2003 and 2016, five 2016 drillholes sampled by PREM in 2021, and 17 historical
drillholes resampled in 2024. |
| ● | Analytical
results from PREM re-sampling showed higher PGE values compared to historic results and additional
resampling is expected to result in higher Pt and Pd grades and contained metal. |
| ● | The
initial MRE was prepared under the conceptual processing scenario of producing two separate
concentrates. Additional work on alternate processing options may result in higher recoveries. |
| ● | Cobalt,
a potentially valuable by-product, has not been included in the initial MRE as cobalt analyses
are not consistently available throughout the deposit. Planned metallurgical studies will
determine payability of cobalt at the Selkirk Mine. |
Keith
Morrison, CEO of PREM, commented: “This initial
MRE serves as a solid foundation for advancing the Selkirk deposit to an economic study. The Company is currently evaluating whether
the initial MRE cut-off grade assumptions can be improved through future engineering and metallurgical studies aimed at optimizing the
overall efficiency of the mine.”
The
initial MRE shown in Table 1 was prepared by SLR Consulting (Canada) Ltd. (“SLR”)
using a Net Smelter Return (“NSR”)
cut-off value of US$25/tonne and consensus metal pricing (Table 2).
Table
1: Selkirk Deposit Mineral Resource Estimate - November 1, 2024
Classification | |
Tonnage Mt | |
Cu % | |
Ni % | |
Pd g/t | |
Pt g/t | |
CuEq* % | |
NiEq** % | |
PdEq*** g/t | |
Cu kt | |
Ni kt | |
Pd koz | |
Pt koz |
Inferred | |
44.2 | |
0.30 | |
0.24 | |
0.55 | |
0.12 | |
0.81 | |
0.79 | |
1.91 | |
132 | |
108 | |
775 | |
174 |
*CuEq%
calculated using the formula Cu% + Ni%*(55.605/53.913) + Pd g/t*(22.948/53.913) + Pt g/t*(14.891/53.913) using metal prices and recoveries
listed below in Notes.
***
NiEq% calculated using the formula Ni%+Cu%*(53.913/55.605) + Pd g/t*(22.948/55.605) + Pt g/t*(14.891/55.605) using metal prices and recoveries
listed below in Notes.
***
PdEq g/t calculated
using the formula Pd g/t+Cu%*(53.913/22.948) + Ni%*(55.605/22.948) + Pt g/t*(14.891/22.948) using metal prices and recoveries listed
below in Notes.
Notes:
| 1. | CIM
(2014) definitions were followed for mineral resources. |
| 2. | Mineral
resources are estimated at a NSR cut-off value of $25/t. |
| 3. | Mineral
resources are estimated using long-term prices of US$10.50/lb Ni, US$4.75/lb Cu, US$1,450/oz
Pt and US$1,500/oz Pd, and a US$: BWP exchange rate of 1.00:13.23. |
| 4. | Mineral
Resources are estimated using nickel, copper, palladium, and platinum recoveries of 60%,
70%, 59%, and 59%, respectively, derived from metallurgical studies which consider a conceptual
two concentrate scenario. |
| 5. | Bulk
density has been estimated. |
| 6. | Mineral
resources are reported within an optimized pit shell. |
| 7. | There
are no mineral reserves. |
| 8. | Mineral
resources that are not mineral reserves do not have demonstrated economic viability. |
| 9. | Totals
may not add or multiply accurately due to rounding. |
The
Selkirk property consists of a single mining licence covering an area of approximately 14.6 square kilometres and four prospecting licences
covering an area of approximately 126.7 square kilometres.
Historic
Core Resampling Program
As
part of the data verification process, cores from 17 historic drillholes were re-sampled and compared to historical assay results. Results
from nickel and copper were comparable, but the historical Pt and Pd results demonstrated a slight underestimation, offering an opportunity
for improvement.
Mineral
Resource Estimate
All
mineral resource domains at the Selkirk Mine were defined within Seequent’s Leapfrog Geo software, and sub-block model estimates
were completed within Leapfrog Edge software using historical and PREM assay results of historical core as of November 1, 2024.
Domain
orientation and morphology have been informed by surface and underground drilling and channel samples and mapping completed by historical
operators. The mined-out areas have been given a 5 metre buffer.
In
addition to standard database validation techniques, wireframe and block model validation procedures including wireframe to block volume
confirmation, statistical comparisons with composite and nearest neighbour estimates, swath plots, visual reviews in 3D, longitudinal,
cross section and plan views, as well as cross software reporting confirmation, were completed. In addition to SLR’s internal peer
and senior review processes, PREM’s technical team have reviewed the initial MRE.
Blocks
were classified following CIM Definitions (2014) as Inferred using drill hole spacing based criterion. Inferred mineral resources at
Selkirk were defined where drill hole spacings of up to approximately 200 metres were achieved. Mineral Resources are reported within
an optimised pit shell referencing an NSR cut-off value of US$25/t. All blocks with an NSR value greater than US$25/t and situated within
the Whittle pit shell have been reported in the Mineral Resource Estimate.
