Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 152

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 152
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), Southeast Extension (at Phikwe, 1997 to 2016), Selebi North (1990 to 2016) and Selebi (1980 to 2016). Head grades declined from
2010 to 2015 and in October 2016 BCL was placed into provisional liquidation and all its operations put under care and maintenance.

PREM
acquired the Selebi Mines and current Selebi mining lease from the BCL Liquidator on January 31, 2022.

Geological
Setting, Mineralization and Deposit

The
eastern portion of Botswana forms part of the Limpopo Mobile Belt (“LMB”) which represents a deep crustal section
through an orogenic province between the Kaapvaal and Zimbabwe Cratons.

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The
Selebi Mines are located in highly deformed and metamorphosed Archean gneisses near the north margin of the central zone (“CZ”)
of the LMB. The CZ region is characterized by complex structural fold patterns accompanied by regional and cataclastic metamorphism with
grades ranging from amphibolite to granulite facies and cataclastic tectonites.

The
deposits in the Selebi Mines area are categorized as ortho-magmatic nickel-copper sulphide-type deposits. They are hosted within amphibolite
and understood as a tectono-metamorphically modified tholeiitic magma parents with an immiscible sulphide melt which has undergone all
the phases of deformation that have affected the enclosing gneisses. They form part of the Selebi-Phikwe belt of intrusions that also
contain the Phikwe, Dikoloti, Lentswe, and Phokoje deposits.

All
mineralization horizons pinch and swell, are conformable to the gneissic foliation, and are hosted within or at the hanging wall contact
of amphibolite with the gneissic country rocks. Mineralization horizons range in thickness from very thin to over 20 m thick and are
commonly one to three metres thick (deposit dependent). Orientation follows country rock foliation, and the zones can dip moderately
to steeply, and can extend from 150 m to over 2,000 m.

The
principal sulphide minerals are pyrrhotite, chalcopyrite, and pentlandite which occur in massive, semi-massive, and disseminated form.
Pyrite occurs