NexMetals Drills 19.40 Metres of 3.93% CuEq Including 4.02% CuEq Over 13.55 Metres Showing Continuity of High-Grade Mineralization in the Expansion of the Selebi North Deposit

Rhea-AI Summary

NexMetals Mining (NASDAQ:NEXM) has reported significant drilling results from the Selebi North Underground deposit, with drill hole SNUG-25-189 intersecting high-grade mineralization. The key intersections include 4.90 metres of 4.39% CuEq (0.73% Cu, 1.77% Ni) in the South Limb and 19.40 metres of 3.93% CuEq (1.05% Cu, 1.40% Ni) in the N2 Limb, including 13.55 metres of 4.02% CuEq.

The results confirm mineralization continuity at greater depths, extending beyond the 2024 resource limits. Ongoing drilling aims to evaluate the strike extent, with pending results from SNUG-25-191 and SNUG-25-192 currently in progress. The drilling program demonstrates consistent high-grade copper, nickel, and cobalt mineralization, suggesting potential for further resource expansion.

[ "High-grade mineralization confirmed with 19.40 metres of 3.93% CuEq", "Mineralization extends beyond 2024 resource limits, indicating expansion potential", "Consistent copper, nickel, and cobalt grades across intersections", "Multiple mineralized zones identified across South Limb and N2 Limb" ]

Positive

• None.

Negative

• True widths of mineralization remain unknown
• Additional drilling needed to properly determine mineralization extent
• Cobalt not included in Mineral Resource Estimate due to inconsistent analyses

Insights

Mining Engineer

NexMetals' high-grade copper-nickel drill results at Selebi North confirm deposit expansion beyond 2024 resource boundaries with exceptional grades.

The latest drill results from NexMetals' Selebi North Underground (SNUG) deposit represent an impressive development in their exploration program. Drill hole SNUG-25-189 has intersected two significant mineralized zones - the South Limb with 4.90 meters of 4.39% copper equivalent and the N2 Limb showing 19.40 meters of 3.93% copper equivalent, including 13.55 meters at 4.02%.

These grades are particularly noteworthy in the base metals sector. For context, copper grades above 1% and nickel grades above 1.5% are considered high-grade in today's depleting ore body landscape. Here we're seeing combined copper-nickel mineralization with copper equivalent values nearly 4 times higher than what would typically constitute an economic deposit.

The structural complexity indicated by the different limbs (South, N2, N3) suggests a folded mineralized horizon - a geological feature often associated with concentrated mineralization at fold hinges. While true widths remain undetermined, the intercept lengths and grades point toward a substantial mineralized system extending beyond the boundaries of their 2024 Mineral Resource Estimate.

The presence of cobalt (0.08-0.10%) as a by-product adds another valuable component, though it's not included in the current resource calculation. The company's active drilling program with pending results from additional holes (SNUG-25-191 and SNUG-25-192) indicates their systematic approach to defining the deposit's boundaries, which appears to be yielding the desired results of demonstrating continuity and expansion potential.

Metals & Mining Analyst

Exceptional high-grade copper-nickel drill results expand NexMetals' resource potential beyond current boundaries, adding significant value.

NexMetals has delivered compelling drill results that substantially enhance the prospectivity of their Selebi North asset. The intersections reported from hole SNUG-25-189 demonstrate consistent high-grade mineralization in multiple zones, with copper equivalent grades approaching 4% across significant widths. This is particularly meaningful as the company applies a 92.4% copper recovery and 72.0% nickel recovery in their equivalent calculations, suggesting robust metallurgical performance.

The economic significance of these results becomes clear when examining the grade distribution. The N2 Limb intersection of 19.40 meters at 3.93% CuEq includes a higher-grade section of 5.55 meters at 4.81% CuEq. This grade profile is characteristic of a well-mineralized system with potential for selective high-grade mining approaches if needed.

What's particularly valuable is the confirmation that mineralization extends beyond the boundaries of the 2024 resource estimate. For junior miners, resource expansion is a critical value driver, and these results strongly indicate that the current resource model understates the deposit's true size.

The strategic importance of copper-nickel deposits has increased substantially with growing demand for battery metals and electrification materials. The Selebi deposit's combination of these metals positions NexMetals favorably in the critical minerals space, especially with the added cobalt credits. With ongoing drilling and additional results pending, these findings create a solid foundation for potential resource expansion in their next technical update, which typically serves as a major catalyst for mining equities at this stage of development.

Vancouver, British Columbia--(Newsfile Corp. - August 21, 2025) - NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) (the "Company" or "NEXM") reports assay results from an additional drill hole successfully intersecting high-grade mineralization at the Selebi North Underground ("SNUG") deposit. Drill hole SNUG-25-189 was designed to test the continuity of mineralization and confirms a significant extension of the South Limb and N2 mineralization.

Highlights

• Drill Hole SNUG-25-189: intersected South Limb and N2 Limb (Figure 1)

South Limb: 4.90 metres of 4.39% CuEq (0.73% Cu, 1.77% Ni)
N2 Limb: 19.40 metres of 3.93% CuEq (1.05% Cu, 1.40 % Ni)
Including: 13.55 metres of 4.02% CuEq (0.74% Cu, 1.60% Ni)

• Recent results confirm that the mineralization continues at greater depths, strengthening confidence in the size and continuity of the deposit.
• Drilling is ongoing to evaluate the strike extent of this new mineralization, with assay results pending for SNUG-25-191, which intersected mineralization in South Limb. SNUG-25-192 currently in progress.