NSR
and Mineral Resources Cut-off Value
NSR
values have been estimated for an operating scenario that includes open pit mining and production of a two-concentrate product. Metal
prices are based on long-term forecasts from banks, financial institutions and other sources. The metal prices and other input parameters
used in development of a unit NSR value for each block are provided in Table 2.
Table
2: NSR Value Calculation
Commodity | |
Metal Prices | |
Net Metallurgical Recovery (%) | | |
Refining Cost (US$) | | |
Transport Cost/wmt | | |
Treatment Cost/dmt (Bulk Con) | | |
Royalty | |
Nickel | |
US$10.50/lb | |
| 60 | % | |
| 0.96/lb | | |
| | | |
| | | |
| 2 | % |
Copper | |
US$4.75/lb | |
| 70 | % | |
| 0.45/lb | | |
| | | |
| | | |
| 2 | % |
Palladium | |
US$1,500/oz | |
| 59 | % | |
| 50.00/oz | | |
| | | |
| | | |
| 2 | % |
Platinum | |
US$1,450/oz | |
| 59 | % | |
| 50.00/oz | | |
| | | |
| | | |
| 2 | % |
Nickel concentrate | |
| |
| | | |
| | | |
US$ | 150 | | |
US$ | 220 | | |
| | |
Copper concentrate | |
| |
| | | |
| | | |
US$ | 150 | | |
US$ | 220 | | |
| | |
For
the purposes of mineral resource reporting, open pit constraining shapes were developed using the Whittle Pit Optimizer based on an NSR
cut-off value of US$25/tonne. Parameters used to calculate the cut-off grade are given in Table 3.
Table
3: The cut-off parameters, based on previous study work
Parameter | |
Unit | |
Value | |
Mining (open pit) | |
US$/t milled | |
$ | 3.00 | |
Processing | |
US$/t milled | |
$ | 23.00 | |
G&A | |
US$/t milled | |
$ | 0.64 | |
Sustaining (capex) | |
US$/t milled | |
$ | 0.56 | |
Total Unit Operating Cost (Break Even) | |
US$/t milled | |
$ | 27.20 | |
Total Unit Operating Cost (Discard) | |
US$/t milled | |
$ | 24.20 | |
Quality
Control
Drill
core samples are NQ (47.75 mm diameter). All samples are ½ core previously cut by a diamond saw on site. Samples are generally
at one metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS Chemex
in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with a range
of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are completed
using a peroxide fusion preparation and ICP-AES finish (ME-ICP81). Analyses for Pt, Pd, and Au are by fire assay (30 grams nominal sample
weight) with an ICP-AES finish (PGM-ICP23).
Qualified
Persons
The
initial MRE described in this news release was reviewed and approved by Valerie Wilson, M.Sc., P.Geo. (Ontario) SLR Consulting Ltd. Principal
Resource Geologist, who is independent of PREM and a “qualified person” for purposes of NI 43-101.
Verification
included a site visit to inspect historical mineralized core, explore the gossanous outcrop at surface, observe existing infrastructure,
including the Selkirk underground ramp, and inspect several surface drillhole collar locations. In addition, all of the samples collected
by PREM have been verified against independently accessed assay certificates and a random selection of historical database results have
been compared against digital records.
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of NI 43-101.
Technical
Report
In
2023, the Company filed a technical report in respect of the Selkirk Mine titled “NI 43-101 Technical Report, Selkirk Nickel Project,
Northeast District, Republic of Botswana” dated April 12, 2023 (with an effective date of March 31, 2023) (the “Selkirk Technical
Report”), a copy of which is available on SEDAR+ (www.sedarplus.ca)
under the Company’s issuer profile.
A
Technical Report Summary (TRS) on the Selkirk Mine was prepared by SLR, with an effective date of May 31, 2024, and was filed by PREM
on June 28, 2024. This previous TRS did not include a Mineral Resource estimate.
About
Premium Resources Ltd.
PREM
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PREM
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PREM’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Keith
Morrison
Director
and Chief Executive Officer
Premium
Resources Ltd.
For
further information about Premium Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the response to mineral resource estimates in Botswana; the support for the redevelopment of the Selkirk Mine from the Botswana Government
and local stakeholders; mining at Selkirk; the ability to upgrade the inferred mineral resources at Selkirk; the publication by the Company
of a future preliminary feasibility study; the implementation of the objectives, goals and future plans of the Company including the
proposed advancement of the Selkirk Mine as currently contemplated; the ability of exploration activities (including drill results) to
accurately predict mineralization; management’s belief that the Selebi and Selebi North deposits may be connected at depth; the
timing and ability of the Company to publish an economic study (by H1 2025 or at all); any discrepancies between the initial mineral
resource estimate technical report and the scientific and technical information in this news release; the timing to release of the remaining
assay results; the ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans
generally; the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi
Mine and Selkirk Mine as currently contemplated; the ability of the Company to define additional or upgrade existing mineral resource
estimates on the Selkirk Mine in accordance with NI 43-101; the productivity rates for mining at Selkirk; drilling results confirming
the legacy fold pattern continues at depth; the effective targeting activities proposed by the Company; the ability to identify additional
mineralization down plunge of existing workings and the ability of such findings to be used to complete a mineral resource estimate and/or
to support further economic studies; the ability and timing of advancing the mining programs at the Selebi Mine and the Selkirk Mine
as contemplated (if at all); the ability to expand the resource potential at the Selkirk Mine; the results of the mining program at the
Selkirk Mine and the timing and disclosures of the Company regarding same; the relationships between, and continuity of, the various
deposits (if any); the benefits of the Company’s approach to exploration; management’s belief that the Historic Resource
could be indicative of the presence of mineralization on the deposits; and the anticipated benefits of the Company’s approach to
the resource development plan. These forward-looking statements, by their nature, require the Company to make certain assumptions and
necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed
or implied in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking
information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature
of metallurgical test results; the ability of exploration results to predict mineralization, prefeasibility or the feasibility of mine
production; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties
relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity
prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those
risks set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.com)
under PREM’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
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(formally Twitter): https://twitter.com/Prem_Resources
Linked
in: https://www.linkedin.com/company/Premium-Resources
Facebook:
