Premium Nickel Resources Ltd. reports additional assay results at its past-producing nickel-copper-cobalt sulphide ("Ni-Cu-Co") Selebi North underground ("SNUG") mine in Botswana. Previous results for 23 holes were released, November 14, November 27 and December 19, 2023, respectively, and January 18, 2024. Results for a further three holes are set out below.

To date a total of 26 holes have been released representing an aggregate of approximately 9,093 metres including the holes and metres released herein. 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 required to estimate true width and define the folded mineralization.

The highlighted results from SNUG-23-057 returned multiple mineralized intervals including intervals outside the historic resource estimate. SNUG-23-057 intersected mineralization corresponding to the N2 and N3 Limbs, but also intersected additional mineralization located between the N2 and N3 historic resources that is outside the historic SAMREC resource. In addition, the 9.55 metre interval grading 2.72% Ni and 1.81% Cu is situated in a local fold linked to the historically mined N3 Zone in the upper levels of the mine.

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. BHEM surveys are currently underway, with surveys completed in five 2023 drillholes and two holes drilled from the 810 exploration drift. Results indicate that the mineralized zones continue down plunge of current drilling.

As of January 28, 2024, a total of 20,298 metres in 55 drillholes have been completed from five underground drill bays. Assay results for completed holes will be released as they are received and confirmed by the Company.