REG - Metals One PLC - Drilling Results from Råna Project, Norway

Metals OneAnnouncement

18/12/2024 07:00

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RNS Number : 4864Q  Metals One PLC  18 December 2024

18 December 2024

 

Metals One Plc

("Metals One" or the "Company")

 

Drilling Results from Råna Ni-Cu-Co Project, Norway

 

New Zones of Nickel-Copper Mineralisation Intercepted

 

Metals One (AIM: MET1), which is advancing strategic minerals projects in
Finland and Norway, announces that the Company's Råna Project (nickel,
copper, cobalt) partner and operator, Kingsrose Mining Limited (ASX: KRM)
("Kingsrose"), has received all analytical results from the 2024 core drilling
programme at the project, where a total of 706m was drilled across three holes
at the Rånbogen prospect. The Råna Project is currently 39% owned by Metals
One.

 

Highlights included:

 

·    Drilling tested a previously undrilled zone of outcropping massive
sulphide located 600m northwest of the massive sulphide zone intercepted at
Rånbogen in 2023 which returned 26.2m at 0.7% Ni, 0.2% Cu and 0.06% Co from
169.0m (see announcement dated 23 October 2023)

·    Two holes intercepted broad intervals of disseminated to net-textured
sulphide mineralisation demonstrating the presence of high nickel tenors,
returning a maximum grade of 1.6% Ni, 0.2% Cu, 0.15% Co (interval length
0.64m, hole 24RAN010 - *see Figure 1):

o  Hole 24RAN009 (length: 233m) intercepted 13.8m at an average grade of 0.4%
Ni, 0.1% Cu, 0.04% Co from 143m (*see Figure 3)

o  Hole 24RAN010 (length: 212m) intercepted two zones of mineralisation:

§ 15.7m at an average grade of 0.3% Ni, 0.1% Cu, 0.02% Co from 143m

§ 15.8m at an average grade of 0.5% Ni, 0.1% Cu, 0.06% Co from 165.2m (*see
Figure 4)

·    Exploration has demonstrated nickel-copper-cobalt sulphide
mineralising processes have occurred in multiple 'stacked' zones throughout
the 10km diameter Råna intrusion, indicating a large search-space for future
discovery (*see Figure 5)

·    Kingsrose is considering how best to advance the Råna Project

 

Jonathan Owen, CEO of Metals One, commented:

 

"It's great to report that Kingsrose has identified yet another new zone of
nickel-copper mineralisation at the Råna Project associated with an extensive
conductive geophysical anomaly.

 

The 2024 work programme has further demonstrated the prospectivity and
scalability of the Råna Project, and we look forward to discussing with our
partner the most appropriate next steps for the project which still remains
largely underexplored."

 

*Kingsrose's full announcement, which includes supporting JORC statements and
referenced Figures, and other referenced ASX announcements are available
at: https://www.kingsrose.com/news (https://www.kingsrose.com/news) .

 

*Kingsrose Figure 2: Map showing reported drill holes, geology, MT conductive
anomalies, modelled EM plates and rock chips at the Rånbogen Prospect, Råna
Project. Holes released in this announcement are labelled in bold

 

 

Enquiries:

 

 Metals One Plc                                                       via Vigo Consulting

 Jonathan Owen, Chief Executive Officer                               +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)

 SI Capital Limited (Joint Broker)                                    +44 (0)14 8341 3500

 Nick Emerson

 Capital Plus Partners Limited (Joint Broker)                         +44 (0)20 3821 6169

 Keith Swann

 https://www.capplus.co.uk/ (https://www.capplus.co.uk/)

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

 Ben Simons / Kendall Hill / Anna Stacey

 metalsone@vigoconsulting.com (mailto:metalsone@vigoconsulting.com)

 

About Metals One

 

Metals One is developing strategic metals projects in Finland (Black Schist
Project) and Norway (Råna Project), with approximately £9 million of
exploration carry exposure through a farm-in agreement. Metals One is aiming
to help meet the significant demand for strategic minerals 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 a total Inferred Resource of 57.1 Mt
nickel-copper-cobalt-zinc and is located adjacent to one of Europe's largest
strategic minerals producers, Terrafame. Metals One's fully carried Råna
Project in Norway covers 18.14 km² across three contiguous exploration
licences, with significant opportunity for exploration of the Råna intrusion,
and proven potential for massive sulphide nickel-cobalt-copper mineralisation.

 

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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.

 

Market Abuse Regulation (MAR) Disclosure

 

The information set out below is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

 

Nominated Adviser

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

Glossary

 

 Co                Cobalt

 Cu                Copper

 km                Kilometres

 Massive sulphide  Metal sulphide ore deposit which consists almost entirely of sulphides

 m                 Metres

 Net-textured      A structure in which one constituent occurs primarily at the grain boundaries,
                   thus partially or completely enveloping the grains of the other constituent

 Ni                Nickel

 Tenor             The lowest permissible metallic deposit in an ore

 

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