https://www.facebook.com/PremiumResourcesLtd
Figure
1. Selkirk block model on Geology. Location of re-sampled historical drillholes shown on inset map.
Exhibit
99.16
December
2, 2024
Premium
Resources Ltd. Announces Management and Board Changes
Toronto,
Ontario--(Newsfile Corp. - December 2, 2024) -Premium Resources Ltd. (TSXV: PREM) (OTC Pink: PRMLF) (“ PREM”, and
together with its subsidiaries, the “Company”) announces the retirement of Keith Morrison as Chief Executive
Officer and a director of PREM, to take effect December 31, 2024. PREM has commenced a search process to recruit a new CEO.
Sean
Whiteford, President of Premium Resources International, will continue to oversee the Company’s operational activities and Paul Martin,
currently a director of PREM, will assume oversight of corporate activities, and serve as the interim CEO, pending appointment of a successor.
Mr. Morrison and PREM have agreed on a consulting arrangement under which he will continue to be available to support the ongoing progression
of the Company’s Selebi and Selkirk mines.
James
K. Gowans, Chair of the Board, commented: “More than any other person, Keith Morrison has been responsible for identifying and assembling
the Company’s Botswana mineral properties and advancing our understanding of their size, global significance and economic value. On behalf
of all the directors, I want to thank him for his leadership in advancing the Selebi and Selkirk assets.”
PREM
also announces that, effective upon the completion of the CEO search process, James K. Gowans will retire as Chair of the Board but continue
as a director of PREM. Paul Martin will be appointed Chair of the Board.
Mr.
Gowans added: “I want to welcome Paul to the role of Chair of the Board. Paul has made a strong positive impression in his relatively
short tenure on the Board, and I and all of the other directors appreciate his willingness to take up these leadership roles.”
Sean
Whiteford is a geologist and mining executive with over 30 years of multi-commodity experience within the global resource sector. He
has extensive knowledge of mineral exploration, resource definition, mining, strategy, technology and project studies, having held various
corporate, operational and technical roles at, among others, BHP, Rio Tinto and Cliffs Natural Resources. He has been a director or senior
officer of PREM or affiliated companies since the inception of PREM in August 2022. He is a Member of the AUSIMM, PDAC and SEG. and has
completed the Advanced Management Program from Columbia Business School.
Mr.
Martin was appointed as a director of PREM on September 19, 2024. He is a mining executive with over thirty years’ experience at the
director, CEO and CFO levels. He has gained significant experience through his various roles at multi-operational mining, royalty and
exploration companies listed on the TSX, TSXV and NYSE. He currently serves as the Chair of the Board of Red Pine Exploration and as
a director of Osisko Bermuda Limited. Mr. Martin was interim CEO at Osisko Gold Royalties Ltd. from July to December 2023 and at Red
Pine Exploration from March to August 2024, in each case during CEO transition periods. He was previously President and CEO at Detour
Gold Corporation from 2013 to 2018.
About
Premium Resources Ltd.
PREM
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana. We are driven by our belief that the demand for these metals
will continue to grow in the medium to long term, as a result of global urbanization and the increasing adoption of electric motors over
internal combustion engines. These metals are vital for achieving a low-carbon future.
PREM
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PREM’s senior team members have on average more than 20 years of
experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
James
K. Gowans
Chair of the Board
Premium Resources Ltd.
For
further information about Premium Resources Ltd., please contact:
Jaclyn
Ruptash
Vice President Communications and Government and Investor Relations
+1 (604) 770-4334
Cautionary
Note Regarding Forward-Looking Information
Certain
statements contained in this news release may be considered “forward-looking statements” within the meaning of applicable Canadian
securities laws. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve
known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these
forward-looking statements. Forward-looking statements are not guarantees of performance. Words such as “may”, “will”,
“would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”,
“estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and
the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements reflects assumptions
that management believes to be appropriate in the circumstances. The Company considers its assumptions to be reasonable based on information
currently available but cautions the reader that their assumptions regarding future events, many of which are beyond the control of the
Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its businesses.
