REG - Metals One PLC - High-grade Ni-Cu-Co-Zn Intersections – Finland
03/10/2024 07:00
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RNS Number : 7368G Metals One PLC 03 October 2024
3 October 2024
Metals One Plc
("Metals One" or the "Company")
High-grade Ni-Cu-Co-Zn Intersections - Finland
Positive Re-assay Results at Black Schist Project Paltamo P1 Target
Metals One (AIM: MET1), which is advancing strategic minerals projects in
Finland and Norway, announces that re-assaying of historical diamond core
drillholes from the Black Schist Project Paltamo P1 target ("P1") in Finland
has identified high-grade nickel-copper-cobalt-zinc mineralisation across two
intersections within a black schist sequence. Results further demonstrate the
strength of the Company's project pipeline and support Metals One's
longer‐term ambition of defining a 200 Mt resource at the Black Schist
Project where the current resource stands at 57.1 Mt Ni-Cu-Co-Zn over the R1
and P5 areas.
As part of the Company's resource expansion strategy, Metals One has
re-assayed two historical drillholes at P1 which the Geological Survey of
Finland ("GTK") drilled on one section of the target. Nickel mineralisation
within a black schist sequence at P1 indicates that there is potential for a
larger, shallow mineral resource, whilst historical drilling intersected a
15m-25m thick zone of nickel mineralisation which is potentially extensive to
the west, north and south. P1 sits 8km north of P5.
Intersections (see Tables 1 and 2)
· Intercept (0.10 Ni cut off): 29m-38m: 9m at 0.20% Ni, 0.08% Cu, 0.01%
Co, 0.007% Zn, including 5m at 0.24% Ni, 0.12% Cu, 0.01% Co, 0.02% Zn
· Intercept (0.10 Ni cut off): 121.5m-141.5m: 19.5m at 0.22% Ni,
0.10% Cu, 0.017% Co, 0.36% Zn, including 12m at 0.27% Ni, 12% Cu, 0.02% Co,
0.39% Zn
Jonathan Owen, CEO of Metals One, commented:
"We're pleased to have identified high-grade intersections in the re-assayed
historical GTK cores at P1. These results underline the quality of our project
pipeline as we aim to fulfil our overarching goal of defining a 200 Mt
strategic metals resource which could underpin a long-term producing asset.
P1 is a key target for Metals One and, whilst our core focus remains on
delivering a Preliminary Economic Assessment for the existing defined resource
at the Black Schist Project which currently covers R1 and P5, we will now
begin to explore the option of undertaking a drilling programme over the
potential resource area informed by these re-assay results."
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.
Figure 1: Metals One's Black Schist Project in Finland
Table 1: Assays of hole M343281R325 at P1
HOLEID DH_From DH_To Length % Ni % Cu % Co % Zn % Mn
M343281R325 9.00 10.00 1.00 0.05 0.18 0.00 0.14 0.25
M343281R325 10.00 11.45 1.45 0.03 0.06 0.00 0.18 0.39
M343281R325 11.45 13.00 1.55 0.03 0.02 0.00 0.12 0.52
M343281R325 13.00 15.00 2.00 0.04 0.07 0.01 0.22 0.28
M343281R325 15.00 16.00 1.00 0.03 0.04 0.01 0.05 0.41
M343281R325 16.00 18.00 2.00 0.03 0.04 0.01 0.19 0.20
M343281R325 18.00 20.00 2.00 0.07 0.05 0.01 0.31 0.33
M343281R325 20.00 21.00 1.00 0.09 0.08 0.02 0.09 0.38
M343281R325 21.00 22.50 1.50 0.08 0.11 0.01 0.16 0.57
M343281R325 22.50 24.00 1.50 0.10 0.11 0.00 0.44 0.48
M343281R325 24.00 26.00 2.00 0.04 0.06 0.01 0.19 0.27
M343281R325 26.00 27.00 1.00 0.05 0.10 0.01 0.19 0.17
M343281R325 27.00 28.00 1.00 0.03 0.07 0.01 0.31 0.17
M343281R325 28.00 29.00 1.00 0.04 0.04 0.01 0.02 0.18
M343281R325 29.00 31.00 2.00 0.21 0.03 0.02 0.01 0.62
