Mining Inventory Information – Top class Nickel Assets (TSXV: PNRL) (OTCQX: PNRLF) Publicizes Submitting of NI 43-101 Technical Record on Selkirk Mine in Botswana

Toronto, Ontario – April 12, 2023 (Newsfile Corp.) (Investorideas.com Newswire) Top class Nickel Assets Ltd. (TSXV: PNRL) (OTCQX: PNRLF) (“PNRL” or the “Corporate”) is happy to announce that it has filed a technical file, in keeping with Nationwide Software 43-101 – Requirements of Disclosure for Mineral Tasks (“NI 43-101”), for the Corporate’s 100% owned nickel, copper, cobalt, platinum-group components (“Ni-Cu- Co-PGE”) Selkirk Mine in Botswana.

The Corporate obtained the Selkirk Mine along with related infrastructure and 4 surrounding prospecting licences in August 2022 in an asset acquire settlement with the Liquidator of Tati Nickel Mining Corporate (“TNMC”) (see information liberate of PNRL dated August 22, 2022). The Selkirk Mine is a secondary asset to the Corporate’s 100% owned flagship Selebi Ni-Cu-Co Mine and features a historic mineral useful resource estimate (“MRE”) of 52.2 Mt (Measured and Indicated) at 0.32% Ni, 0.31% Cu, 0.15 g/t Pt, 0.46 g/t Pd and zero.06 g/t Au (seek advice from Desk 1 for a breakdown by way of class).

The technical file, entitled “NI 43-101 Technical Record, Selkirk Nickel Challenge, Northeast District, Republic of Botswana”, dated April 12, 2023 (with an efficient date of March 31, 2023) (the “Selkirk Technical Record”) used to be ready for the Corporate by way of G Mining Services and products Inc. in keeping with NI 43-101. The Selkirk Technical Record is to be had on SEDAR (www.sedar.com) underneath the Corporate’s issuer profile and at the Corporate’s site (www.premiumnickel.com).

The Selkirk Mine has been topic to prior financial research, with the newest being a feasibility learn about undertaken by way of WorleyParsons Restricted on behalf of BCL Restricted in 2015-2016, which used to be no longer ready in keeping with, and does no longer agree to, NI 43-101. The Selkirk Technical Record incorporates a abstract of ancient geological and environmental paintings performed by way of the previous operator, TNMC, together with drilling and historic useful resource estimates, and up to date paintings undertaken by way of PNRL together with archeological paintings, metallurgical research, core sampling and an underground take hold of sampling program.

Keith Morrison, CEO commented: “The Selkirk floor deposit is positioned 75 kilometres north of our flagship Selebi Mine in Botswana. The Selkirk deposit is a separate asset from our number one underground Selebi and Selebi North deposits, offering the Corporate with an extra authorized supply of Ni-Cu-Co and PGE assets. The NI 43-101 ready Selkirk Technical Record is in response to paintings finished between 1970 and 2016 by way of 4 earlier house owners, together with 108,767 metres of drilling in 505 holes.

Our technical plan this yr at Selkirk will come with each exploration and useful resource drilling (roughly 20,000 meters), QA/QC legacy core resampling, geological and structural modeling and further metallurgical checking out. Our purpose is to generate a NI 43-101 compliant useful resource estimate in Q1 2024, and pending sure results of the 2023 paintings techniques, entire an financial analysis of a possible open pit operation.”

The Selkirk assets features a mining license and 4 prospecting licences protecting a complete of roughly 141.28 sq. kilometres. The Mining Licence incorporates the previous generating Selkirk Mine, which produced 1.0 Mt grading 2.6% Ni and 1.5% Cu between 1989 and 2002.