The
forward-looking statements set forth herein concerning the Company reflect management’s expectations as at the date of this news release
and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
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Us
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(formally Twitter): https://twitter.com/Prem_Resources
Linked in: https://www.linkedin.com/company/Premium-Resources
Facebook: https://www.facebook.com/PremiumResourcesLtd
Exhibit
99.17
December
5, 2024
Premium
Resources Ltd. Grants Stock Options
Toronto,
Ontario—(Newsfile Corp. - December 5, 2024) - Premium Resources Ltd. (TSXV: PREM) (OTC
Pink: PRMLF) (“PREM”
or the “Company”)
announces that, effective December 4, 2024, it has granted to certain directors, officers, employees and/or consultants of the Company
and/or its subsidiaries an aggregate of 300,000 stock options of the Company (“Options”)
pursuant to the stock option plan of the Company.
The
Options have an exercise price of C$0.49 per share and a five-year term from the date of grant. 175,000 of the Options vest immediately
and the remaining 125,000 vest annually in equal thirds beginning on the date of grant.
About
Premium Resources Ltd.
PREM
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PREM
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PREM’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Paul
Martin
Director
Premium
Resources Ltd.
For
further information about Premium Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X
(formally Twitter): https://twitter.com/Prem_Resources
Linked
in: https://www.linkedin.com/company/Premium-Resources
Facebook:
https://www.facebook.com/PremiumResourcesLtd.
Exhibit
99.18
December
10, 2024
Premium
Resources Continues to Intersect Significant Lengths of Mineralization at Selebi North: 16.80 Metres of 5.77% CuEq or 2.80% NiEq
Toronto,
Ontario—(Newsfile Corp. - December 10, 2024) - Premium Resources Ltd. (TSXV: PREM) (OTC Pink: PRMLF) (“PREM”or
the”Company”) announces high-grade assay results for a further eight in-fill drilling holes, all drilled within
the Mineral Resource Estimate (“MRE”) at its past-producing nickel-copper-cobalt sulphide (“Ni-Cu-Co”)
Selebi North underground (“SNUG”) mine in Botswana.
Infill
Drilling Assay Highlights for Resource Reclassification:
|
● |
14.95
metres of 3.47% CuEq or 1.68% NiEq (0.99% Cu, 1.20% Ni, 0.06% Co) |
|
● |
13.70
metres of 5.35% CuEq or 2.59% NiEq (1.13% Cu, 2.05% Ni, 0.10% Co) |
|
● |
SNUG-24-160:
South Limb |
|
● |
16.80
metres of 5.77% CuEq or 2.80% NiEq (2.04% Cu, 1.81% Ni, 0.08% Co) |
Sean
Whiteford, President of Premium Resources International, commented: “These results reaffirm the significant potential of the
Selebi North deposit, emphasizing the continued intercepting of high-grade polymetallic sulphide mineralization. As we advance this project,
these drill results strengthen our confidence in the quality and scale of our resource base. This progress will be further supported
by economic and engineering studies designed to maximize its potential.
We
anticipate re-commencing exploration drilling on the down plunge EM targets at Selebi Main in Q1 2025.”
Assay
results for SNUG holes reported herein are provided below in Table 1 for SNUG-24-148,152,154,155,158,159,160 and 163; and drill hole
collar details are provided in Table 2.
True
thickness of mineralization was estimated using the wireframe as part of the MRE (see PREM news release dated August 8, 2024). Figures
1 and 2 show the location of the holes relative to the MRE and underground infrastructure.
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.premiumresources.com.
Table
1: Assay Results Selebi North Deposit
Hole-ID |
|
From
(m) |
|
To
(m) |
|
1Length
(m) |
|
2Est.
True
Thickness
(m) |
|
Cu
(%) |
|
Ni
(%) |
|
3Co
(%) |
|
Limb |
|
4CuEq
(%) |
|
5NiEq
(%) |
SNUG-24-148 |
|
299.35 |
|
314.30 |
|
14.95 |
|
14.2 |
