Premium Commences Resource Expansion Through Drilling and Comprehensive Metallurgy Optimization at Selkirk
Premium Resources (PRMLF) has initiated a surface drilling program at its past-producing Selkirk copper-nickel-cobalt-PGE mine in Botswana. The program includes 12 drill holes focused on validating legacy data and supporting future resource model updates. The company is also resampling historical core, with 17 historical drill holes already resampled in 2024 and 34 additional holes identified for resampling.
The Selkirk Mine, which operated between 1989-2002 under Anglo American, historically produced 1 million tonnes at 2.6% Ni and 1.5% Cu. The current program aims to expand and upgrade the existing 44.2Mt Inferred Mineral Resource Estimate. The company is also conducting metallurgical optimization to develop a comprehensive metallurgical model for future development decisions.
Premium has also engaged ICP Securities Inc. for automated market making services at a monthly fee of C$7,500 for an initial four-month term.Premium Resources (PRMLF) ha avviato un programma di perforazione superficiale nella sua miniera di rame-nichel-cobalto-PGE Selkirk in Botswana, già in passato in attività. Il programma prevede 12 fori di perforazione focalizzati sulla convalida dei dati storici e sul supporto per futuri aggiornamenti del modello di risorse. L'azienda sta anche effettuando il riesame di carote storiche, con 17 fori storici già riesaminati nel 2024 e 34 fori aggiuntivi individuati per ulteriori riesami.
La miniera Selkirk, operativa tra il 1989 e il 2002 sotto Anglo American, ha prodotto storicamente 1 milione di tonnellate con il 2,6% di Ni e l'1,5% di Cu. L'attuale programma mira ad ampliare e migliorare la stima delle risorse minerarie inferite di 44,2 Mt esistente. La società sta inoltre conducendo un'ottimizzazione metallurgica per sviluppare un modello metallurgico completo utile per le future decisioni di sviluppo.
Premium ha inoltre incaricato ICP Securities Inc. per servizi di market making automatizzato con un costo mensile di 7.500 CAD per un periodo iniziale di quattro mesi.
Premium Resources (PRMLF) ha iniciado un programa de perforación superficial en su antigua mina de cobre-níquel-cobalto-PGE Selkirk en Botswana. El programa incluye 12 perforaciones centradas en validar datos históricos y apoyar futuras actualizaciones del modelo de recursos. La compañía también está remuestreando núcleos históricos, con 17 perforaciones históricas ya remuestreadas en 2024 y 34 perforaciones adicionales identificadas para remuestreo.
La mina Selkirk, que operó entre 1989 y 2002 bajo Anglo American, produjo históricamente 1 millón de toneladas con 2.6% de Ni y 1.5% de Cu. El programa actual busca ampliar y mejorar la estimación de recursos minerales inferidos existente de 44.2 Mt. La compañía también está realizando una optimización metalúrgica para desarrollar un modelo metalúrgico integral que apoye futuras decisiones de desarrollo.
Además, Premium ha contratado a ICP Securities Inc. para servicios automatizados de creación de mercado con una tarifa mensual de 7,500 CAD durante un período inicial de cuatro meses.
Premium Resources(PRMLF)는 보츠와나에 위치한 과거 생산된 셀커크 구리-니켈-코발트-PGE 광산에서 지표 시추 프로그램을 시작했습니다. 이 프로그램은 12개의 시추공을 포함하며, 기존 데이터 검증과 미래 자원 모델 업데이트 지원에 중점을 두고 있습니다. 회사는 또한 과거 코어 샘플을 재채취하고 있으며, 2024년에 이미 17개의 과거 시추공을 재채취했으며, 추가로 34개의 시추공을 재채취 대상으로 선정했습니다.
셀커크 광산은 1989년부터 2002년까지 앵글로 아메리칸이 운영했으며, 과거에 니켈 2.6%, 구리 1.5% 함유된 100만 톤을 생산했습니다. 현재 프로그램은 기존에 추정된 44.2Mt의 추정 자원량을 확장 및 업그레이드하는 것을 목표로 하고 있습니다. 또한 회사는 향후 개발 결정을 위한 포괄적인 야금 모델을 개발하기 위해 야금 최적화 작업도 진행 중입니다.
