Evrima Plc Investee Update: PNR Selkirk Metallurgical Study Results

 
TIDMEVA 
 
25 August 2022 
 
                                  Evrima plc 
 
                          ("Evrima" or the "Company") 
 
   Investee Update: Premium Nickel Resources Ltd Reports Results of Selkirk 
    Metallurgical Study, Identifies Significant PGE Content in Concentrate 
 
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 results 
from PNRL's 100% owned Selkirk nickel-copper-cobalt-platinum group elements 
("Ni-Cu-Co-PGE") sulphide mine in Botswana. Evrima currently holds 1,114,115 
shares in PNRL, and Evrima investee, Eastport Ventures Inc. (in which Evrima 
owns 6.85%, with share purchase warrants which, if exercised, would result in 
it holding 10% of Eastport's Issued Share Capital) owns 2,898,500 shares in 
PNRL. 
 
Premium Nickel Resources Ltd. reports results of a Metallurgical study at its 
Selkirk nickel-copper-cobalt-platinum group elements sulphide Mine in Botswana, 
which has identified significant PGE content in Concentrate 
 
A copy of the source press release for Premium Nickel, can be found here and is 
reproduced in full below: 
 
Toronto, Ontario, August 24, 2022 - Premium Nickel Resources Ltd. (formerly, 
North American Nickel Inc.) (TSXV:PNRL) ("Premium Nickel" or the "Company") is 
pleased to announce is pleased to report the results of the Company's 2021 
metallurgical study completed at its 100% owned Selkirk nickel-copper-cobalt- 
platinum group elements ("Ni-Cu-Co-PGE") sulphide Mine in Botswana. 
 
The objective of this initial 2021 metallurgical study was to assess if readily 
marketable copper and nickel concentrates could be produced and, if so, at what 
metal recovery levels. The Selkirk test program followed a similar program 
conducted on samples from the Selebi Mine, which demonstrated potential for 
these metallurgical objectives to be achieved. 
 
Highlights of the metallurgical study include: 
 
  * Ability to produce salable market nickel and copper concentrates 
  * Nickel concentrate grade of 10% nickel and 6% copper 
  * Copper concentrate grade of 33% copper, 0.32% nickel 
  * Recoveries of 63% nickel, 85% copper 
  * Concentrates clean of deleterious elements and with low (<1%) MgO levels 
  * Attractive amounts of PGE present in the concentrates 
      + 36.0 g/t Pd in copper concentrate 
      + 9.0 g/t Pd in nickel concentrate 
 
Keith Morrison, CEO, commented: 
 
"The results from the Selkirk metallurgical studies provide important support 
for our re-development plan to produce separate copper and nickel-cobalt 
commercial concentrates. Previous non-compliant economic studies at Selkirk by 
Tati Nickel Mining Company, were based on the production of a low-grade 
concentrate that would be transported approximately 185 kilometres to the 
Phikwe smelter formerly operated by BCL. The closing of the BCL smelter in 2015 
was a primary contributor to the closure of the parastatal Ni-Cu-Co-PGE Tati 
Nickel Mining Company. 
 
This metallurgical study was an important step for PNRL to determine the 
potential value of the Selkirk deposit. This study also indicated the potential 
PGE content of the nickel and copper concentrates. We will continue to run 
additional metallurgical testing as the project moves forward and apply data 
driven best practices in all of our activities that are environmentally sound 
and that ultimately provide for a sustainable future." 
 
The Selkirk Mine: 
 
The Selkirk Mine is situated 28 kilometres south-east of the town of 
Francistown, and 75 kilometres north of the Company's 100% owned Selebi Mine. 
The Selkirk Mine was acquired through an asset purchase agreement with the 
Liquidator of Tati Nickel Mining Company (see news release dated August 22, 
2022). In addition to the metallurgical sampling, the company has been 
collecting additional information and conducting geological due diligence by 
examining the underground workings, reviewing mineralized drill core, 
collecting DGPS coordinates of drill collars and data verification of 
information in databases. The Company intends to include these findings in its 
NI 43-101 report expected to be completed by the end of 2022. 
 
Key results of the 2021 metallurgical study are summarized below. Further 
details including sample preparation, methodology, technical definitions and 
modal analyses, as well as liberation, association and exposure characteristics 
can be found in the report of SGS Canada, a copy of which is available on 
PNRL's website. https://premiumnickelresources.ca/projects/botswana/ 
selkirk-mine/overview/ 
 
Samples used for the 2021 metallurgical study were collected from 2016 core 
(HQ: 63.5mm), sawn in half, and sent to SGS Canada in Lakefield, Ontario, where 
each sample was analyzed for nickel, copper and sulphur for the purpose of 
creating the low and high-grade composite samples for metallurgical testing. 
 