|
0.99 |
|
1.20 |
|
0.06 |
|
N3 |
|
3.47 |
|
1.68 |
incl. |
|
299.35 |
|
308.00 |
|
8.65 |
|
8.2 |
|
1.05 |
|
1.75 |
|
0.09 |
|
N3 |
|
4.66 |
|
2.26 |
*incl. |
|
299.35 |
|
302.00 |
|
3.20 |
|
3.0 |
|
1.04 |
|
2.75 |
|
0.13 |
|
N3 |
|
6.71 |
|
3.25 |
and |
|
305.55 |
|
308.00 |
|
2.45 |
|
2.3 |
|
1.25 |
|
2.51 |
|
0.14 |
|
N3 |
|
6.43 |
|
3.12 |
SNUG-24-152 |
|
484.10 |
|
486.60 |
|
2.50 |
|
1.9 |
|
0.52 |
|
1.77 |
|
0.09 |
|
N3 |
|
4.18 |
|
2.03 |
SNUG-24-154 |
|
294.80 |
|
296.25 |
|
1.45 |
|
1.4 |
|
1.11 |
|
2.17 |
|
0.09 |
|
South
Limb |
|
5.60 |
|
2.71 |
SNUG-24-155 |
|
248.85 |
|
256.00 |
|
7.15 |
|
6.6 |
|
0.84 |
|
0.54 |
|
0.02 |
|
South
Limb |
|
1.94 |
|
0.94 |
SNUG-24-158 |
|
332.00 |
|
335.70 |
|
3.70 |
|
2.7 |
|
2.18 |
|
0.81 |
|
0.04 |
|
N3 |
|
3.84 |
|
1.86 |
incl. |
|
332.00 |
|
333.25 |
|
1.25 |
|
0.9 |
|
6.14 |
|
0.48 |
|
0.02 |
|
N3 |
|
7.14 |
|
3.46 |
SNUG-24-158 |
|
361.30 |
|
375.00 |
|
13.70 |
|
5.6 |
|
1.13 |
|
2.05 |
|
0.10 |
|
N3 |
|
5.35 |
|
2.59 |
incl. |
|
367.10 |
|
375.00 |
|
7.90 |
|
3.2 |
|
1.74 |
|
2.55 |
|
0.14 |
|
N3 |
|
7.00 |
|
3.39 |
SNUG-24-159 |
|
332.20 |
|
334.10 |
|
1.90 |
|
1.8 |
|
1.14 |
|
1.50 |
|
0.07 |
|
South
Limb |
|
4.24 |
|
2.06 |
SNUG-24-160 |
|
249.50 |
|
266.30 |
|
16.80 |
|
16.6 |
|
2.04 |
|
1.81 |
|
0.08 |
|
South
Limb |
|
5.77 |
|
2.80 |
incl. |
|
249.50 |
|
255.55 |
|
6.05 |
|
6.0 |
|
1.51 |
|
2.14 |
|
0.10 |
|
South
Limb |
|
5.93 |
|
2.88 |
and |
|
257.50 |
|
266.30 |
|
8.80 |
|
8.7 |
|
2.39 |
|
1.86 |
|
0.08 |
|
South
Limb |
|
6.22 |
|
3.01 |
SNUG-24-160 |
|
312.50 |
|
326.60 |
|
14.10 |
|
12.2 |
|
0.74 |
|
0.96 |
|
0.04 |
|
South
Limb FW |
|
2.73 |
|
1.32 |
incl. |
|
321.90 |
|
326.60 |
|
4.70 |
|
4.0 |
|
1.20 |
|
1.21 |
|
0.05 |
|
South
Limb FW |
|
3.69 |
|
1.79 |
SNUG-24-160 |
|
384.30 |
|
395.75 |
|
11.45 |
|
10.2 |
|
0.63 |
|
1.14 |
|
0.06 |
|
N2
Limb |
|
2.98 |
|
1.45 |
incl. |
|
392.35 |
|
395.75 |
|
3.40 |
|
3.0 |
|
0.58 |
|
2.05 |
|
0.11 |
|
N2
Limb |
|
4.81 |
|
2.33 |
SNUG-24-163 |
|
224.80 |
|
226.75 |
|
1.95 |
|
1.9 |
|
0.22 |
|
0.96 |
|
0.05 |
|
South
Limb |
|
2.19 |
|
1.06 |
SNUG-24-163 |
|
233.70 |
|
235.85 |
|
2.15 |
|
2.0 |
|
1.25 |
|
1.20 |
|
0.05 |
|
South
Limb |
|
3.72 |
|
1.80 |
1Length
refers to drillhole length.
2True
thickness is estimated using the MRE wireframe where available.
3Co is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.
4
CuEq was calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and
copper recoveries of 72.0% and 92.4% respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.
5
NiEq was calculated using the formula NiEq=Ni+0.485*Cu.
Table
2: Drill Collar Information Selebi North Deposit
HOLE
ID |
|
Mine
East |
|
Mine
North |
|
Elevation |
|
Dip |
|
Mine
Azimuth |
|
Hole
Length |
|
Comment |
SNUG-24-148 |
|
35089.4 |
|
84548.6 |
|
-42.4 |
|
-42.5 |
|
276.0 |
|
502.9 |
|
Rig
#2 925mL P8 |
SNUG-24-152 |
|
35089.6 |
|
84548.4 |
|
-42.3 |
|
-48.3 |
|
271.4 |
|
536.7 |
|
Rig
#2 925mL P8 |
SNUG-24-154 |
|
35376.8 |
|
84427.7 |
|
80.8 |
|
-67.9 |
|
325.8 |
|
347.3 |
|
Rig
#3 810mL P4 |
SNUG-24-155 |
|
35321.6 |
|
84606.6 |
|
82.4 |
|
-68.7 |
|
261.8 |
|
302.4 |
|
Rig
#1 810mL P6 |
SNUG-24-158 |
|
35089.5 |
|
84548.3 |
|
-42.3 |
|
-46.0 |
|
265.9 |
|
462.8 |
|
Rig
#2 925mL P8 |
SNUG-24-159 |
|
35376.6 |
|
84427.8 |
|
80.7 |
|
-67.8 |
|
305.9 |
|
365.1 |
|
Rig
#3 810mL P4 |
SNUG-24-160 |
|
35320.3 |
|
84607.3 |
|
82.7 |
|
-35.3 |
|
279.3 |
|
440.1 |
|
Rig
#1 810mL P6 |
SNUG-24-163 |
|
35323.0 |
|
84605.0 |
|
82.0 |
|
-47.2 |
|
286.1 |
|
293.4 |
|
Rig
#1 810mL P6 |
Drilling
and BHEM Continues
As
of December 8, 2024, a total of 63,000 metres in one hundred and sixty (160) drillholes have been drilled from eight underground drill
bays with. BHEM surveys have been completed in 63 underground holes. This new drilling is a combination of infill and exploration drilling
to follow the extension of the mineralization down dip and down plunge.
