Toronto, Ontario—(Newsfile Corp. – May 15, 2025) – Premium Resources Ltd. (TSXV: PREM) (OTC Pink: PRMLF) has announced the initiation of a surface drilling program at its past-producing Selkirk Mine in Botswana. This strategic move aims to expand resources and refine metallurgical processes, ultimately de-risking the project for future development decisions.
Overview of the Selkirk Mine
The Selkirk Mine, which operated between 1989 and 2002, is known for its rich deposits of copper, nickel, cobalt, and platinum group elements (Cu-Ni-Co-PGE). During its operational years, Anglo American mined approximately 1 million tonnes of high-grade Cu-Ni massive sulphides, yielding impressive grades of 2.6% nickel and 1.5% copper. The mine has a historical resource estimate of 128.4 million tonnes at 0.21% nickel and 0.23% copper, as reported by LionOre Mining International Ltd. in 2006 and further updated by Norilsk Nickel Africa in 2013.
Highlights of the Current Work Program
Drilling Program Initiation
The newly launched drilling program consists of 12 holes aimed at twinning historical drill holes. This approach will validate legacy data and add crucial data points to support an updated resource model. The program also includes the resampling of historical core samples, which is expected to enhance the understanding of the Selkirk deposit.
Resampling Historical Core
In 2024, 17 historical drill holes were resampled to obtain comprehensive platinum group element (PGE) analyses. An additional 34 historical holes have been identified for further resampling. This effort is crucial for refining the geological model and improving the accuracy of resource estimates.
Ongoing Metallurgical Program
A metallurgical program is currently underway, focusing on refining orebody domains and developing a comprehensive metallurgical model. This model will be reflected in an updated Mineral Resource Estimate (MRE) and supporting studies, which are essential for future project development.
Morgan Lekstrom, CEO of Premium Resources, emphasized the importance of this phase: “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.”
Future Development Goals
The surface drilling program will collect fresh HQ-sized core to support metallurgical flowsheet development, generate material for preliminary X-ray Transmission (XRT) ore-sorting tests, and facilitate the potential upgrade of the National Instrument 43-101 (NI 43-101) compliant 44.2 million tonnes Inferred MRE to the Indicated category.
Engagement with ICP Securities Inc.
To enhance market presence, Premium Resources has engaged ICP Securities Inc. for automated market-making services. This partnership aims to correct temporary imbalances in the supply and demand of the company’s shares, ensuring a more stable trading environment. The agreement, effective May 15, 2025, will last for four months, with the option for automatic renewal.
Commitment to Transparency and Governance
Premium Resources Ltd. is dedicated to transparent governance and open communication with stakeholders. The company’s experienced team has collectively worked on over 100 projects, accumulating more than 400 years of expertise in resource discovery, mine development, and re-engineering.
Conclusion
As Premium Resources Ltd. embarks on this ambitious drilling program at the Selkirk Mine, the company is poised to unlock significant value from its historical assets. With a focus on resource expansion and metallurgical refinement, the future looks promising for the Selkirk project. Regular updates will be provided as drilling activities progress and metallurgical test work advances, ensuring stakeholders remain informed throughout this exciting journey.
For further information about Premium Resources Ltd., please contact:
Morgan Lekstrom
CEO and Director
[Email Address]
Jaclyn Ruptash
Vice President, Communications and Investor Relations
[Email Address]
Cautionary Note Regarding Forward-Looking Statements
This article contains forward-looking information based on expectations and projections as of the date of publication. Actual results may differ materially due to various risks and uncertainties.
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This structured approach provides a comprehensive overview of Premium Resources Ltd.’s current initiatives at the Selkirk Mine, emphasizing the company’s commitment to resource development and stakeholder engagement.
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