Premium Nickel Resources Ltd. report additional assay results from drilling at its past-producing nickel-copper-cobalt sulphide Selebi North underground mine in Botswana. Results have been previously released for 12 holes and results for a further four holes are released herein. The objective of these holes is to define mineralization down plunge of the existing workings that will be used to complete a Mineral Resource Estimation prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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 estimate true width and define the folded mineralization. Noteworthy are two mineralized intercepts outside of the historic resource.

SNUG-23-017 was recently extended to be used as a BHEM platform. The hole intersected a 16.2 metre interval of mineralization that closely correlates with the interpreted down plunge extent of N2 mineralization. This intercept occurs approximately 180 metres down plunge/105 metres vertically below the bottom of the historic resource.

Core photos from this hole can be viewed by Clicking Here. SNUG-23-035 intersected 10.8 metres of mineralization interpreted to represent the strike extent of the South Limb approximately 130 metres from the historic BCL wireframed envelope. This intercept correlates with the modeled BHEM plates in this area.

As of December 15, 2023, a total of 18,120 metres in 50 drillholes have been completed from the initial three underground drill bays. During this initial phase, drilling is targeting the area down plunge of mine infrastructure to characterize the remaining resource. Concurrently, step-out drilling will occur further down plunge with the aim to demonstrate upside potential which will support a future MRE.

Assay results for completed holes will be released as they are received and confirmed by the Company. In January 2024, two drills will be 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.