At SGS Canada, low-grade composites and high-grade composites were prepared 
from semi continuous intervals to represent potential open pit and underground 
ore types. The low grade composite had 36, 1 metre intervals from 63.24 metre 
downhole to 136.37 metres while the high grade composite had 20, 1 metre 
intervals from 126.67 metres to 176.67 metres. The grades of the two composites 
are shown in Table 1. 
 
Element     Unit                         Low-Grade           High-Grade 
                                         Composites          Composites 
 
Cu          %                            0.55                0.66 
 
Ni          %                            0.44                0.77 
 
Ni(s)       %                            0.41                0.75 
 
Fe          %                            12.7                20.1 
 
S           %                            5.76                10.5 
 
Si          %                            16.3                13.4 
 
Au          g/t                          0.07                0.08 
 
Pt          g/t                          0.18                0.37 
 
Pd          g/t                          0.82                1.28 
 
Rh          g/t                          < 0.02              < 0.02 
 
Table 1: Head assays for PNRL Test Program 
 
A subsample from each of the low-grade composite and the high-grade composite 
was submitted for QEMSCAN (Quantitative Evaluation of Minerals by Scanning 
Electron Microscopy) mineralogy at a grind size of 80% passing 129 ?m and 99 ? 
m, respectively. The major sulphide minerals were identified as chalcopyrite, 
pentlandite (Pn), pyrrhotite (Po), with trace amounts of pyrite. About 80-85% 
of the nickel was contained in pentlandite, and the remaining nickel 12-15% was 
mostly hosted by pyrrhotite in solid solution. Minor amounts of nickel (3%) 
were hosted by non-sulphide gangue minerals. The Po:Pn ratio was  10:1. 
 
The liberation of chalcopyrite was good for both composites, with 74-83% free 
and liberated, but pentlandite was poorly liberated, with 46-55% free and 
liberated, at the grind size submitted for mineralogy. Pentlandite liberation 
was poor above 53 microns and very good for the - 20 micron fraction. The use 
of regrinding is critical to fully liberate flame pentlandite from pyrrhotite 
to maximize the nickel recovery and grade. 
 
A full suite of comminution tests were conducted on the 2 composites. The 
Selkirk samples were confirmed to be considered hard to very hard. 
 
A limited number of batch tests were conducted prior to Locked Cycle Testing 
("LCT") to demonstrate the process and provide a metallurgical projection for 
the low grade sample. The locked cycle test is a series of batch laboratory 
tests conducted in sequence to simulate plant results. Figures 2 shows the LCT 
flow sheet and Table 2 shows the test results at each stage. Figures may be 
viewed using the link provided with this news release. 
 
Nickel concentrate (combined Copper Rougher Scavenger Tails and Pyrrhotite 3rd 
Cleaner Concentrate), having a grade of 10% nickel and containing approximately 
6% copper, was achieved. The nickel recovery was reasonably good at 63%. 
 
The recovery of copper was reasonable, achieving 55% to the copper concentrate 
and 85% recovery between the two concentrates. High grade copper concentrate 
was achieved at 33% copper. The low nickel content (0.32% nickel) in the copper 
concentrate was also achievable. 
 
Attractive amounts of platinum group elements were present in the concentrates 
with no obvious deleterious elements. The flotation test work also demonstrated 
that a Pyrrhotite Rougher Scavenger Tailings with a low sulfur content (<1%) 
was achievable. It is notable that this was a quickly executed test program 
aimed at demonstrating what level of metallurgy may be possible. 
 
Total recoveries are obtained by adding the distributions in the two 
concentrates. 
 
Table 2. Combined LCT-4 and LCT-5 Results for the Selkirk Low-Grade Sample - 
Metallurgical Projection 
 
Product                Assay 
 
            Weight     Cu         Ni         S          Pt         Pd         Au 
            %          %          %          %          g/t        g/t        g/t 
 
Cu          0.9        33.2       0.32       34.4       1.79       36.0       5.03 
Concentrate 
 
Cu Ro Scav  2.3        5.88       10.3       33.1       3.65       7.96       1.59 
Tail 
 
Po 3rd Cl   0.4        5.03       10.5       36.5       5.91       14.4       1.50 
Conc 
 
Po 1st Cl   13.3       0.20       0.75       22.6       0.23       0.57       0.06 
Tails 
 
Po Ro Scav  4.0        0.12       0.53       25.1       0.25       0.54       0.06 
Conc 
 
Po Rougher  79.1       0.05       0.05       0.59       0.08       0.20       0.03 
Tail 
 
Combined.   2.7        5.74       10.3       33.7       4.02       9.0        1.58 
Ni 
Concentrate 
(Cu Ro Scav 
Tails + Po 
3rd Cl 
Conc) 
 
Head        100        0.49       0.44       5.72       0.23       0.83       0.12 
(Calc.) 
 