New
assay results not captured in the MRE will be published as they are received and verified by the Company. Due to the extensive drilling
that has intersected mineralization, the Company has released assay results only for the most significant intercepts. The results of
these new drill holes will be included in a future mineral resource update, with the goal of both expansion and reclassification of the
MRE. It is PREM’s ambition that these pending results combined with future drilling would support the progression towards an economic
study prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Quality
Control
The
underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada,
who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter).
All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally
1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at ALS
Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with
a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are
completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).
Holes
are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.
BHEM
Surveys
The
BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3-component fluxgate
probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has
been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to
be invaluable because of the size of the highly conductive mineralized system.
Qualified
Person
The
scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, Vice President Exploration of
the Company, who is a “qualified person” for the purposes of National Instrument 43-101.
Technical
Report
The
MRE on the Selebi Mine is supported by the Technical Report. Reference should be made to the full text of the Technical Report for the
assumptions, qualifications and limitations set forth therein, a copy of which is available on SEDAR+ (www.sedarplus.com) under
PREM’s issuer profile.
About
Premium Resources Ltd.
PREM
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PREM
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PREM’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
ON
BEHALF OF THE BOARD OF DIRECTORS
Paul
Martin
Director
Premium
Resources Ltd.
For
further information about Premium Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the response to the MRE in Botswana; the support for the redevelopment of the Selebi Mine from the National Government and local
stakeholders; drilling at Selebi North; the ability to upgrade the inferred mineral resources on Selebi North; possible expansion potential
down-dip and down-plunge of the existing MRE; the publication by the Company of a potential updated MRE or future prefeasibility study;
the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as
currently contemplated; the ability of exploration activities (including drill results) to accurately predict mineralization; management’s
belief that the Selebi and Selebi North deposits may be connected at depth; the timing and ability of the Company to publish a prefeasibility
study (by H1 2025 or at all); any discrepancies between the MRE technical report and the scientific and technical information in this
news release; the timing to release of the remaining assay results; the ability of the Company to implement its drilling, geoscience
and metallurgical work on its properties and work plans generally; the implementation of the objectives, goals and future plans of the
Company including the proposed advancement of the Selebi Mine as currently contemplated; the ability of the Company to define additional
or upgrade existing mineral resource estimates on the Selebi Mine in accordance with NI 43-101; the productivity rates for underground
drilling at Selebi North; drilling results confirming the legacy fold pattern continues at depth; the effective targeting activities
proposed by the Company; the ability to identify additional mineralization down plunge of existing workings and the ability of such findings
to be used to complete a MRE and/or to support further economic studies; the ability and timing of advancing the underground drilling
program at Selebi North as contemplated (if at all); the ability to expand the resource potential at the Selebi Mine; the results of
the drill program on Selebi North and the timing and disclosures of the Company regarding same; the relationships between, and continuity
of, the various deposits (if any); the benefits of the Company’s approach to exploration; management’s belief that the Historic
Resource could be indicative of the presence of mineralization on the deposits; and the anticipated benefits of the Company’s approach
to the resource development plan. These forward-looking statements, by their nature, require the Company to make certain assumptions
and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed
or implied in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking
information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature
of metallurgical test results; the ability of exploration results to predict mineralization, prefeasibility or the feasibility of mine
production; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties
relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity
prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those
risks set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.com) under PREM’s issuer profile.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and
no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other
than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X
(formally Twitter): https://twitter.com/Prem_Resources
Linked
in: https://www.linkedin.com/company/Premium-Resources
Facebook:
https://www.facebook.com/PremiumResourcesLtd
Figure
1: Selebi North Location of Reported Drill Holes with 2024 Mineral Resource Estimate.
To
view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/233147_46b65a7914e6d80b_002full.jpg
Figure
2: Detailed view showing location of Selebi North drillholes reported and mentioned in this release with 2024 Mineral Resource Estimate,
Underground Infrastructure and Modeled BHEM Plates.