PNRL’s complete due diligence at the Selkirk Mine incorporated the research of ancient information and choice of new information together with a proof-of-concept metallurgical learn about that established it used to be imaginable to supply two separate copper and nickel concentrates with probably vital PGE content material. The metallurgical checking out performed by way of SGS in Lakefield, Ontario, produced a copper pay attention of 33% Cu, 0.32 % Ni, and 36.0 g/t Pd; and a nickel pay attention of 10% Ni, 6% Cu, and 9.0g/t Pd with overall recoveries of 86% copper, 63% nickel and 69% palladium. Importantly, the low nickel (0.32%) content material of the copper pay attention, the loss of obtrusive deleterious components, and the power to supply tailings with a low sulphur content material (<1%) used to be achievable.

Selkirk is host to 2 forms of mineralization: (1) large sulphides, positioned throughout the metagabbro intrusion and small, large sulphide accumulations on the base of the taxitic metagabbro intrusive, and (2) matrix and disseminated sulphides as a halo surrounding and down-plunge of the huge sulphide frame. The disseminated-blebby zone that when contained the huge sulphide lens lies 50 to 100 metres above the basal touch of the footwall quartz diorite and mimics the footwall touch. Historic drilling means that the huge sulphide lens used to be synformal in form, measured as much as 70 to 90 metres broad, averaged 20 metres thick and had a plunge extent of 200 metres. The disseminated-blebby sulphide mineralization surrounding the huge sulphides could also be synformal in form and averages 120 metres broad, 100 to 150 metres thick, and plunges shallowly to the south at 20 levels. It’s outlined from floor over a down plunge distance of 900 metres and stays open at intensity. Mineralization is composed of pentlandite, pyrrhotite, chalcopyrite and pyrite. No less than 3 generations of dykes crosscut the mineralized metagabbro.

Between 2003 and 2016, over 80,000 metres of diamond drilling used to be finished and several other useful resource estimates, metallurgical research and feasibility research had been finished by way of TNMC to judge the Selkirk Deposit as an open pit operation. Those mineral assets are regarded as ancient in nature, as inadequate information verification has been performed to make sure the reported tonnages and grades. The latest useful resource estimate reported blended measured and indicated mineral assets of 52.2 Mt at 0.32% Ni, 0.31% Cu, 0.15 g/t Pt, 0.46 g/t Pd and zero.06 g/t Au the use of a decrease cut-off of 0.20% Ni (seek advice from Desk 1 for a breakdown by way of class). This block type takes under consideration all faults and offset blocks, shears, barren dykes, intrusions and loss zones that have an effect on the mineralized portion of the Selkirk meta-gabbros. The useful resource classification used a mix of kriging potency, minimal distance to composites and seek ellipse dimensions. Finally, the reporting cut-off used to be higher to 0.20% Ni to replicate 2016 mining and processing prices. An up to date block with a smaller selective mining unit measurement (5 m x 5 m x 5 m) used to be created.

The Selkirk Mine is regarded as by way of PNRL to be an “early-stage exploration assets” as outlined by way of Phase 1.1 of NI 43-101, and the Selkirk Technical Record does no longer comprise a mineral useful resource estimate, mineral reserve estimate or financial learn about reminiscent of a initial financial evaluation, pre-feasibility learn about or a feasibility learn about. In its present state, the clinical information present at the Selkirk Mine does no longer make stronger the estimation of a mineral useful resource, as vital information verification paintings is needed.

Certified Particular person

The clinical and technical content material of this information liberate has been reviewed and authorized by way of Sharon Taylor, Leader Geophysicist of the Corporate, who’s a “certified particular person” for the needs of NI 43-101.

Historic Estimate

The ancient mineral useful resource estimate at the Selkirk Mine described on this information liberate, as summarized in Desk 1 above, is regarded as to be historic in nature and will have to no longer be relied upon as a present mineral useful resource estimate. Whilst control believes that the ancient mineral useful resource estimate at the Selkirk Mine might be indicative of the presence of mineralization at the Selkirk Mines assets, a certified particular person has no longer finished enough paintings to categorise the historic mineral estimate as a present mineral useful resource estimate and PNRL isn’t treating the historic mineral estimate as a present mineral useful resource estimate.

About Top class Nickel Assets Ltd.