M343281R325 31.00 33.00 2.00 0.24 0.03 0.01 0.01 0.32
M343281R325 33.00 34.00 1.00 0.27 0.30 0.01 0.01 0.22
M343281R325 34.00 35.00 1.00 0.18 0.02 0.00 0.01 0.35
M343281R325 35.00 36.65 1.65 0.18 0.02 0.01 0.01 0.30
M343281R325 36.65 38.00 1.35 0.14 0.06 0.01 0.00 0.11
M343281R325 38.00 39.50 1.50 0.06 0.05 0.00 0.04 0.12
M343281R325 39.50 41.00 1.50 0.08 0.06 0.01 0.01 0.09
M343281R325 41.00 42.00 1.00 0.07 0.04 0.01 0.23 0.07
Table 2: Assays of hole M343281R326 at P1
HOLEID DH_From DH_To Length % Ni % Cu % Co % Zn % Mn
M343281R326 86.50 87.50 1.00 0.02 0.03 0.00 0.07 0.16
M343281R326 87.50 89.50 2.00 0.02 0.02 0.00 0.12 0.14
M343281R326 89.50 91.50 2.00 0.02 0.02 0.00 0.09 0.14
M343281R326 91.50 93.50 2.00 0.01 0.03 0.01 0.03 0.15
M343281R326 93.50 95.50 2.00 0.02 0.03 0.00 0.03 0.21
M343281R326 95.50 97.50 2.00 0.02 0.06 0.62 0.12 0.28
M343281R326 97.50 98.50 1.00 0.03 0.04 0.01 0.13 0.30
M343281R326 98.50 100.50 2.00 0.02 0.07 0.01 0.09 0.29
M343281R326 100.50 101.50 1.00 0.02 0.02 0.01 0.23 0.30
M343281R326 101.50 102.50 1.00 0.03 0.17 0.01 0.16 1.20
M343281R326 102.50 104.00 1.50 0.02 0.04 0.00 0.13 0.61
M343281R326 104.00 105.50 1.50 0.02 0.078 0.01 0.11 0.79
M343281R326 105.50 107.50 2.00 0.02 0.05 0.01 0.12 1.02
M343281R326 107.50 108.50 1.00 0.02 0.05 0.01 0.14 0.53
M343281R326 108.50 109.50 1.00 0.03 0.06 0.01 0.15 0.42
M343281R326 109.50 111.00 1.50 0.02 0.05 0.00 0.13 0.38
M343281R326 111.00 112.50 1.50 0.02 0.05 0.00 0.25 1.51
M343281R326 112.50 113.50 1.00 0.02 0.06 0.01 0.21 0.25
M343281R326 113.50 114.50 1.00 0.03 0.04 0.01 0.25 0.19
M343281R326 114.50 115.50 1.00 0.05 0.05 0.00 0.41 0.24
M343281R326 115.50 116.50 1.00 0.05 0.16 0.00 0.24 0.41
M343281R326 116.50 118.50 2.00 0.03 0.04 0.01 0.14 0.71
M343281R326 118.50 120.50 2.00 0.06 0.04 0.01 0.14 0.50
M343281R326 120.50 121.50 1.00 0.08 0.04 0.01 0.25 0.19
M343281R326 121.50 122.50 1.00 0.10 0.09 0.01 0.47 0.19
M343281R326 122.50 123.50 1.00 0.15 0.13 0.01 0.24 0.21
M343281R326 123.50 124.50 1.00 0.16 0.07 0.03 0.13 0.14
M343281R326 124.50 125.50 1.00 0.16 0.09 0.02 0.31 0.17
M343281R326 125.50 126.50 1.00 0.15 0.09 0.02 0.34 0.47
M343281R326 126.50 127.50 1.00 0.17 0.06 0.01 0.30 0.31
M343281R326 127.50 128.50 1.00 0.22 0.12 0.01 0.08 0.26
M343281R326 128.50 130.50 2.00 0.26 0.08 0.02 0.01 0.17
M343281R326 130.50 131.50 1.00 0.16 0.12 0.02 0.36 0.46
M343281R326 131.50 133.00 1.50 0.33 0.18 0.02 0.65 0.11
M343281R326 133.00 135.00 2.00 0.31 0.13 0.02 0.71 0.10
M343281R326 135.00 136.50 1.50 0.33 0.12 0.02 0.58 0.13
M343281R326 136.50 137.50 1.00 0.33 0.10 0.02 0.33 0.11
M343281R326 137.50 139.50 2.00 0.27 0.10 0.01 0.38 0.16
M343281R326 139.50 141.50 2.00 0.18 0.10 0.01 0.51 0.11
M343281R326 141.50 143.00 1.50 0.10 0.09 0.01 0.28 0.12
M343281R326 143.00 144.50 1.50 0.09 0.05 0.01 0.39 0.06
M343281R326 144.50 145.50 1.00 0.21 0.08 0.02 0.38 0.05
M343281R326 145.50 146.50 1.00 0.23 0.07 0.02 0.98 0.03
M343281R326 146.50 148.50 2.00 0.01 0.01 0.00 0.02 0.04
M343281R326 148.50 150.50 2.00 0.00 0.01 0.00 0.01 0.56
Glossary
Co Cobalt
Cu Copper
Mt Million tonnes
Ni Nickel
Zn Zinc
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · A total of 2 historical diamond drillholes (M343281R325 and
specific specialised industry standard measurement tools appropriate to the M343281R326) (236,8m) at Paltamo P1 were re-assayed.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · When drilled by GTK, the drill core was placed in order in wooden
meaning of sampling. trays, with depth marker blocks at the drilling location.