Figure 1: Location of drill holes relative to the 2024 Mineral Resource Estimate and underground infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/263298_e9cbf3f1d4a6491b_002full.jpg

Morgan Lekstrom, CEO of the Company, commented: "Drilling continues to highlight consistent high-grade copper, nickel, and cobalt mineralization extending past the limits of the 2024 resource, reinforcing the potential for further expansion. These next holes including drill hole 189, are designed to evaluate the lateral extent of this mineralization and tie the datasets together, with the goal of increasing both the size and confidence of the deposit. Drilling is ongoing, and this release represents the first results from that program."

Assay results have been received and reported below in Table 1 and drill hole collar details are provided in Table 2. Assays are pending for all other drill holes described herein.

The various mineralized zones have been historically mined and subsequently named N2 Limb, N3 Limb and South Limb to demarcate their location on the folded mineralized horizon. Additional drilling is needed to properly determine true width of mineralization on each limb and define the folded mineralization.

Table 1: Assay Results Selebi North Deposit

Hole-ID	From (m)	To (m)	Length (m)1	Cu (%)	Ni (%)	Co (%)2	Limb	CuEq (%)3
SNUG-25-189	715.50	720.40	4.90	0.73	1.77	0.09	South Limb	4.39
SNUG-25-189	814.85	834.25	19.40	1.05	1.40	0.08	N2	3.93
incl	814.85	828.40	13.55	0.74	1.60	0.09	N2	4.02
incl	814.85	820.40	5.55	0.89	1.90	0.10	N2	4.81
and	831.40	834.25	2.85	2.86	0.88	0.05	N2	4.68

 

¹Length refers to drillhole length and not true width. True widths are unknown.
²Co is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.
³CuEq 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, and 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-25-189	35368.1	84409.7	81.1	-60.9	167.5	1028.5	Rig #2 810mL P5

 

Qualified Person

All scientific and technical information in this news release has been reviewed and approved by Sharon Taylor, VP Exploration of the Company, MSc, P.Geo, and a "qualified person" for the purposes of National Instrument 43-101 and Subpart 1300 of Regulation S-K.

Quality Control

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.

Technical Report

The MRE on the Selebi Mine is supported by the technical report entitled "Technical Report, Selebi Mines, Central District, Republic of Botswana" and dated September 20, 2024 (with an effective date of June 30, 2024) (the "Selebi Technical Report"), and prepared by SLR Consulting (Canada) Ltd. for NEXM. Reference should be made to the full text of the Selebi Technical Report, which was prepared in accordance with NI 43-101 and Subpart 1300 of Regulation S-K and is available on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov), in each case, under NEXM's issuer profile.

About NexMetals Mining Corp.

NexMetals Mining Corp. is a mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals' team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company's Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

For further information about NexMetals Mining Corp., please contact:

Morgan Lekstrom
CEO and Director
morganl@nexmetalsmining.com

Jaclyn Ruptash
V.P., Communications and Investor Relations
jaclyn@nexmetalsmining.com

Follow Us

X: https://x.com/NexMetalsCorp
LinkedIn: https://www.linkedin.com/company/NexMetalsMiningCorp
Facebook: https://www.facebook.com/NexMetalsMiningCorp

Neither the TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Nasdaq Stock Market LLC 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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States federal securities laws and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking information") 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: ongoing and expected drilling at SNUG; possible expanded mineralization beyond the existing MRE; the release of assay results and the expected timing thereof; the expectation the mineralized corridor continues at depth; the expected continuity and scale of the South Limb and N2 mineralized systems, the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as currently contemplated; the expectation that exploration activities (including drill results) will accurately predict mineralization; the expectation that the Company will 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 effective targeting activities proposed by the Company; the benefits of the Company's approach to exploration; management's belief that the historical 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; the risk that mineralized corridor will not continue at depth; the risk that assay results will not be as anticipated or received when anticipated; the risk that continuity and scale of the South Limb and N2 mineralized systems will not be as expected; 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 filings with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov) and public disclosure record on SEDAR+ (www.sedarplus.ca), in each case, under NEXM'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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263298

FAQ

What are the key drilling results from NexMetals (NEXM) Selebi North deposit?

The key results include 4.90 metres of 4.39% CuEq in the South Limb and 19.40 metres of 3.93% CuEq in the N2 Limb, including 13.55 metres of 4.02% CuEq.

What is the significance of NEXM's latest drilling results at Selebi North?

The results confirm mineralization continuity at greater depths beyond the 2024 resource limits, suggesting potential for resource expansion with consistent high-grade copper, nickel, and cobalt mineralization.

How was the CuEq (Copper Equivalent) calculated in NEXM's drilling results?

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, with nickel and copper recoveries of 72.0% and 92.4% respectively.

What is the current status of NEXM's drilling program at Selebi North?

Drilling is ongoing with assay results pending for SNUG-25-191 which intersected mineralization in South Limb, and SNUG-25-192 currently in progress.

Where is the Selebi North deposit located and what type of mineralization does it contain?

The Selebi North Underground deposit is located in Botswana's Central District and contains high-grade copper, nickel, and cobalt mineralization across multiple zones including the South Limb, N2 Limb, and N3 Limb.