REG - Metals One PLC - Drilling to Commence at the Black Schist Project

Metals OneAnnouncement

28/11/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231128:nRSb8226Ua&default-theme=true

RNS Number : 8226U  Metals One PLC  28 November 2023

 

28 November 2023

 

Metals One Plc

("Metals One" or the "Company")

 

Drilling to Commence at the Black Schist Ni-Cu-Co-Zn Project, Finland

 

Grant of Licence Extension, Commencement of Drilling Programme & New
Licence Applications

 

Metals One (https://metals-one.com/) (AIM: MET1), which is advancing battery
metal projects at brownfield sites in Finland and Norway, announces that the
Finnish Safety and Chemicals Agency ("Tukes") has granted the Company an
extension to its Rauta 9-11 licence at the Black Schist Project (nickel,
copper, cobalt, zinc).

 

Metals One now has the right to prospect on all land within the licence for an
additional three years until November 2026, and the Company will next week
commence a ~1,600m diamond drilling programme at an extension to the
Rautavaara S "R1" target in the Rauta 9-11 licence area (referred to by the
Company as the "R1 Hook").

 

The licence extension was granted following extensive landowner and community
consultation, as well as an inspection of the Company's proposed exploration
programme, and will enable Metals One to focus on significantly increasing the
Black Schist Project's existing Inferred Mineral Resource 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).

 

Identified following an in-depth review of historical data, the R1 Hook is
considered a highly prospective anomaly, and diamond drilling is aimed at
confirming the structure and potential for Ni-Cu-Co-Zn mineralisation, with
assays and interpretations expected to be announced in early 2024.

 

Additional Licence Applications

 

Metals One has formally submitted six new licence applications and
reservations in both the Rautavaara and Paltamo project areas which constitute
the Black Schist Project.

 

Informed by analysis of historical assays and geophysical data from across the
Kainuu Schist Belt, the applications and reservations are in line with the
Company's resource growth strategy and, subject to approval, will enable it to
also explore for Outokumpu-style Ni-Cu-Co-Zn volcanogenic massive sulphide
deposits.

 

The Company will provide an update on further licence applications and
extensions at the project in due course.

 

Jonathan Owen, CEO of Metals One, commented:

 

"We are looking forward to commencing drilling activities at our Finland
project, with this initial exploration work partly funded by our farm-in
partner Gunsynd Plc. The Black Schist Project is located adjacent to
Talvivaara, Europe's largest operating nickel mine, and Metals One is
targeting similar geology and mineralisation as the nearby operation through
our strategic exploration programme, beginning with the diamond drilling
campaign at the R1 Hook.

 

We can also now reveal that we have been successful in making no less than six
further licence applications in and around the project areas. The team in
Finland have been busily evaluating and assessing these areas since we listed
in July of this year.

 

On behalf of the Board, I would like to thank Tukes for fast-tracking, and
subsequently accepting, our application to extend our Rauta 9-11 licence. The
organisation's support epitomises the mining friendly environment we have
experienced since entering Finland, and this will facilitate the rapid
execution of our work programme as we continue to explore for Talvivaara, as
well as Outokumpu, style Ni-Cu-Co-Zn deposits to grow the project's existing
resource."

 

 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)

 

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

 massive sulphide               metal sulphide ore deposit which consists almost entirely of sulphides

 Mt                             million tonnes

 Ni                             nickel

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

 shale                          a fine-grained, clastic sedimentary rock formed from mud

 t                              tonnes

 volcanogenic massive sulphide  a type of metal sulphide ore deposit, mainly copper-zinc which are associated
                                with and created by volcanic-associated hydrothermal events in submarine
                                environments

 Zn                             zinc

 

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  UPDNKOBDFBDDADB