· Include reference to measures taken to ensure sample representivity and · All samples retrieved are from diamond drill cores that have been cut
the appropriate calibration of any measurement tools or systems used. longitudinally in half according to lithological and mineralisation intervals
and prepared for assaying. The samples are predominantly 1-2 m in length.
· Aspects of the determination of mineralisation that are Material to the
Public Report. · All samples were submitted to ALS-Geochemistry Oy in Outokumpu Finland
for assaying.
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m · A prepared sample (0.25 g) was digested with perchloric, nitric,
samples from which 3 kg was pulverised to produce a 30 g charge for fire hydrofluoric, and hydrochloric acids. The residue was leached with dilute
assay'). In other cases more explanation may be required, such as where there hydrochloric acid and diluted to volume. The resulting solution was analysed
is coarse gold that has inherent sampling problems. Unusual commodities or by a combination of inductively coupled plasma-atomic emission spectrometry
mineralisation types (eg submarine nodules) may warrant disclosure of detailed (ICP-AES) and inductively coupled plasma-mass spectrometry with results
information. corrected for spectral or isotopic interferences.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary air · All drilling was made by diamond drilling, angled holes was planned and
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or drilled. All the cores are drilled as NQ2 (core 50.7 mm diameter).
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). · Orientation markings on every core run.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and
results assessed.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and geotechnically · Drill core is logged is detail for lithology, alteration,
logged to a level of detail to support appropriate Mineral Resource mineralisation, geological structure, by geologists, utilising standardised
estimation, mining studies and metallurgical studies. logging codes and data sheets as supervised by the senior geologist.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· Logging was both quantitative and qualitative in nature. All core is
· The total length and percentage of the relevant intersections logged. photographed in the core boxes to show the core box number, core run markers
and a scale.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Full core was split longitudinally using a rock diamond saw to create
taken. half-core samples that were taken at typically 1-2 m intervals or to rock
contacts if present in the core run for both mineralisation and wall rock. The
· If non-core, whether riffled, tube sampled, rotary split, etc and drill core was rotated prior to cutting to maximise structure to core axis of
whether sampled wet or dry. the cut core.
· For all sample types, the nature, quality and appropriateness of the · Half core was taken for sampling for assaying, and one half remains in
sample preparation technique. the core box as reference material.
· Quality control procedures adopted for all sub-sampling stages to · Core samples were prepared according to industry best practice, with
maximise representivity of samples. initial geological control of the half core, followed by crushing and grinding
at the laboratory sample preparation facility that is routinely managed for
· Measures taken to ensure that the sampling is representative of the in contamination and cleanliness control. Sampling practice is considered as
situ material collected, including for instance results for field appropriate for Mineral Resource Estimation.
duplicate/second-half sampling.
· Blanks, duplicates and certified reference materials were inserted into
· Whether sample sizes are appropriate to the grain size of the material the sample stream at a rate of 1 blank and standard for every 20 samples.
being sampled.
