We have grown single crystals of PrNi5, which crystallizes in the hexagonal CaCu5 structure, and have observed that the well known maximum in the susceptibility occurs only normal to the c‐axis, contrary to previous theoretical crystal field predictions. Below 4.2K, in the Van Vleck paramagnetic regime, the hyperfine enhancement of the local field at the Pr‐nuclei over the external applied field is 7.0 along the c‐axis and 14.5 normal to it. Hyperfine enhanced nuclear adiabatic demagnetization experiments starting from 25 mK and 26 kOe yield end temperatures as low as 1.3 mK. The nuclear specific heat at 1.8 mK is still relatively low, confirming that exchange interactions are small and suggesting that cooling to even lower temperatures should be possible.