Africa-Press – Botswana. Premium Nickel Resources Ltd has announced that assay results from drilling at the Selebi North mine in Botswana, a former nickel-copper-cobalt sulphide producer, have been approved by the Consumer and Competition Authority (CCA).
The company, Sherashiya, identified as the acquiring party, is a relatively new entity that currently does not operate in Botswana. The CCA’s ruling indicates that Sherashiya and Pula Steel (formerly operating Selebi North mine) are not competing in the same market.
The Selebi North mine, which has been under liquidation since 2018, showed promising results from drilling efforts conducted by PNRL. The significant grades and widths of mineralization were found up to 510m down plunge of the existing mine infrastructure, even below the historic mineralization wireframe.
Keith Morrison, CEO of PNRL, emphasized the prioritization of underground drilling at Selebi North due to its favorable grade, size, proximity to existing infrastructure, and the potential for a quick and cost-effective path to production. Morrison explained that the historic Selebi North resource comprises three mineralized zones (N2, N3, and South Limb), each produced historically and varying in size and grade.
PNRL’s underground drilling program at Selebi North has three main objectives: completing a Mineral Resource Estimation (MRE) following National Instrument 43-101 standards, demonstrating upside potential through down-plunge drilling, and conducting exploration drill testing of priority borehole electromagnetic (BHEM) targets.
Morrison highlighted the anticipation of providing a range of results and contextual information for each drill hole. As the drilling program progresses, new geoscience data, including geology, structure, geochemistry, and geophysics, will be obtained and applied systematically to test deeper structural and BHEM conductance targets at Selebi North.
As of October 31, 2023, a total of 10,387 meters in 32 drill holes have been completed from three initial underground drill bays. The drilling focuses on characterizing the remaining resource down plunge of the existing mine infrastructure. Concurrently, step-out drilling aims to demonstrate upside potential, supporting future Mineral Resource Estimation. Assay results will be released as they are received and confirmed.
PNRL has outlined conditions for the approval, including prohibiting Sherashiya from entering into exclusive supply agreements with scrap metal suppliers in Botswana. The merged enterprise is required to notify the Authority if such agreements are considered.
Additionally, the merged entity must submit annual reports for three years, detailing compliance with approval conditions and demonstrating contributions to citizen empowerment, SMMEs, employment and skills transfer.
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