REG - Kendrick Resources - Exploration Update

Kendrick ResourcesAnnouncement

24/10/2022 13:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221024:nRSX9053Da&default-theme=true

RNS Number : 9053D  Kendrick Resources PLC  24 October 2022

 

24 October 2022

Kendrick Resources Plc

("Kendrick" or the "Company")

Exploration Update

 

Kendrick Resources Plc (LSE: KEN), the mineral exploration and development
company with nickel, and vanadium projects in Norway, Sweden and Finland is
pleased to provide an update on its activities in Scandinavia where its broad
focus is on nickel, vanadium and copper across the region and the licence
portfolio. The current work programme has been arranged to ensure continuous
exploration and project advancement whilst accommodating local restrictions
and requirements with reference to access and minimising the impact of
exploration on the environment.

 

Colin Bird, Executive Chairman, commented: "We have now completed a full
review of the projects within the Kendrick asset portfolio.  What is pleasing
is the amount of raw data that has been discovered that has not been digitised
or included in previous project assessments. We have spent the period
assessing, organising and interrogating the data which has allowed us to start
the process of establishing resources for many of our projects and more
importantly, building these resources consistent with today's metal prices and
therefore establishing new cut-offs.  The potential strength of our Norwegian
nickel assets has emerged which in conjunction with the momentum being shown
by projected nickel battery demand has made our nickel campaign a top
priority.  We are progressing on all fronts, and we are very pleased with the
Airijoki Project where we have encountered significant copper anomalism across
the suite of Airijoki licences. We expect to commence confirmation and
extension drilling in Norway in the near future and will roll our further
drilling campaigns in Sweden to coincide with Swedish legislation regarding
the timing of seasonal drilling".

 

HIGHLIGHTS:

 

            Nickel projects

·    Access has been granted to the Norwegian National Drill Core and
Sample Centre for the cutting and sampling of Stormyra Prospect previously
unsampled core identified by the Company's external nickel consultant to be
mineralised.

 

·    Provisional infill and expansion drill programme proposal has been
produced for the Stormyra deposit

 

·    Meetings have been confirmed with local authorities around the
Espedalen Licence (Stormyra deposit) to provide the Company with an
opportunity to update the local government bodies on exploration plans in the
region.

 

Vanadium - Copper projects

·    A 1 tonne metallurgical sample for the Airijoki Vanadium-copper
project is being shipped to the United Kingdom for Low Intensity Magnetic
Separation ("LIMS") test work at a recognised laboratory.

 

·    Soil geochemistry over the Airijoki vanadium - copper licences
Airijoki nr 101 - 104 & Airijoki nr 200 has been completed and samples are
to be dispatched for analysis.

 

·    Detailed soil and rock chip sampling is specifically targeting copper
following the discovery of widespread copper anomalism across the Airijoki
block of licences. Targets of note include:

o  Airijoki nr 100: 2 copper anomalies reporting soil assays ranging from
1094 to 2442ppb over a 2.5km apparent strike

o  Airijoki nr 101: 2 copper anomalies, the first approximately 2km in length
and the second in the south of the licence reporting assays ranging from 1036
to 82500ppb, both coincident with underlying magnetic anomalies.

o  Airijoki nr102: 3 copper anomalies each reporting visible copper
associated with the targets and assays ranging from 1036 to 82500ppb. A
further area in the NW sector of the Licence was not previously soil sampled
despite visible copper mineralisation

o  Airijoki nr103: Anomalous in the N sector of the licence with side-spaced
soil geochemistry returning assays ranging from 1036 to 82500ppb. Limited
historic coverage over a number of magnetic anomalies in the southern half of
the licence.

o  Airijoki nr200: Anomalous copper mineralisation in the southern sector of
the licence potentially extending southwards onto licence nr100.

 

·    Copper in soils is prevalent across the suite of Airijoki licences
and demonstrates good continuity considering the variable density of sampling
undertaken historically. The block of licences covers an area of approximately
16km north - south by 7km east west with possible additions to the area under
licence subject to recent licence applications.

