Evrima Plc - Investee Update: Premium Nickel Resources Assay Results

19 August 2022

Evrima plc

("Evrima" or the "Company")

Investee Update: Premium Nickel Resources Ltd reports first Assay Results at Its 100% Owned Selebi Mine in Botswana: 25.65 Metres of 0.95% Ni, 2.03% Cu

Evrima is pleased to provide an update on its investee company, Premium Nickel Resources Ltd (“PNRL” or “Premium Nickel”) (TSX-V: PNRL), in respect of the first assay results from Premium Nickel’s 2022 diamond drilling program at its 100% owned Selebi nickel-copper-cobalt sulphide Mine in Botswana. A link to the PNRL press release can be found here

Evrima holds 1,114,115 shares in Premium Nickel, being the amalgamated company of North American Nickel Inc. and Premium Nickel Resources (a private Canadian company).

The Selebi Mine Project

PNRL is currently focusing its efforts on advancing its 100% owned flagship Selebi Mine in Botswana. The Selebi Mine Project is located in Botswana and consists of a single 10-year mining licence covering an area of 11,504 hectares located near the town of Selebi Phikwe, approximately 150 kilometres southeast of the city of Francistown, and 410 kilometres northeast of the national capital, Gaborone.  The Selebi Mine includes two shafts (Selebi, and Selebi North deposits) and related infrastructure (rail, power, and water).

First Assay Results

The Company's 2022 diamond drilling programme commenced March 14 2022, with approximately 8,366 metres of drilling having been completed as of August 16 2022. Results have been received for the first 2022 drillhole and are reported herein. Assay results are pending from two additional target zone intersections. 

Initial drill hole SMD-22-001 was prioritized to test an off-hole borehole electromagnetic ("BHEM") target from sd140 identified by PNRL during the compilation and verification of historic data in 2021. Legacy drill hole sd140, completed in 2010, was aimed at following the down-dip extension of legacy drill hole sd119 that reported an estimated true thickness interval of 38.5 metres averaging 1.58% Ni and 2.44% Cu, including 21.4 metres of 2.34% Ni and 3.39% Cu at the Selebi deposit (see PNRL news release dated August 15 2022 here). Drill hole sd119 is located approximately 300 metres from the Selebi Mine underground infrastructure.

SMD-22-001 intersected two intervals of amphibolite hosted Ni-Cu sulphides. The lower interval of massive sulphide mineralization coincides with the interpreted target depth of the sd140 off-hole EM plate. This new hole has returned potentially significant results including:

• SMD-22-001 (upper interval): 7.15 metres of 0.33% Ni, 0.82% Cu, 0.01% Co and 2.23 ppm Ag.
   
• SMD-22-001 (lower interval): 25.65 metres of 0.95% Ni, 2.03% Cu, 0.04% Co and 7.40 ppm Ag.
   
  • Including 6.90 metres of 2.22% Ni, 3.76% Cu, 0.08% Co and 13.47 ppm Ag.
     
  • and 3.25 metres of 0.87% Ni, 2.00% Cu, 0.04% Co and 6.54 ppm Ag.
     
  • and 1.90 metres of 1.40% Ni, 0.76% Cu, 0.06% Co and 2.58 ppm Ag.

The Directors of Evrima accept responsibility for this announcement.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

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Enquiries  : 

Company: 
Burns Singh Tennent-Bhohi (CEO & Director): burns@evrimaplc.com
             
Simon Grant-Rennick (Executive Chairman): simon@evrimaplc.com

Novum Securities Limited (AQSE Corporate Adviser):

David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400