또한 Premium은 ICP Securities Inc.와 월 7,500 캐나다 달러의 수수료로 4개월 초기 계약 기간 동안 자동 시장 조성 서비스를 계약했습니다.
Premium Resources (PRMLF) a lancé un programme de forage en surface sur son ancienne mine de cuivre-nickel-cobalt-PGE Selkirk au Botswana. Le programme comprend 12 trous de forage axés sur la validation des données historiques et le soutien aux futures mises à jour du modèle de ressources. La société procède également au rééchantillonnage des carottes historiques, avec 17 trous historiques déjà rééchantillonnés en 2024 et 34 trous supplémentaires identifiés pour un rééchantillonnage.
La mine Selkirk, exploitée de 1989 à 2002 par Anglo American, a produit historiquement 1 million de tonnes à 2,6 % de Ni et 1,5 % de Cu. Le programme actuel vise à étendre et à améliorer l'estimation des ressources minérales inférées existantes de 44,2 Mt. La société réalise également une optimisation métallurgique afin de développer un modèle métallurgique complet pour les décisions de développement futures.
Premium a également engagé ICP Securities Inc. pour des services de tenue de marché automatisée moyennant des frais mensuels de 7 500 CAD pour une durée initiale de quatre mois.
Premium Resources (PRMLF) hat ein Oberflächenbohrprogramm an seiner ehemaligen Selkirk Kupfer-Nickel-Kobalt-PGE-Mine in Botswana gestartet. Das Programm umfasst 12 Bohrlöcher, die sich auf die Validierung von Altdaten und die Unterstützung zukünftiger Ressourcenmodellaktualisierungen konzentrieren. Das Unternehmen nimmt außerdem historische Kernproben erneut, wobei bereits 17 historische Bohrlöcher im Jahr 2024 nachbeprobt wurden und 34 weitere Löcher für Nachbeprobungen identifiziert sind.
Die Selkirk-Mine, die von 1989 bis 2002 unter Anglo American betrieben wurde, produzierte historisch 1 Million Tonnen mit 2,6 % Ni und 1,5 % Cu. Das aktuelle Programm zielt darauf ab, die bestehende geschätzte Mineralressource von 44,2 Mio. Tonnen (Inferred) zu erweitern und aufzuwerten. Das Unternehmen führt zudem metallurgische Optimierungen durch, um ein umfassendes metallurgisches Modell für zukünftige Entwicklungsentscheidungen zu erstellen.
Premium hat außerdem ICP Securities Inc. für automatisierte Market-Making-Dienstleistungen zu einer monatlichen Gebühr von 7.500 CAD für eine anfängliche Laufzeit von vier Monaten beauftragt.
- Cost-effective resampling program of historical drill core enhancing deposit understanding
- Historical high-grade production of 1 million tonnes at 2.6% Ni and 1.5% Cu
- Comprehensive 12-hole drilling program underway for resource expansion
- Potential upgrade of 44.2Mt Inferred resource to Indicated category
- None.
Toronto, Ontario--(Newsfile Corp. - May 15, 2025) - Premium Resources Ltd. (TSXV: PREM) (OTC Pink: PRMLF) ("PREM" or the "Company") announces that a surface drilling program is underway and provides details of the work program at its past-producing copper-nickel-cobalt-platinum group elements ("Cu-Ni-Co-PGE") sulphide Selkirk mine ("Selkirk Mine") in Botswana. The drilling program is designed to demonstrate resource expansion and metallurgical flowsheet development. These initiatives are aimed at de-risking the project to support future development decisions.
Highlights of Selkirk Work Program
Drilling program initiated - A 12-hole drill program is underway at Selkirk (Figure 1), focused on twinning historical holes to validate legacy data, adding key data points to support a future resource model update, and resource expansion through continued resampling of historical core (See news release April 10, 2025).
