NexMetals Nearly Triples Selebi North Indicated Mineral Resources to 8.95 Million Tonnes and Increases Inferred Mineral Resources to 9.48 Million Tonnes
Key Highlights
- ➤Selebi North Indicated resources nearly triple to 8.95 million tonnes
- ➤Selebi North Inferred resources increase 63% to 9.48 million tonnes
- ➤Combined Selebi Inferred resources reach 41.95 million tonnes, up 70%
- ➤42,633 metres of drilling converted approximately 20% of Inferred resources
- ➤Funding review targets alternatives minimizing dilution; transaction not guaranteed
Expert Statements
Sean Whiteford, CEO of NexMetals Mining Corp.
“With 8.95 million tonnes Indicated Mineral Resources and 41.95 million tonnes Inferred Mineral Resources, and both deposits still open, we believe Selebi has the potential to become a world-class copper-nickel sulphide project. Growth in our mineral resources at both Selebi North and Selebi Main has exceeded our expectations and demonstrates the value of our investment in drilling and metallurgical work in 2025 and 2026.”
Sean Whiteford, CEO of NexMetals Mining Corp.
“At Selebi North, we've nearly tripled the Indicated Mineral Resource while increasing copper and nickel grades, and the South Limb is changing direction toward Selebi Main. At Selebi Main, wide-spaced drilling has rapidly expanded tonnage in the newly defined Flexure Zone, delivering higher grades and thicker intersections. Dr. Peter Lightfoot's interpretation of deep drilling, which is detailed later in the press release, also supports further investigation of a potential intrusive keel, adding another dimension to our exploration targeting.”
Sean Whiteford, CEO of NexMetals Mining Corp.
“These developments could have positive implications for future mine design and project economics. While we continue to advance the Selebi PEA, we are allowing additional time to better understand the scale and geometry of the expanding resource, inform the placement of critical infrastructure and evaluate alternative restart options. The structural study underway with TECT Geological Consulting will support this work by refining our understanding of the orebody's geometry and structural controls. The Company will provide further updates on the Selebi PEA, including expected completion timing, as the study advances.”
Sean Whiteford, CEO of NexMetals Mining Corp.
“We continue to prioritize expenditures across drilling and technical studies, aligning the pace of work with available capital and directing the Company towards the opportunities we believe offer the greatest value creation for shareholders.”
Total Selebi Mines Mineral Resource Estimate Now at 8.95 Million Tonnes Indicated (412 Million Pounds of Copper Equivalent) and 41.95 Million Tonnes Inferred (2.3 Billion Pounds of Copper Equivalent)
Vancouver, British Columbia--(Newsfile Corp. - October 20, 2026) - NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) (the "Company" or "NexMetals") is pleased to announce an updated Mineral Resource Estimate for Selebi North (the "2026 Selebi North MRE"), one of two deposits comprising its past-producing Selebi copper-nickel-cobalt mines in Botswana. The 2026 Selebi North MRE, together with the previously announced Mineral Resource Estimate for Selebi Main (the "2026 Selebi Main MRE"; see news release dated October 1, 2026), comprise 8.95 million tonnes of Indicated Mineral Resources and 41.95 million tonnes of Inferred Mineral Resources (collectively, the "2026 MRE"). The 2026 MRE was completed by The MSA Group ("MSA") of Johannesburg, South Africa. Table 1 below compares the 2026 MRE with the 2024 Mineral Resource Estimate ("2024 MRE") for both deposits.
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