Acquisition process completed for Ni-Cu-Co-PGM mine in Botswana

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Acquisition process completed for Ni-Cu-Co-PGM mine in Botswana

Premium Nickel Resources Ltd. is pleased to announce the completion of its acquisition of the nickel, copper, cobalt, platinum-group elements (“Ni-Cu-Co-PGE”) Selkirk Mine in Botswana, together with associated infrastructure and four surrounding prospecting licences formerly operated by Tati Nickel Mining Company (“TNMC”).

The acquisition was completed pursuant to the Company’s previously-announced asset purchase agreement with the Liquidator of TNMC. With the acquisition now complete, ownership of the Selkirk Mine has been transferred to the Company.

The Company began comprehensive due diligence programs on the Selkirk Mine in 2020 and has since continued to verify old data and collect new data, including completion of a ‘concept-level’ metallurgical study. The metallurgical testing carried out at SGS Lakefield, Ontario, Canada, will help to establish the Companies re-development plan to produce separate copper and nickel-cobalt concentrates.

Selkirk Mine

Keith Morrison, CEO, commented: “Completing the transfer of ownership of the Selkirk Mine concludes PNRL’s announced asset purchases with the Liquidator of TNMC in Botswana. On a voluntary basis, PNRL will move forward with completing its initial NI 43-101 technical report on Selkirk and the surrounding prospecting licenses. Concurrently, we will prioritize the preparation and exploration requirements that will support our proposed redevelopment plans for new modern operations with state-of-the-art processing and tailings management facilities. The re-development plan will encompass modern best practices, using less power, less water and assuming conservative commodity prices.”

The Selkirk Mine is situated 28 kilometres south-east of the town of Francistown, and 75 kilometres north of the 100% owned Selebi Mines. The Selkirk mining license covers approximately 14.6 square kilometres and the four prospecting licenses cover 126.7 square kilometres.

Production at the Selkirk Mine took place between 1989 and 2002 with Anglo American mining high grade Ni-Cu massive sulphides and producing 1 million tonnes at 2.6% Ni and 1.5% Cu. Thereafter, in 2006, LionOre Mining International Ltd. (“LionOre”) published a technical report in accordance with NI 43-101, which reported a historic indicated mineral resource estimate of 6.0 Mt grading 1.06% Nickel and 0.36% Copper at a cutoff grade of 0.75% Ni.

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