· Sample sizes are considered appropriate to the grain size of the rocks
and style of mineralisation being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and laboratory · Assaying for Ni, Cu, Co and Zn was conducted by ALS-laboratories
procedures used and whether the technique is considered partial or total.
· Each sample was geochemically analysed for the following suite of
· For geophysical tools, spectrometers, handheld XRF instruments, etc, elements: Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf,
the parameters used in determining the analysis including instrument make and In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr,
model, reading times, calibrations factors applied and their derivation, etc. Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr.
· Nature of quality control procedures adopted (eg standards, blanks, · A variety of AMIS CRMs have been used for quality control purposes for
duplicates, external laboratory checks) and whether acceptable levels of all assaying methods. In addition, blanks and pulp duplicates have been
accuracy (ie lack of bias) and precision have been established. assayed to assess the accuracy, repeatability, consistency of analytical
methods and machines and for sample contamination.
Verification of sampling and assaying · The verification of significant intersections by either independent or · Significant intersections were verified by a number of company
alternative company personnel. personnel within the management structure of the Exploration team.
Intersections were defined by the exploration geologists, and subsequently
· The use of twinned holes. verified by the Exploration Manager.
· Documentation of primary data, data entry procedures, data · Metals One Finland uses Leapfrog GEO and Imago software for data entry,
verification, data storage (physical and electronic) protocols. verification, quality control, logging data and core photography. The data is
stored on the cloud and is also saved and stored in MS Excel and MS Access
· Discuss any adjustment to assay data. software on Metals One Finland´s internal data drives as a backup and for use
in geological modelling software.
· Data entry is supervised by a data manager, and verification and
checking procedures are in place. The format of the data is appropriate for
use in resource estimation
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar and · Drillhole collars were laid out using handheld global positioning
down-hole surveys), trenches, mine workings and other locations used in system (GPS). The rigs were aligned with survey control, or by compass.
Mineral Resource estimation.
· A gyroscopic survey instrument was utilised during the course of the
· Specification of the grid system used. Paltamo P1 surface drill programs.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Average drillhole density at the P1, has a nominal spacing of 150-
· Whether the data spacing and distribution is sufficient to establish · 200 m x 100 m.
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Diamond drillholes were oriented, wherever possible, perpendicular to
possible structures and the extent to which this is known, considering the the mineralised structures.
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · The drilling site is supervised by a Supervising Geologist, the drill
core is placed into wooden core boxes that are sized specifically for the
drill core diameter. A wooden lid is fixed to the box to ensure no spillage.
Core box number, drill hole number and from/to meters are written on both the
box and the lid. The core is then transported to the core storage area and
logging facility, where it is received and logged into a data sheet. Core
logging, and sampling takes place at the secure core management area. The core
samples are marked with labels both in and on the core boxes, and data
recorded on a sample sheet. The samples are transferred to the laboratory
where they are registered as received, for laboratory sample preparation works
and assaying. Hence, a chain of custody procedure has been followed from core
collection to assaying and storage of pulp/remnant sample material
· All samples received at the core facility are logged and registered on
a certificate sheet. The certificate sheet is signed by core facility
supervisor (responsible person). All core is photographed, geotechnical
logging, geological logging, sample interval determination, bulk density
testing, and sample preparation.
· For external assaying, Metals One Finland Oy utilises ALS-Geochemistry
Oy in Outokumpu, Finland.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · Ther have been no audits of drilling sampling techniques and data.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Paltamo P1 (ML2024:0050) is an application for an exploration permit
agreements or material issues with third parties such as joint ventures, and the application has been lodged under Metals One Exploration Oy a
partnerships, overriding royalties, native title interests, historical sites, subsidiary of Metals One PLC.
wilderness or national park and environmental settings.
· Under Finnish legislation and in relation an Exploration Permit, as
· The security of the tenure held at the time of reporting along with any stipulated in the permit's conditions, the permit holder has the right to
known impediments to obtaining a licence to operate in the area. conduct geological surveying, and other exploration works necessary for
establishing the location, shape, orientation and exploitability of a mineral
deposit. The extent of measures depends on the permit stipulations imposed by
the Mining Authority and the measures may be undertaken without the
landowner's permit, i.e. the exploration permit replaces landowner
permissions. The permit stipulations may allow invasive drilling or test
mining. The initial term is a maximum of four years, extensions applicable
three years at a time to the cap of 15 years (4+3+3+3+2). "Claims" under the
1965 Mining Act correspond to exploration permits under the 2011 Mining Act
which was renewed in 2023 (505/2023). The main difference between claims and
exploration permits is that claims are initially valid for five years instead
of four. Thus, taking into account transitional provisions in the 2011 Mining
Act, claims are valid for 5+3+3+3+1 years. An exploration permit application
in itself does not entitle the applicant to conduct exploration activities.