Continued resampling of historical core - In 2024, 17 historical drill holes were resampled to obtain complete PGE analysis (See press releases dated October 28, 2024, titled: "Selkirk Deposit Provides Strong Historic Drill Core Results Including 186.25 Metres of
1.65% CuEq"). An additional 34 historical holes have been identified for resampling.Metallurgical program ongoing - Aimed at refining orebody domains and developing a more comprehensive, de-risked metallurgical model reflected in an updated Mineral Resource Estimate ("MRE") and supporting studies.
Morgan Lekstrom, CEO of Premium Resources states: "Resampling the historical drill core has proven to be a cost-effective and impactful way to enhance our understanding of the Selkirk deposit. This phase of drilling will prove critical for resource reclassification as we rapidly advance toward restoring the project's legacy resource estimate. We remain focused on accelerating Selkirk and positioning it for near future development."
The surface drilling program will collect fresh HQ-sized core to support metallurgical flowsheet, generate material for preliminary X-ray Transmission ("XRT") ore-sorting tests, and support the potential expansion and upgrade of the National Instrument 43-101 ("NI 43-101") compliant 44.2Mt Inferred MRE to the Indicated category (see news release dated November 27, 2024).
Historical production at the Selkirk Mine took place between 1989 and 2002 with Anglo American mining high grade Cu-Ni massive sulphides and producing 1 million tonnes at
The Company will continue to provide regular updates as drilling activities progress and metallurgical test work advances.
Figure 1 and Figure 2
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Premium Engages ICP Securities Inc.
The Company has engaged the services of ICP Securities Inc. ("ICP") to provide automated market making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a monthly fee of C
ICP is an arm's length party to the Company. ICP's office is located at 204 - 251 Queens Quay East, Toronto, Ontario, M5A 0X3. ICP's market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company's shares. ICP will be responsible for the costs it incurs in buying and selling the Company's shares, and no third party will be providing funds or securities for the market making activities. The appointment of ICP is subject to approval by the TSX Venture Exchange.
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 Mineral Resource Estimate on the Selkirk Mine is supported by the technical report entitled "NI 43-101 Technical Report Selkirk Nickel Project, North East District, Republic of Botswana", dated November 1, 2024 (with an effective date of January 10, 2025) (the "Technical Report") prepared by SLR Consulting (Canada) Ltd. for PREM. 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.
Historical Estimates
Certain of the mineral resource estimates referred to in this release are historical in nature and should not be relied upon as a current mineral resource estimate. While management believes that these historical mineral resource estimates could be indicative of the presence of mineralization on the Selkirk Mine property, a "qualified person" (for purposes of NI 43-101) has not completed sufficient work to classify the historical mineral estimates as a current mineral resource estimates and the Company is not treating the historical mineral estimates as current mineral resource estimates.
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:
Morgan Lekstrom
CEO and Director
morganl@premiumresources.com
Jaclyn Ruptash
Vice President, Communications and Investor Relations
jaclyn@premiumresources.com
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 advancement of the Selkirk Mine as currently contemplated; the anticipated ability of exploration activities (including drill results) to accurately predict mineralization; the timing of release of assay results; the timing and ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally, including metallurgical flowsheet development and preliminary XRT ore-sorting tests; the goal of the Company to define additional or upgrade existing mineral resource estimates on the Selkirk Mine in accordance with NI 43-101; the results of the exploration program at the Selkirk Mine and the timing and disclosures of the Company regarding same; the benefits of the Company's approach to exploration; and management's belief that the historical resource estimates disclosed in this news release could be indicative of the presence of mineralization on the deposits. 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 the Company will not be able to advance the Selkirk Mine as currently contemplated; the risk that the Company will not be able to define additional or upgrade existing mineral resource estimates on the Selkirk Mine in accordance with NI 43-101; 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; 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.
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Figure 1: Location of planned drill holes
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Figure 2: Selkirk Mining License
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252197
FAQ
What is the current drilling program at Premium Resources' (PRMLF) Selkirk Mine?
What was the historical production at Premium Resources' Selkirk Mine in Botswana?
How many historical drill holes is Premium Resources (PRMLF) resampling at Selkirk?
What is the current resource estimate for Premium Resources' Selkirk Mine?
