Premium Nickel Resources Ltd. reported initial assay results from drilling at its past-producing nickel-copper-cobalt sulphide (Ni-Cu-Co) Selebi North mine in Botswana. In reporting the 50+ drill holes over the coming months, the company expects to report a range of results as certain drill holes will target the centers of mineralization while others will focus on defining the limits of mineralization. Highlights and detailed results of the initial assay results are shown below along with accompanying visuals including drill core photos for assays pending accessible.

SNUG-23-025 (South Limb): 9.25 metres of 1.78% NiEq (1.35% Ni; 0.67% Cu; 0.07 % Co), SNUG-23-018 (N2 Limb): 9.85 metres of 1.28% NiEq (0.77% Ni; 0.95% Cu; 0.04% Co): including 5.6 metres of 1.06% NiEq (0.50% Ni; 1.13% Cu; 0.03% Co) and 2.45m of 2.24% NiEq (1.75% Ni; 0.72% Cu; 0.09% Co). Identification of the down plunge extension of a zone that was previously thought to have been pinched off. More drilling is required.

Significant grades and widths of mineralization intercepted up to 510m down plunge of existing mine infrastructure, including intercepts occurring below the historic mineralization wireframe. PNRL's underground drilling program at Selebi North has three objectives, being to 1. complete a Mineral Resource Estimation ("MRE") prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"); 2. demonstrate up-side potential through drilling down-plunge of the historic resource; and 3. conduct exploration drill testing of priority borehole electromagnetic ("BHEM") targets. As continue to progress, anticipate being able to provide a range of results and the context of each drill hole.

In addition, each drill hole is expected to provide new geoscience data, including geology, structure, geochemistry and geophysics, which data is expected to be integrated and applied to testing deeper structural and BHEM conductance targets in a systematic manner at Selebi North. The Selebi North mineralization is hosted in an amphibolite that has been tightly folded and mineralization is generally thickest in the embayments and noses of the folds. On the limbs of the folds, the thickness of the mineralization can be as high as 15 meters in local undulations.

The various mineralized zones have been named N2, N3 and South Limb to demarcate their location on the folded structure. Narrow high grade N3 mineralization extends beyond the limits of the amphibolite and occurs as massive and semi massive sulphide within the country rock gneiss. The underground drill program will be carried out from seven drill bays.

Three drill rigs are currently operating from drill bays on the 880L, 895L and 935L, and targeting the areas nearest existing mine development. The mineralized envelope is tightly folded and the location of the available drill bays is limited, meaning that drill holes will not necessarily intersect mineralization perpendicular to the strike and dip. Additional drilling is needed to estimate true width and define the folded mineralization.

As of October 31, 2023, a total of 10,387 metres in 32 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. Additional drill holes in the N2, N3 and South Limb mineralization have been recently concluded and are now in the process of preparation for shipment to the lab for testing. The underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Québec, Canada, who have provided three Zinex U-5 drills for purchase and trainin of local operators.

Drill core samples are BQTK (40.7 mm diameter). All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes.

Samples are generally 1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at the ALS Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch.

Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81). Holes are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.