HOLE
ID |
|
FROM
(m) |
|
TO
(m) |
|
1LENGTH
(m) |
|
Cu
(%) |
|
NI
(%) |
|
Co
(%) |
|
Au
(ppm) |
|
Pt
(ppm) |
|
Pd
(ppm) |
|
2CuEq
(%) |
|
3NiEq
(%) |
DSLK012 |
|
71.00 |
|
211.00 |
|
139.00 |
|
0.47 |
|
0.38 |
|
0.02 |
|
0.08 |
|
0.16 |
|
0.68 |
|
1.55 |
|
0.90 |
DSLK028 |
|
37.00 |
|
110.00 |
|
68.70 |
|
0.32 |
|
0.26 |
|
0.01 |
|
0.06 |
|
0.13 |
|
0.61 |
|
1.11 |
|
0.64 |
DSLK035 |
|
61.00 |
|
92.85 |
|
31.85 |
|
0.29 |
|
0.27 |
|
0.01 |
|
0.05 |
|
0.13 |
|
0.62 |
|
1.10 |
|
0.64 |
DSLK035 |
|
110.00 |
|
189.00 |
|
79.00 |
|
0.24 |
|
0.22 |
|
0.01 |
|
0.05 |
|
0.11 |
|
0.49 |
|
0.90 |
|
0.52 |
DSLK037 |
|
31.15 |
|
120.00 |
|
88.85 |
|
0.29 |
|
0.27 |
|
0.01 |
|
0.05 |
|
0.14 |
|
0.61 |
|
1.09 |
|
0.63 |
DSLK039 |
|
120.00 |
|
238.00 |
|
108.01 |
|
0.29 |
|
0.21 |
|
0.01 |
|
0.05 |
|
0.11 |
|
0.44 |
|
0.93 |
|
0.54 |
DSLK040 |
|
81.00 |
|
169.00 |
|
88.00 |
|
0.37 |
|
0.30 |
|
0.02 |
|
0.05 |
|
0.12 |
|
0.53 |
|
1.23 |
|
0.71 |
DSLK040 |
|
186.60 |
|
200.00 |
|
13.40 |
|
0.51 |
|
0.27 |
|
0.02 |
|
0.05 |
|
0.12 |
|
0.53 |
|
1.30 |
|
0.76 |
DSLK047 |
|
107.00 |
|
264.00 |
|
157.00 |
|
0.35 |
|
0.29 |
|
0.02 |
|
0.09 |
|
0.12 |
|
0.54 |
|
1.21 |
|
0.70 |
DSLK075 |
|
50.00 |
|
73.00 |
|
23.00 |
|
0.24 |
|
0.24 |
|
0.01 |
|
0.04 |
|
0.10 |
|
0.50 |
|
0.94 |
|
0.55 |
DSLK075 |
|
89.00 |
|
101.00 |
|
12.00 |
|
0.27 |
|
0.26 |
|
0.01 |
|
0.05 |
|
0.13 |
|
0.60 |
|
1.06 |
|
0.62 |
DSLK075 |
|
115.00 |
|
214.00 |
|
99.00 |
|
0.32 |
|
0.27 |
|
0.01 |
|
0.06 |
|
0.13 |
|
0.63 |
|
1.15 |
|
0.67 |
DSLK079 |
|
100.00 |
|
214.00 |
|
114.00 |
|
0.41 |
|
0.35 |
|
0.02 |
|
0.05 |
|
0.14 |
|
0.59 |
|
1.36 |
|
0.79 |
incl. |
|
123.00 |
|
188.00 |
|
65.00 |
|
0.50 |
|
0.43 |
|
0.02 |
|
0.05 |
|
0.17 |
|
0.70 |
|
1.64 |
|
0.96 |
DSLK086 |
|
56.00 |
|
76.00 |
|
20.00 |
|
0.19 |
|
0.20 |
|
0.01 |
|
0.04 |
|
0.10 |
|
0.39 |
|
0.77 |
|
0.45 |
DSLK086 |
|
106.00 |
|
274.00 |
|
168.00 |
|
0.30 |
|
0.32 |
|
0.02 |
|
0.05 |
|
0.13 |
|
0.56 |
|
1.19 |
|
0.69 |
DSLK139 |
|
277.00 |
|
333.00 |
|
56.00 |
|
0.33 |
|
0.28 |
|
0.02 |
|
0.06 |
|
0.13 |
|
0.55 |
|
1.15 |
|
0.67 |
incl. |
|
277.00 |
|
297.00 |
|
20.00 |
|
0.39 |
|
0.35 |
|
0.02 |
|
0.06 |
|
0.15 |
|
0.64 |
|
1.38 |
|
0.80 |
DSLK145 |
|
90.00 |
|
128.00 |
|
38.00 |
|
0.13 |
|
0.16 |
|
0.01 |
|
0.03 |
|
0.09 |
|
0.40 |
|
0.64 |
|
0.37 |
DSLK145 |
|
140.00 |
|
202.00 |
|
25.80 |
|
0.06 |
|
0.08 |
|
0.01 |
|
0.01 |
|
0.04 |
|
0.14 |
|
0.28 |
|
0.16 |
DSLK145 |
|
213.00 |
|
349.50 |
|
136.50 |
|
0.28 |
|
0.27 |
|
0.01 |
|
0.05 |
|
0.13 |
|
0.55 |
|
1.06 |
|
0.62 |
incl. |
|
249.00 |
|
349.50 |
|
100.50 |
|
0.31 |
|
0.28 |
|
0.01 |
|
0.05 |
|
0.14 |
|
0.60 |
|
1.14 |
|
0.66 |
DSLK216 |
|
61.00 |
|
273.00 |
|
210.20 |
|
0.36 |
|
0.32 |
|
0.02 |
|
0.06 |
|
0.14 |
|
0.57 |
|
1.25 |
|
0.73 |
incl. |
|
61.00 |
|
97.00 |
|
36.00 |
|
0.24 |
|
0.27 |
|
0.02 |
|
0.05 |
|
0.11 |
|
0.44 |
|
0.99 |
|
0.58 |
and |
|
117.00 |
|
273.00 |
|
154.45 |
|
0.41 |
|
0.35 |
|
0.02 |
|
0.06 |
|
0.15 |
|
0.64 |
|
1.39 |
|
0.81 |
DSLK218 |
|
14.00 |
|
46.00 |
|
32.00 |
|
0.26 |
|
0.18 |
|
0.02 |
|
0.04 |
|
0.11 |
|
0.33 |
|
0.80 |
|
0.46 |
DSLK219 |
|
21.00 |
|
36.60 |
|
15.60 |
|
0.29 |
|
0.23 |
|
0.01 |
|
0.05 |
|
0.11 |
|
0.43 |
|
0.95 |
|
0.55 |
DSLK219 |
|
41.00 |
|
63.80 |
|
22.80 |
|
0.33 |
|
0.24 |
|
0.02 |
|
0.06 |
|
0.11 |
|
0.45 |
|
1.03 |
|
0.60 |
DSLK219 |
|
78.90 |
|
99.00 |
|
20.10 |
|
0.59 |
|
0.34 |
|
0.02 |
|
0.09 |
|
0.13 |
|
0.61 |
|
1.57 |
|
0.91 |
DSLK219 |
|
111.00 |
|
130.00 |
|
19.00 |
|
0.27 |
|
0.18 |
|
0.01 |
|
0.04 |
|
0.08 |
|
0.48 |
|
0.84 |
|
0.49 |
DSLK219 |
|
181.00 |
|
191.00 |
|
10.00 |
|
0.26 |
|
0.18 |
|
0.01 |
|
0.04 |
|
0.08 |
|
0.29 |
|
0.77 |
|
0.45 |
DSLK232 |
|
35.00 |
|
70.84 |
|
35.84 |
|
0.98 |
|
1.20 |
|
0.06 |
|
0.12 |
|
0.33 |
|
1.74 |
|
4.04 |
|
2.35 |
incl. |
|
47.3 |
|
64.00 |
|