 

·    Commencement of modelling and a review of the magnetic data from the
Swedish Vanadium Exploration Licences to finalise drill hole locations is
underway

 

Vanadium projects

·    Additional historic data has been unearthed for the Sumåssjön
Project in central Sweden. A review has been commissioned from a Swedish
consulting group ahead of agreeing a work programme.

 

·    An interpretation of geophysical survey data collated over the
Karhujupukka vanadium Project in Finland has been commissioned.

 

 

NORWAY

The Company has secured a slot for the end of the month to access Norway's
National Drill Core and Sample Centre in Lokken Verk near Trondheim. Drill
cores from the Stormyra Deposit are stored at this facility and the first
phase of core cutting and sampling, on cores selected by the Company's
external nickel consultant considered to be mineralised but not sampled, will
be sent off for assay.

 

In total over 170m of core from five drill holes will be cut and processed,
following which the results of this exercise will determine whether further
assaying of unsampled drill cores is required prior to further resource
definition drilling and resource update for this deposit.

 

Whilst at the facility, cores for the Megrund target will also be reviewed to
assess whether sampling of unsampled intervals need to be carried out on these
cores too, prior to commencing a resource definition programme at this target.

 

Within the next month, representatives of the Company are planning to meet in
person with the relevant local and regional authorities for the Espedalen
project. This introductory meeting has been initiated by the Company and will
be an opportunity to provide an update to the government bodies on the
Company's plans and ambitions in the region.

 

SWEDEN

Airijoki and Kullberget Licenses: The Company engaged GeoVista AB ('GeoVista')
to commence with the modelling of the of the geophysical data for Airijoki 200
and Kullberget 100 exploration licenses in northern and central Sweden
respectively (see Figure 1. below), along with a review of the geophysical
model for the Svedåsen target (Simesvallen 100 exploration license), also
located in Central Sweden. The purpose of this work is to produce geophysical
models of the magnetic data that will then be used for drill hole location
planning purposes on these vanadium exploration licenses.

 

For the Airijoki nr 200 license, GeoVista will compile and pre-process the
slingram, gravity and magnetic data collected over this license and model the
magnetic data using the slingram and gravity data to support geophysical
model.

 

Similarly, at the Kullberget 100 exploration license, the VLF and magnetic
data will be compiled and pre-processed, with the VLF data used to support the
modelling of the magnetic data.

 

The 521 soil samples collected over the Airijoki licenses nr101, nr102, nr103
& nr104 have been dispatched to the ALS laboratory in Piteå, Sweden for
analysis, that will provide the basis to target Airijoki not only for
Vanadium, but also Copper.

 

Simmesvallen License: At the Simesvallen 100 exploration license, the Company
has once again engaged GeoVista to review and interrogate the existing
magnetic model over the Svedåsen prospect located within this license prior
to finalising the drill plan.

 

Sumåssjön License: The Sumåssjön project area contains two major mafic
units, an eastern and a western one, both containing vanadium mineral
occurrences and areas of historic mining activity. A program has been put in
place to get a better understanding of the known vanadium mineralisation in
this license and acquire further field data.

 

Airijoki - Metallurgical Test Work: The company has engaged Wardell Armstrong
to carry out a second phase of metallurgical test work on drill samples from
Airijoki with the objective of increasing the overall mass recovery of
vanadium into a magnetite concentrate. The metallurgical sample is in the
process of being shipped to the UK following which the test work will
commence.

 

FINLAND

The company has approved a ground based fixed loop TEM survey at the
Karhujupukka Ni- V(2)O(5) exploration license. The aim of this survey will be
to identify anomalies with a high conductivity that may correspond to base
metal mineralisation and will assist to zone in on the anomalies generated by
the 391km airborne VTEM geophysical survey conducted between 2012 and 2014.
This program is expected to commence in about a months' time and will
determine if the airborne VTEM anomalies need to be followed up.

 

Figure 1. Map showing location of Kendricks' Scandinavian license portfolio.

 

 

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).

 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBDBDGIGDDGDS