REG - Metals One PLC - Completion of Drilling at Black Schist Project

Metals OneAnnouncement

18/12/2023 07:00

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RNS Number : 0645X  Metals One PLC  18 December 2023

 

18 December 2023

 

Metals One Plc

("Metals One" or the "Company")

 

Completion of Drilling at Black Schist Ni-Cu-Co-Zn Project, Finland

 

pXRF Core Analysis Indicates Potentially Mineralised Intersections of Black
Schist

 

Metals One (https://metals-one.com/) (AIM: MET1), which is advancing battery
metal projects at brownfield sites in Finland and Norway, is pleased to report
it has completed 1,548m of diamond drilling across eight holes at the R1 Hook
target. This target is a highly prospective extension to the R1 target in the
Rauta 9-11 Resource bearing licence area at the Black Schist Project in
Finland, adjacent to Europe's largest operating nickel mine, Talvivaara.

 

Diamond drilling was designed to confirm the structure and potential for
Talvivaara-style Ni-Cu-Co-Zn mineralisation. Pleasingly, initial visual and
portable X-ray Fluorescence ("pXRF") assessments of the core indicates
potential intersections of this style of black shale hosted mineralisation.

 

Metals One expects to report drilling assay results in early 2024, alongside
structural interpretations and the Company's detailed work programme aimed at
materially increasing the Black Schist Project's existing Resource.

 

This drill information, combined with new, large and highly prospective
licence reservations and applications surrounding the Company's existing
resources and target areas, underpin the Company's vision of establishing a
highly efficient nickel and battery metals operation in Europe. The Company
looks forward to outlining these plans in more detail in Q1 2024.

 

Jonathan Owen, CEO of Metals One, commented:

 

"We are pleased to have completed our first drill programme at our Finland
project safely, ahead of time and on budget.

 

Visual and pXRF assessments of the core indicates potential intersections of
black schist style mineralisation. This is an encouraging step towards
materially increasing the project's existing Inferred Mineral Resource of 28.1
Mt of Talvivaara-style Ni-Cu-Co-Zn mineralisation. This style of
mineralisation has proven to be a low cost, low carbon intensive source of
battery metals in Europe, and is highly sought after by the electric vehicle
industry.

 

We look forward to updating shareholders on the assay results and the
interpreted impact, as well as outlining our project vision to significantly
expand our tenement position in the new year."

 

 

Figure 1: Eight drill locations superimposed on the airborne electromagnetic
survey of the R1 Hook target at the Black Schist Project

 

 

Figure 2: Ground magnetic survey of the R1 Hook anomaly and its proximity to
the existing Resource at the Rauta 9-11 licence area

 

 

Figure 3: Mineralised black schist intersection for drillhole RAU0001

 

 

 

 Enquiries:

 Metals One Plc
 Jonathan Owen, Chief Executive Officer                     via Vigo Consulting

                                                            +44 (0)20 7390 0234

 Beaumont Cornish Limited (Nominated Adviser)               +44 (0)20 7628 3396

 James Biddle / Roland Cornish

 www.beaumontcornish.com (http://www.beaumontcornish.com)

 Shard Capital Partners LLP (Joint Broker)                  +44 (0)20 7186 9952

 Damon Heath / Erik Woolgar

 SI Capital Limited (Joint Broker)                          +44 (0)14 83413 500
 Nick Emerson

 Vigo Consulting (Investor Relations)                       +44 (0)20 7390 0234

 Ben Simons / Kendall Hill

 metalsone@vigoconsulting.com

 

About Metals One

 

Metals One is developing brownfield battery metals projects in Finland (Black
Schist Project) and Norway (SRH Råna Project), with approximately £9 million
of exploration carry exposure through farm-in agreements. Metals One is aiming
to help meet the significant demand for battery metals by defining resources
on the doorstep of Europe's major electric vehicle OEMs and battery
manufacturers. Metals One's Black Schist Project in Finland, totalling 706
km(2) across three licence areas, has an Inferred Resource of 28.1 Mt
nickel-zinc-cobalt-copper and is located adjacent to Talvivaara, Europe's
largest operating nickel mine. Metals One's fully carried SRH Råna Project in
Norway covers 18.14 km² across three contiguous exploration licences, with
significant opportunity for brownfield exploration of the Råna intrusion, and
proven potential for massive sulphide nickel-cobalt-copper mineralisation.

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/metals-one-plc/
(https://www.linkedin.com/company/metals-one-plc/)

Twitter: https://twitter.com/metals_one (https://twitter.com/metals_one)

 

Subscribe to our news alert service on the Investors page of our website at:
www.metals-one.com (http://www.metals-one.com)

Qualified Person Statement

 

Craig Moulton is an Independent Non-Executive Director of the Company and the
Qualified Person who reviewed and approved the technical disclosures in this
news release. Mr Moulton has over 30 years' experience in the mining industry,
having worked for Rio Tinto, Cliffs and Wood Mackenzie, and is a trained
Geologist and Mineral Economist. Mr Moulton holds a BSc (Hons) in Geology and
a MSc in Mineral Economics and is a qualified person under the AIM Rules. Mr
Moulton consents to the inclusion of the technical information in this release
and context in which it appears.

 

Glossary

 

 Co                cobalt

 Cu                copper

 diamond drilling  core drilling which uses a rotary drill with a diamond drill bit attached in
                   order to create precisely measured holes

 Mt                million tonnes

 Ni                nickel

 pXRF              a portable X-ray Fluorescence Spectrometer which can provide initial
                   indications of the elemental composition of various materials. These handheld
                   units are less precise than larger XRF machines used for laboratory analysis

 Resource          Metals One's existing Inferred Mineral Resource at the Black Schist Project of
                   28.1 Mt of Talvivaara-type mineralised material at a grade of 0.19% Ni
                   (53,800t), 0.10% Cu (27,900t), 0.01% Co (3,400t) and 0.38% Zn (180,000t).
                   Refer to the Company's admission document here
                   (https://metals-one.com/wp-content/uploads/2023/07/Metals-One-Plc-Final-Admission-Document-25.7.23.pdf)
                   for further information

 schist            a medium-grade metamorphic rock formed from mudstone or shale

 t                 tonnes

 Zn                zinc

 

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