REG - Kendrick Resources - Airijoki Vanadium – Copper Project Update

Kendrick ResourcesAnnouncement

02/11/2022 07:17

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RNS Number : 9859E  Kendrick Resources PLC  02 November 2022

 

 

2 November 2022

Kendrick Resources Plc

("Kendrick" or the "Company")

Airijoki Vanadium - Copper Project Update

 

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development
company with nickel, vanadium and copper projects in Norway, Sweden and
Finland is pleased to notify shareholders of the successful acquisition of two
further exploration licences covering prospective geology over the Company's
Airijoki Vanadium - Copper Project in Northern Sweden which now incorporate a
copper-rich target parallel to the existing vanadium-bearing bodies.

 

HIGHLIGHTS:

 

·    Significant expansion of the Airijoki project area by the granting of
two exploration licences Airijoki Nr 104 and Airijoki Nr 105 covering
approximately 3,944.62ha and 2,176.51ha and initially valid for three years to
19 October 2025, which adjoin the existing 5 Airijoki licences which cover
approximately 3,941ha, and provides tenure over an area of high prospectivity
for both vanadium and copper.

 

·    A copper soil anomaly with good continuity extends over a 7km length
on the new licence Airijoki Nr 105.

 

·      The Company is planning a drill campaign with the object of
increasing the existing Airijoki project resource which is only based on
Airijoki Licence Nr 100 and is a 44.3 Mt Inferred mineral resource estimate
containing 5.9 Mt of magnetite averaging 1.7% V2O5 (in magnetite concentrate),
for 100,800 t of V2O5 based on 13.3% mass recovery of magnetite concentrate
and a cut-off of 0.7% V2O5 compiled in accordance with JORC Code (2012).

 

·    The large magnetic anomaly associated with the vanadium
mineralisation continues onto the remaining three original licences presenting
a drill-ready opportunity to significantly increase the vanadium resource.

 

·    Soil programme has been extended to cover areas of the two new
licences ahead of a proposed winter drill programme aimed at significantly
increasing the vanadium mineral resource whilst adding copper to the Airijoki
resource inventory.

 

·    On Licence Airijoki Nr 104, immediately west of the original 4
licences, ground magnetic anomalies generated in the late 60's have been found
to be coincident with the recent copper soil anomalies suggesting a
copper-rich target running parallel to the main vanadium-bearing bodies.

 

·    The Airijoki project is located in a World-famous mining district
with rail links to deep-water port and upgraded roads to support neighbouring
large-scale iron ore producers including Kiruna.

 

Colin Bird, Executive Chairman of Kendrick Resources Plc, commented:

"Our recent review combined with the exploration programmes we are busy
rolling out across the Kendrick portfolio is resulting in a rapidly evolving
northern European vanadium - nickel - copper company intent on adding to its'
existing vanadium and nickel resource inventory. Not only have we completed
the groundwork that will see us expand existing vanadium resources, we have
also identified a number of new and exciting opportunities such as the copper
at Airijoki offering a value-add by-product to the metal inventory which is
also the right metal in the right place. The scheduled metallurgical test work
on Airijoki vanadium ore should enhance the feasibility of the Project and
provide an opportunity to confirm that copper can also be recovered from
future ore.  Airijoki now represents a drill-ready opportunity to rapidly
increase the vanadium mineral resource and to define the nature of recently
identified widespread copper anomalism over an enlarged block of licences in a
well-established mining district in a mining friendly jurisdiction"

 

Further information on the Company's projects can be found on the Company's
website at: https://www.kendrickresources.com/
(https://www.kendrickresources.com/)

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

 -ENDS-

 For additional information please contact:
 Kendrick Resources Plc:     Tel: +44 203 961 6086

 Chairman                    Colin Bird

 Novum Securities            Tel: +44 7399 9400
 Financial Adviser           David Coffman / George Duxberry

 Joint Broker                Jon Bellis

 Shard Capital Partners LLP  Tel: +44 207 186 9952

 Joint Broker                Damon Heath / Isabella Pierre

 

Qualified Person:

The technical information contained in this announcement has been reviewed,
verified, and approved by Colin Bird, CC.ENG, FIMMM, South African and UK
Certified Mine Manager and Director of African Pioneer plc, with more than 40
years' experience mainly in hard rock mining.

 

About Kendrick Resources Plc

Kendrick Resources Plc is a mineral exploration and development company with
projects primarily based across Scandinavia. The principal of its business is
to explore the opportunities within the natural resources sector with a focus
on battery, base, and precious metals including but not limited to vanadium
and nickel. In doing so, the Company is looking to build a long-term energy
metals business in Scandinavia which delivers energy metals to Europe to help
enable its renewable energy transformation by building a top tier energy
metals production business.

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