Premium Nickel Shares Surge On Initial Mineral Resource Estimate for Selebi Mines
Premium Nickel Resources (TSXV: PNRL) has announced a promising initial mineral resource estimate (MRE) for its Selebi Mines in Botswana. The main deposit boasts an inferred mineral resource estimate of 18.89 million tonnes at 3.51% copper equivalent (CuEq) or 1.70% nickel equivalent (NiEq). This estimate translates to contained metals of 165,000 tonnes of nickel and 319,000 tonnes of copper. The substantial size of the Selebi Main MRE, which is 67% larger than the historical resource, underscores the efforts of PNRL’s drilling and exploration initiatives.
Meanwhile, the Selebi North deposit presents an indicated mineral resource estimate of 3.00 million tonnes at 2.92% CuEq or 1.42% NiEq, containing 29,000 tonnes of nickel and 27,000 tonnes of copper. Additionally, it has an inferred mineral resource estimate of 5.83 million tonnes at 3.11% CuEq or 1.51% NiEq, with contained metals of 62,000 tonnes of nickel and 52,000 tonnes of copper. The 90% increase in the Selebi North MRE over historical resources highlights the successful extension of mineralization through recent drilling activities.
Keith Morrison, CEO of PNRL, expressed his optimism about the initial MRE results: “The Mineral Resource Estimate at the Selebi Mines is very promising. The results confirm a strong starting resource size and grade which we expect will expand as we continue our drilling program. Ongoing borehole electromagnetics and drilling continue to demonstrate that both deposits extend down dip and down plunge.”
The company’s shares opened today at a surge of 8% following the news.
At Selebi Main, the company drilled 15,074 meters in 12 surface drill holes and 740 meters in the extensions of two historical holes. Combined with historical drilling, the total drill hole database at Selebi Main is 52,702 meters in 277 holes, supporting the new MRE.
Similarly, at Selebi North, the MRE includes 29,984 meters in 82 underground holes drilled by the company, along with historical surface and delineation drilling, totaling 75,126 meters in 466 holes. Ongoing drilling at Selebi North, which includes 18,042 meters across 33 completed holes, aims to follow the extension of mineralization down dip and down plunge.
Morrison emphasized the potential for PNRL to advance to a Preliminary Feasibility Study (PFS) by the end of the first half of 2025. “These resources are high grade, permitted for mining, have key operational infrastructure already in place, and are supported by a skilled workforce critical to the underground resource drilling program and later mining and processing plans. These attributes are a crucial and positive distinction between PNRL and other mining/development entities.”
Premium Nickel Resources last traded at $0.86 on the TSX Venture.
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