NexMetals announced drill results from its Selebi North project in Botswana, revealing high-grade copper and nickel intercepts that have led to a surge in its shares.
GABORONE, Botswana – NexMetals Mining (TSXV: NEXM), recently rebranded from Premium Resources, is making waves in the critical minerals sector with stellar drill results from its Selebi North deposit in eastern Botswana. The company reported impressive copper and nickel intercepts on Monday, June 30, driving a significant surge in its share price and signaling a promising future for the project.
As announced this past Monday, NexMetals reported that drill hole SNUG-25-184 at its Selebi North project yielded a remarkable 13.5 meters grading 1.13% copper and 1.25% nickel from a depth of 772.6 meters. This included a higher-grade section of 4.95 meters at 1.76% copper and 1.85% nickel within the South Limb of mineralization. Another significant highlight, hole SNUG-25-185, intercepted 5.95 meters grading 2.87% copper and 0.62% nickel in the N2 limb.
These two holes, SNUG-25-184 and SNUG-25-185, represent the first resource expansion drilling efforts at the project this year. The Selebi North deposit is strategically located approximately 410 kilometers north of Gaborone, Botswana's capital.
Morgan Lekstrom, CEO of NexMetals, expressed strong optimism regarding the recent findings. "The results from drill holes 184 and 185 continue to demonstrate the impressive step-out success and the broader scale of mineralization beyond the boundaries of the current resource," Lekstrom stated in a press release. He further added that "drilling has further extended the deposit intercepting mineralization roughly 315 meters down-plunge, well past its modeled limits," indicating a substantial expansion of the known mineralized zones.
The positive drill results came just shy of a month after the company transitioned its name from Premium Resources to NexMetals, a move to better reflect its sharpened focus on critical minerals development at the historical Selebi project.
Further exploration at the Selebi North project revealed that hole SNUG-25-184 also intersected the N2 limb, delivering another notable result of 6.25 meters at 0.62% copper and 0.75% nickel from a depth of 882.75 meters. NexMetals clarified that the mineralized zones have historical significance, having been previously mined and subsequently named the N2 limb, N3 limb, and South limb to denote their positions on the folded mineralized horizon. Current drilling operations are strategically designed to extend and test the strike extent of this promising mineralization.
The Selebi North underground mine boasts a significant production history, having yielded 13.9 million tonnes grading 0.74% nickel and 0.66% copper between 1990 and 2016. The Selebi Main operation ran from 1980 until 2016, when it was suspended due to a processing facility failure. The new drill results suggest a strong possibility of reigniting and expanding these historical operations, positioning NexMetals as a key player in the global critical minerals supply chain.