PNRL is a mineral exploration and building corporate that makes a speciality of finding and advancing top of the range nickel, copper and cobalt assets. We’re pushed by way of our trust that the call for for those metals will keep growing within the medium to longer term, because of world urbanization and the expanding adoption of electrical motors over inside combustion engines. Those metals are necessary for reaching a low-carbon long term.

Our world technique is to spot probably the most promising Ni-Cu-Co-PGE initiatives and procure or put money into alternatives that provide prime prospectivity in mining pleasant jurisdictions positioned in low-risk international locations with supportive overseas funding and useful resource acts in addition to rule-of-law. Our portfolio comprises quite a lot of world initiatives (Botswana, Greenland, Canada and Morocco) that enhances our flagship Selebi Ni-Cu-Co sulphide mine positioned in Selebi-Phikwe, Botswana.

PNRL is dedicated to governance via clear responsibility and open conversation inside of our group and our stakeholders. Our professional group has jointly labored over 100 initiatives jointly, gathering over 400 years of useful resource discoveries, mine building and mine re-engineering revel in on initiatives like Selebi and Selkirk. PNRL’s group participants have on moderate greater than twenty years of revel in in each and every unmarried facet of mine discovery and building, from geology to operations.

ON BEHALF OF THE BOARD OF DIRECTORS

Keith Morrison
Leader Government Officer
Top class Nickel Assets Ltd.

For additional details about Top class Nickel Assets Ltd., please touch:

Jaclyn Ruptash
Vice President Industry Building
+1 (604) 770-4334

Cautionary Be aware Relating to Ahead-Taking a look Data

Positive statements contained on this information liberate could also be regarded as “ahead‐taking a look statements” throughout the that means of acceptable Canadian securities regulations, together with: control’s perceptions of historic tendencies; present prerequisites and anticipated long term trends; the software and importance of ancient information; the power of exploration paintings (together with drilling) to correctly are expecting mineralization; the power to generate further drill objectives and the power of control to know the geology and possible of the Selkirk Mine. Those ahead‐taking a look statements, by way of their nature, require the Corporate to be sure assumptions and essentially contain identified and unknown dangers and uncertainties that would reason precise effects to vary materially from the ones expressed or implied in those ahead‐taking a look statements. Ahead‐taking a look statements aren’t promises of efficiency. Phrases reminiscent of “might”, “will”, “would”, “may”, “be expecting”, “consider”, “plan”, “await”, “intend”, “estimate”, “proceed”, or the destructive or related terminology, in addition to phrases normally used someday and the conditional, are supposed to spot ahead‐taking a look statements. Data contained in ahead‐taking a look statements replicate assumptions that control believed to be suitable within the instances. The Corporate considers its assumptions to be cheap in response to knowledge lately to be had however cautions the reader that their assumptions relating to long term occasions, lots of which might be past the keep an eye on of the Corporate, might in the end turn out to be wrong since they’re topic to dangers and uncertainties that have an effect on the Corporate and its companies.

For more information with admire to those and different elements and assumptions underlying the ahead‐taking a look knowledge made on this information liberate in regards to the Corporate, see (i) the phase entitled “Dangers and Uncertainties” in the newest control dialogue and research of the Corporate, and (ii) the danger elements defined within the submitting commentary of the Corporate dated July 22, 2022, either one of which might be to be had electronically on SEDAR (www.sedar.com) underneath PNRL’s issuer profile. The ahead‐taking a look statements set forth herein in regards to the Corporate replicate control’s expectancies as on the date of this information liberate and are topic to switch after such date. The Corporate disclaims any purpose or legal responsibility to replace or revise any ahead‐taking a look statements, whether or not because of new knowledge, long term occasions or differently, as opposed to as required by way of legislation.

Neither the TSX Challenge Alternate nor its Law Services and products Supplier (as that time period is outlined within the insurance policies of the TSX Challenge Alternate) accepts duty for the adequacy or accuracy of this information liberate. No inventory trade, securities fee or different regulatory authority has authorized or disapproved the ideas contained herein.

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