Premium Nickel Resources Ltd. reported additional assay results from drilling at its past-producing nickel-copper-cobalt sulphide Selebi North underground mine in Botswana. Previous results for 34 holes were released in 2023 on November 14, November 27 and December 19 and in 2024 on January 18, January 30 and February 13. Results for a further three holes are released herein.

To date a total of 37 holes have been released representing an aggregate of approximately 13,602 metres including the holes and metres released herein. The purpose of this drill program 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 properly determine true width of mineralization on each limb and define the folded mineralization. The highlighted results from SNUG-23-067 returned multiple mineralized intervals over a significant length. The South and N2 Limbs are extremely close and merge, and because of the complex folding and location of available drill bays, this resulted in wide intervals of mineralization.

The target of SNUG- 23-067 was the down plunge extension of the N2 Limb. To test this potential extension of N2, the hole first passed through the South Limb sulphide horizon at a low angle, resulting in a long interval of mineralization. Drilling is underway from a new drill bay on the 810 Exploration Drift that will help determine the true width of these intersections.

SNUG-23-035 tested a modeled BHEM plate corresponding to the strike extension of the South Limb in the direction of the Selebi Main historic resource. The drillhole pierced the mineralized horizon 130 metres along strike of the South Limb historic resource. The intersected mineralization has an overall Ni to Cu ratio similar to the Selebi Main Deposit.

Three drills are currently active, two on the 810mL Exploration Drift and one drilling from the 925mL South Limb development drive. The two drills on the 810mL Exploration Drift allow for the evaluation of areas further down plunge and outside of the known historic resource estimate, and results will support a future NI 43-101 compliant MRE. BHEM surveys are currently underway, with surveys completed in a total of seventeen underground drillholes including six 2024 holes drilled from the 810mL Exploration Drift evaluating the South Limb.

Results from these surveys indicate that the mineralized zones continue down plunge of current drilling, permitting larger step-out intervals. Drillhole SNUG-24-089 is currently in progress targeting South Limb 380 metres down-plunge of the historic resource. As of February 24, 2024, a total of 23,875 metres in sixty-seven (67) drillholes have been completed from five underground drill bays with three drillholes in-progress.

Assay results for completed holes will be released as they are received and confirmed by the Company.