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. To date a total of 23 holes have been released representing an aggregate of approximately 8,242 metres including the holes and metres released herein. Two drills have been mobilized to the 810 metre level exploration drift, permitting testing areas further down plunge of the three mineralized zones with the aim to demonstrate upside potential that will support a future MRE.

As of January 17, 2024, a total of 18,120 metres in 49 drillholes have been completed from the initial three underground drill bays and 514 metres have been drilled from two drill bays on the 810mL exploration drift. During this initial phase, drilling is targeting the area down plunge of mine infrastructure to characterize the remaining resource. Assay results for completed holes will be released as they are received and confirmed by the Company.

Highlights include: SNUG-23-055 (South Limb): 15.30 metres of 2.96% NiEq (1.84% Ni; 1.85% Cu; 0.10% Co), including 8.45 metres of 3.07% NiEq (2.15% Ni; 1.40% Cu; 0.11% Co) and 3.00 metres of 3.01% NiEq (2.13% Ni; 1.28% Cu; 0.12% Co). SNUG-23-054 (N3 Limb): 6.85 metres of 4.01% NiEq (2.72% Ni; 1.97% Cu; 0.15% Co). SNUG-23-053 (South Limb): 6.05 metres of 2.78% NiEq (1.95% Ni; 1.23% Cu; 0.11% Co).