Eastport holds 2,898,500 shares in TSX-V listed Premium Nickel Resources (TSX-V: PNRL), an intermediate global nickel copper-cobalt company with assets in Botswana, Greenland, Canada, and Morocco. PNRL is currently focussing its efforts on advancing its 100% owned flagship project, the 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). The Selebi deposit began production in 1980, whilst production at the Selebi North deposit commenced in 1990. Mining was terminated at both operations in 2016 due to a failure in the separate Phikwe processing facility, and subsequently, BCL Limited, the controlling entity, was placed into liquidation in 2017.
PNRL submitted an indicative offer to the liquidators in June 2020 to acquire the Selebi Mine. On February 10, 2021, the Company was selected as the preferred bidder, and in March 2021 it entered into a memorandum of understanding that provided for a six-month period of exclusivity to complete additional work and negotiate the final asset purchase agreement.
On January 31, 2022, PNRL completed the purchase of Selebi Mines Project, and has since began the process to accurately recharacterize the remaining resources including drill testing near mine, high-conductance borehole electromagnetic exploration targets, resource in-fill drilling, additional metallurgical testing, and early scoping studies.
PNRL’s objective is to redevelop the Selebi Mines Project through modernization and a commitment to best practices in safety and the environment. This includes the evaluation of alternative metallurgical processes to produce separate copper and nickel-cobalt concentrates using less power and water to reach an exportable commodity and have a much lower environmental impact when compared to the legacy processing and smelting.
PNRL intends that the nickel copper-cobalt resources remaining at the Selebi Mines Project will be developed for the global electrification industry and the Company is diligently working on establishing the significant exploration potential that remains in the Selebi North and Selebi Main deposits.