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.
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