However, exploration can be conducted with a landowner consent already.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · The GTK carried out detailed work in the Paltamo area from 1972 to
1982. Work included 6 drillholes for a total of 982.65 m, base of till
geochemical sampling, ground magnetics, slingram EM and gravimetric surveys,
and airborne magnetics and EM flown on 200 m east-west line spacing in 1982.
Regional bedrock mapping by GTK in 1990-1999 resulted in publication of a
1:100,000 geological map in 2004.
· FinnAust drilled 44 drillholes from 2010 to 2012 in the Paltamo target
area for a total of 9251.05 m drilling. Drilling intersected
copper-cobalt-zinc-nickel mineralised black shales at the Paltamo target area.
· No further exploration activity has been undertaken post-2012, and no
ground geophysical surveys have been completed post-2012. No airborne EM
surveys have been flown over the property post-1982.
Geology · Deposit type, geological setting and style of mineralisation. · The Kainuu Schist Belt is represented by remnants of rocks deposited
into an oceanic volcano-sedimentary rift basin which developed from Early to
Mid-Proterozoic the Archaean crustal Karelian Craton Boundary. It is mostly
represented by basal siliceous rocks (interpreted as quartzites) and minor
mafic volcanics, metalliferous black schists, wackes with intercalated
calcsilicate rocks, ophiolitic ultramafic rocks, and minor serpentinite.
· The Paltamo Project area is hosted within remnants of the northern part
of the Kainuu Schist Belt (Early Proterozoic) which consists mainly of
quartzites, mica schists and black schists resting paraconformably on the
Archean basement gneiss complex. The black schists are variably recrystallised
carbon and sulphide-rich black metasediments. The rock units of the Paltamo P1
area is striking in north - south direction 1200m and having a gentle dip of 5
- 20 degrees to west.
· The nickel-zinc-copper-cobalt mineralisation is strata bound, hosted
within the high-grade metamorphosed and intensely folded black schist. The
main mineral assemblage in the black schist is quartz, mica, graphite, and
sulphides.
· The origin of the black schist mineralisation is postulated to be a
result of metal precipitation under a specific set of local conditions unique
to that margin at the time of deposition. It is generally accepted that the
black shales represent organic carbon-rich muds accumulated under anoxic and
sulphidic conditions, and that the metals were derived by direct precipitation
from the seawater column, settling out to the ocean floor onto the
water-sediment interface. It seems that only the very uppermost part of the
basinal water column was oxygenated.
· Pyrite and pyrrhotite are the dominant sulphide minerals within the
black schist deposits at Paltamo, similar to the Talvivaara deposit. The
sulphidic nickel-zinc-copper-cobalt deposits are hosted by highly
sulphidic-graphitic muds and turbiditic wackes; which have undergone a high
degree (amphibolite facies) of metamorphism.
Drill hole Information · A summary of all information material to the understanding of the · Re-assayed historical drillholes tabulated below:
exploration results including a tabulation of the following information for
HOLEID KKJ E KKJ N RL GRID AZI DIP LENGTH
all Material drill holes: M343281R325 3535874 7154200 164 90 -44.3 73.0
M343281R326 3535700 7154200 161 90 -42.8 163.8
o easting and northing of the drill hole collar Total 236.8
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Significant intercepts are reported using a cut off of 0,10% nickel.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · All intercepts are reported as down-hole lengths
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Maps and sections are provided in the report
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be reported · A considerable amount of aerial and ground geophysical data has been
including (but not limited to): geological observations; geophysical survey collected.
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Data aggregation methods
· In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
· Significant intercepts are reported using a cut off of 0,10% nickel.
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting of
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
· All intercepts are reported as down-hole lengths
Diagrams
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
· Maps and sections are provided in the report
Balanced reporting
· Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data
· Other exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
· A considerable amount of aerial and ground geophysical data has been
collected.
Further work
· The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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