Premium Nickel Resources (TSXV: PNRL) has announced significant new assay results from its Selebi North underground (SNUG) nickel-copper-cobalt (Ni-Cu-Co) mine in Botswana. The results confirm high-grade mineralization in six recently drilled holes, offering new insights into the potential of the past-producing mine.
Among the latest assays, several drill holes at Selebi North yielded exceptionally high grades. These include:
- SNUG-24-131: which returned 7.25 meters grading at 7.48% copper equivalent (CuEq) or 3.63% nickel equivalent (NiEq). Within this, 1.80 meters showed particularly high mineralization at 10.27% CuEq or 4.99% NiEq.
- SNUG-24-123: which revealed 13.85 meters of 6.08% CuEq or 2.95% NiEq.
- SNUG-24-133: which intersected 8.20 meters at 5.41% CuEq or 2.63% NiEq.
The results confirm that Selebi North continues to show substantial mineralization, particularly in nickel and copper. For example, the SNUG-24-131 drill hole showed individual metal grades of 1.89% copper, 2.71% nickel, and 0.11% cobalt. High nickel grades, as seen in SNUG-24-131’s 4.09% nickel over 1.80 meters, are especially promising given the current demand for nickel in electric vehicle batteries and other green technologies.
Premium Nickel CEO Keith Morrison expressed optimism about the significance of these results, noting that the company has now reported results for over 13,930 meters drilled at Selebi North since the Mineral Resource Estimate (MRE) cut-off date of June 30, 2024.
“The ongoing exploration at Selebi North consistently demonstrates exceptional high-grade polymetallic assay results including cobalt,” Morrison said. “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.”
The Selebi North drilling program, which has now completed 58,765 meters of drilling across 150 drill holes, focuses on infill drilling to reclassify resources from the Inferred category to Indicated status.
Beyond reclassification, Premium Nickel is also drilling for resource expansion. The ongoing exploration aims to extend the mineralization down dip and down plunge, with new zones of interest being identified during the program.
Located in Botswana, Selebi North is part of the larger Selebi Mines complex, which has a long history of nickel and copper production. The Selebi North deposit, known for its high-grade nickel sulphide mineralization, presents a significant opportunity for Premium Nickel as it moves forward in the metals market. Botswana’s stable political environment, combined with its well-established mining industry, adds to the strategic importance of the Selebi Mines.
Global demand for battery metals such as nickel, cobalt, and copper is expected to surge as the world shifts towards electric vehicles and renewable energy technologies. Nickel, in particular, is a key component in the cathodes of lithium-ion batteries, which are used in electric vehicles. According to recent industry reports, global nickel demand is projected to grow significantly over the next decade.
Cobalt, another metal found in the Selebi North deposit, is also crucial for the battery industry, though its supply chain has been a concern due to the concentration of cobalt production in politically unstable regions.
Premium Nickel Resources last traded at $0.67 on the TSX Venture.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.