16.70 |
|
1.56 |
|
1.73 |
|
0.1 |
|
0.09 |
|
0.37 |
|
2.14 |
|
5.78 |
|
3.36 |
DSLK243 |
|
120.00 |
|
306.25 |
|
186.25 |
|
0.48 |
|
0.41 |
|
0.02 |
|
0.08 |
|
0.17 |
|
0.76 |
|
1.65 |
|
0.96 |
Exhibit
99.19
December
23, 2024
PREMIUM
RESOURCES AMENDS CONSULTING AGREEMENT WITH ALTITUDE CAPITAL PARTNERS
Toronto,
Ontario, December 23, 2024 – Premium Resources Ltd. (TSXV: PREM) (OTC Pink: PRMLF) (“PREM” or the
“Company”) announces, further to the Company’s news release dated October 17, 2024 (entitled “Premium
Nickel Engages Altitude Capital Partners”), that it has entered into an amended and restated consulting agreement dated December
20, 2024 (the “Consulting Agreement”) with Altitude Capital Partners Inc. (“Altitude”) which is
effective as of October 1, 2024.
The
Consulting Agreement has a term of an initial term of six months. The Company has agreed to pay Altitude a reduced monthly fee of CAD$10,000.
No stock options or other securities have been issued to Altitude or are issuable under the Consulting Agreement. The previously announced
agreement with Altitude will be replaced in its entirety with the Consulting Agreement.
Under
the terms of the Consulting Agreement, Altitude will provide the following services to the Company: providing capital market intelligence
in respect of potential capital market strategies based on PREM’s present stage of development; review and analysis of strategic
opportunities for PREM; examining sources of funding and future capital requirements; and analyzing market depth and opportunities for
future financings.
About
Premium Resources Ltd.
PREM
is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and
cobalt resources mines owned by the Company in the Republic of Botswana.
PREM
is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled
team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering
experience on projects like the Company’s Selebi and Selkirk mines. PREM’s senior team members have on average more than
20 years of experience in every single aspect of mine discovery and development, from geology to operations.
For
further information about Premium Resources Ltd., please contact:
Jaclyn
Ruptash
Vice
President, Communications and Government and Investor Relations
+1
(604) 770-4334
Cautionary
Note Regarding Forward-Looking Statements:
This
news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based
on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties
and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited
to: the term length of engagement of Altitude; the global trend towards electrification and renewable energy; the significance of copper
and nickel sources and the demand relating to energy and metals; and the objectives, goals and future plans of the Company, including
the proposed advancement of the Selebi and Selkirk projects. These forward-looking statements, by their nature, require the Company to
make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in these forward-looking statements. Factors that could cause actual results to differ materially
from such forward-looking information include, but are not limited to, uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; and those risks set out in the Company’s
public disclosure record on SEDAR+ (www.sedarplus.com) under PREM’s issuer profile. Although the Company believes that the assumptions
and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed
on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, other than as required by law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Follow
Us
X
(formally Twitter): https://twitter.com/Prem_Resources
Linked
in: https://www.linkedin.com/company/Premium-Resources
Facebook:
https://www.facebook.com/PremiumResourcesLtd
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