Premium Nickel Resources Ltd. reported additional assay results from drilling at its past-producing nickel-copper-cobalt sulphide (Ni-Cu-Co) Selebi North underground (SNUG) mine in Botswana. Previous results for 47 holes were released in ten separate news releases between November 14, 2023 and April 17, 2024. This release highlights results for a further six holes.

Details of the assay results are shown below along with accompanying visuals. Highlights include: SNUG-24-089 (South Limb, 403 metres down plunge of historic resource): 17.55 metres of 3.28% NiEq or 6.16% CuEq (2.07% Ni, 1.98% Cu, 0.11% Co); SNUG-24-081 (South Limb and N2 Limb, within historic resource): 28.60 metres of 1.95% NiEq or 3.66% CuEq (0.84% Ni, 1.96% Cu, 0.04% Co) and incl. 6.10 metres of 3.18% NiEq or 5.97% CuEq (0.91% Ni, 4.13% Cu, 0.05% Co).

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. Drilling and BHEM Continues: Three drills are currently active on the 810 metre level exploration drift.

The two drill bays located at the southern most extent of the 810 metre level exploration drift allow for the evaluation of areas further down plunge and outside of the known historic resource estimate. The third drill is stationed in the newly completed development located approximately 130 metres east orthogonal to of the main 810 metre level exploration drift, allowing for optimal intersection angles on South Limb and N2 Limb. BHEM surveys have been completed in a total of 30 underground drillholes including nine (9) 2024 holes drilled from the 810 metre level exploration drift evaluating the down plunge potential of the South Limb.

Results from these surveys indicate that the mineralized zones continue down plunge of current drilling, permitting larger step-out intervals. As of May 14, 2024, a total of 35,246 metres in 92 drillholes have been completed from seven underground drill bays with three of those drillholes currently in-progress. Assay results for completed holes will be released as they are received and confirmed by the Company.

Quality Control: The underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada, who have provided three Zinex U-5 drills for purchase and training of local operators. 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.

BHEM Surveys: The BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3 component fluxgate probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz).

The data has been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to be invaluable because of the size of the highly conductive mineralized system.