Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 179

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 179
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34

The
Selkirk MRE provides a solid foundation for advancing the Selkirk deposit to an economic study. It was prepared using results from 232
surface and 10 underground historical drillholes drilled between 2003 and 2016, five 2016 drillholes sampled by NEXM in 2021, and 17
historical drillholes resampled in 2024. Analytical results from NEXM re-sampling showed higher platinum group element values compared
to historic results. Cobalt, a potentially valuable by-product, has not been included in the Selkirk MRE as cobalt analyses are not consistently
available throughout the deposit. Planned metallurgical studies will determine payability of cobalt at the Selkirk Mine.

Exploration

In
May 2025, the Company commenced a 12-hole surface drilling program. The program was focused on twinning 11 historical holes to
collect metallurgical samples and validate legacy data with a twelfth hole to fill a gap in the resource. The 11 twinned holes
provided fresh HQ-sized core to support metallurgical flowsheets, generate material for preliminary XRT pre-concentration sorting
tests, and to support the potential expansion and upgrade of the resource. The Company has completed the 12-hole surface drilling
program which consisted of 3,903 metres. Assays have been released for 8 of the 11 holes, highlights of which include 201 metres of
0.91% CuEq2, 210 metres of 1.06% CuEq2, and 219 metres of 1.03% CuEq2.

In
July 2025, the Company commenced a 3-hole exploration program targeting untested historical Versatile Time-Domain Electromagnetic (“VTEM”)
anomalies located immediately south of the Selkirk resource. The Company has completed the 3-hole exploration program which consisted
of 522 metres. Two of the three drill holes are located along the same geological horizon of the Selkirk deposit and intersected intervals
of massive and disseminated sulphides. Assays are pending.

All
fifteen holes were surveyed and returned BHEM anomalies that are known to correlate directly with massive or semi-massive sulphide mineralization.
Surveys from the deepest holes identified modeled plates located down-plunge of the Selkirk MRE. The strong and consistent correlation
with massive sulphides has confirmed that BHEM is a proven exploration tool for identifying