 
 
Product               % Distribution 
 
            Weight    Cu        Ni        S         Pt        Pd        Au 
            %         %         %         %         g/t       g/t       g/t 

 
Cu          0.9       54.6      0.7       5.7       7.3       40.1      38.8 
Concentrate 
 
Cu Ro Scav  2.3       27.1      52.2      13.0      36.1      21.6      30.0 
Tail 
 
Po 3rd Cl   0.4       4.5       10.4      2.8       11.4      7.7       5.5 
Conc 
 
Po 1st Cl   13.3      5.4       22.3      52.5      13.7      9.1       7.0 
Tails 
 
Po Ro Scav  4.0       1.0       4.8       17.8      4.5       2.6       2.1 
Conc 
 
Po Rougher  79.1      7.4       9.7       8.2       27.0      18.9      16.6 
Tail 
 
Combined Ni 2.7       31.6      62.5      15.8      47.5      29.3      35.6 
Concentrate 
(Cu Ro Scav 
Tails + Po 
3rd Cl 
Conc) 
 
Head        100       100       100       100       100       100       100 
(Calc.) 
 
The copper and nickel concentrates were found to be clean with little MgO (<1%) 
nor minor deleterious elements (i.e., As, Bi, Pb, Se, Te, Cl, F, Hg etc.) close 
to penalty levels. The Cu Scavenger Tail assayed 0.64% Co which is well into 
the payable range for Nickel concentrates. The Co level in the copper 
concentrate was very low at 176 g/t. 
 
The current program was an acceptable demonstration of what the metallurgy 
could be for the Selkirk deposit. It is envisioned that there will be 3 to 4 
more phases in metallurgical development. 
 
Qualified Person 
 
The scientific and technical content of this news release has been reviewed and 
approved by Phillip Mackey, PhD, P. Eng., Metallurgical Consultant, who is a 
"qualified person" for the purposes of National Instrument 43-101 - Standards 
of Disclosure for Mineral Projects. 
 
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). 
 
 Ends - 
 
Enquiries  : 
 
Company: 
Burns Singh Tennent-Bhohi (CEO & Director): [e-mail] 
 
Simon Grant-Rennick (Executive Chairman): [e-mail] 
 
Novum Securities Limited (AQSE Corporate Adviser): 
 
David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400 
 
About Premium Nickel Resources Ltd. 
 
PNRL is a Canadian company dedicated to the exploration and development of 
high-quality nickel-copper + cobalt resources. PNRL believes that the medium to 
long-term demand for these metals will continue to grow through global 
urbanization and the increasing replacement of internal combustion engines with 
electric motors. Importantly, these metals are key to a low-carbon future. 
 
PNRL maintains a skilled team with strong financial, technical and operational 
expertise to take an asset from discovery to exploration to mining. 
 
PNRL has focused its efforts on discovering world class nickel sulphide assets 
in jurisdictions with rule-of-law that fit a strict criteria that comply with 
PNRL's values and principles which stand up and surpass the highest acceptable 
industry standards. PNRL is committed to governance through transparent 
accountability and open communication within our team and our stakeholders. 
 
On January 31, 2022, PNRL closed the acquisition of PNRL's flagship asset, the 
Selebi Mine. The Selebi Mine includes two shafts, (Selebi and Selebi North 
shafts) and related infrastructure (rail, power and water). Shaft sinking and 
plant construction started in 1970. Mining concluded in October 2016 when the 
operations were placed on care and maintenance due to a failure in the separate 
and offsite processing facility. The Selebi Mine was subsequently placed under 
liquidation in 2017. 
 
The proposed work plan for the Selebi Mine includes diamond drilling which is 
expected to be ongoing for up to 18 months. During that time, additional 
metallurgical samples will be collected and sent for more detailed studies. The 
underground infrastructure at Selebi North will be upgraded to support an 
underground drilling program as well as improve health & safety. 
 
In addition, PNRL is evaluating direct and indirect nickel asset acquisition 
opportunities globally, and also: (i) holds 100% interest in the Selkirk Mining 
Licence and four Prospecting Licenses in Botswana, (ii) holds a 100% interest 
in the Maniitsoq property in Greenland, which is a camp-scale permitted 
exploration project comprising 3,048 square kilometres covering numerous 
high-grade nickel-copper + cobalt-sulphide occurrences associated with norite 
and other mafic-ultramafic intrusions of the Greenland Norite Belt; (iii) holds 
a 100% interest in the Post Creek/Halcyon property in Sudbury, Ontario which is 
strategically located adjacent to the past producing Podolsky 
copper-nickel-precious metal sulphide deposit of KGHM International Ltd.; (iv) 
holds a 100% ownership of property in the Quetico region near Thunder Bay, 
Ontario; and (v) is expanding its area of exploration interest into Morocco 
 
To view the source version of this press release, please visit 
https://www.newsfilecorp.com/release/134700 
 
 
 
END 
 
 

(END) Dow Jones Newswires

August 25, 2022 02:00 ET (06:00 GMT)