REG - Metals One PLC - Update re SRH Råna Project, Norway

Metals OneAnnouncement

04/09/2023 07:00

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RNS Number : 2578L  Metals One PLC  04 September 2023

 

4 September 2023

 

Metals One Plc

("Metals One" or the "Company")

 

Update re SRH Råna Project, Norway

 

Diamond Drilling Confirms Presence of High-Grade Massive Sulphide
Nickel-Copper-Cobalt Mineralisation at Bruvann

 

Metals One, which is advancing battery metal projects at brownfield sites in
Finland and Norway, announces that the Company's SRH Råna Project (nickel,
copper, cobalt) partner and operator, Kingsrose Mining Limited (ASX: KRM)
("Kingsrose"), has reported results from the first two holes drilled as part
of the 5,000m diamond drilling programme.

 

Results confirm the presence of high-grade semi-massive nickel-copper-cobalt
sulphide mineralisation , and a broad zone of disseminated sulphide
mineralisation at Bruvann, located within the Company's Arnes prospect, whilst
demonstrating that mineralisation in the area is open along strike from
existing mine infrastructure.

 

Highlights

 

·    2.5m at 1.00 % Ni, 0.14% Cu and 0.08 % Co from 172.91m (Hole
23BRU001), including 1.0m at 1.94 % Ni, 0.18% Cu and 0.18 % Co from 173.91m
(see Figures 2 and 3)

o  This intercept is located 20m southwest and along strike from an
historical massive sulphide drill intercept, located 70m south of the inferred
position of historical underground workings.

·    50.0m at 0.43 % Ni, 0.10% Cu and 0.02 % Co from 470.6m (Hole
23BRU003) (see Figures 2 and 4)

o  This intercept is located 20m down dip from broad zones of mineralisation
identified in historical drilling and underground mining, which is open and
undrilled to the west and down dip.

·    Drillhole 23BRU002 was abandoned at 245.9m and before reaching the
intended target due to excessive deviation.

 

Jonathan Owen, CEO of Metals One, commented:

 

"Bruvann is one of the key targets of the exploration programme being
undertaken by our farm-in partner, Kingsrose, at our SRH Råna Project in
Norway, and we are pleased to be reporting results from initial diamond drill
work, including the interception of massive sulphide nickel-copper-cobalt
mineralisation.

 

Diamond drilling is aimed at testing a range of targets at our Arnes and
Rånbogen prospects, and, pleasingly, results confirm that mineralisation at
Bruvann remains open along strike from existing mine infrastructure, whilst we
are also encouraged by the presence of high tenor nickel sulphides and
substantial widths of mineralisation.

 

We look forward to updating shareholders on further diamond drilling being
conducted and funded by Kingsrose at the project as they continue to test a
number of targets identified by the recent geophysical and geological
studies."

 

Kingsrose's full announcement, which includes supporting JORC statements, is
available at: http://bit.ly/3Z2pMqq (http://bit.ly/3Z2pMqq)

 

 

 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. The
Competent Persons Statement for these data, as required by the JORC Code
(2012), is provided by Kingsrose Mining Limited as per the link provided
above. Mr Moulton consents to the inclusion of the technical information in
this release and context in which it appears.

 

Discussion of Results

 

Kingsrose has received analytical results for the first two holes (totalling
776 metres, Table 1) of the planned 5,000m drill programme and significant
results from these holes are presented in Table 2. Results are discussed
below, where both holes were designed to test along strike from known
mineralisation whilst also providing stations to conduct downhole EM surveys.
These holes were drilled prior to completion of the ground based geophysical
surveys and were based on geological interpretation from existing mapping and
historical drill data. The results will be used to further inform the
geophysical data interpretations and generation of follow up drill targets.

 

Hole 23BRU001

 

Drillhole 23BRU001 was designed to test an area 20m southwest and along strike
from a high-grade mineralised zone identified from a review of historical
drill data, adjacent to underground mine infrastructure where there is no
recorded historical mining activity. The hole intercepted disseminated
pyrrhotite-chalcopyrite mineralisation hosted in norite from 162.4m, with a
one-metre thick cross-cutting vein type massive sulphide zone within a raft of
gneiss wall rock from 173.9m. Vein hosted massive sulphide mineralisation
comprises pyrrhotite, pentlandite, chalcopyrite and a rare silver coloured,
metallic mineral tentatively identified as skutterudite (nickel, cobalt and
arsenic bearing sulphide, Figure 5).

 

The mineralised zone intercepted in 23BRU001 remains open to the east, west
and down dip, and a downhole electromagnetic survey of the hole identified a
strong off-hole conductor along strike to the west.

 

Hole 23BRU003

 

Drillhole 23BRU003 was designed to test an area along strike and down plunge
from mineralisation identified from a review of historical drill data at the
western extent of the Bruvann Mine. The hole intercepted disseminated, blebby
and net-textured pyrrhotite-chalcopyrite mineralisation (see Figure 6) from
470.6m. This mineralisation is hosted within peridotite and is located where
expected based on the geological interpretation and provides an important
vector for future drill planning. The mineralised zone is cross-cut by rare,
millimetre scale sulphide veinlets composed of pyrrhotite and pentlandite.

 

A combination of ground-based EM and downhole EM data from this hole
identified an off-hole, mid-time anomaly over 200m metres to the west and
along strike from the mineralised zone intercepted in 23BRU003 (Figure 2).

 

 

 

Table 1: Drill collar data for reported drillholes, Råna Project, Norway

 Hole ID      Easting  Northing  Elevation  Inclination (°)   Azimuth  Length

                                 (m)                          (°)      (m)
 23BRU001     580032   7580897   437        -80               190      218.80
 23BRU002(1)  579746   7580893   438        -75               360      245.90
 23BRU003     579746   7580893   438        -75               350      557.20
 (1)Hole abandoned due to excessive deviation.

 

Table 2: Significant intercepts from holes completed to date by Kingsrose at
the Råna Project, Norway

 Hole ID    From (m)  Interval (m)  Ni (%)  Cu (%)  Co (%)  S (%)
 23BRU001   172.91    2.5           1.00    0.14    0.08    4.33
 Including  173.91    1.0           1.94    0.18    0.18    8.20
 23BRU003   470.60    50.0          0.43    0.10    0.02    1.34
 Notes

 1.     Significant intercepts were calculated using a 0.25% Ni lower
 cut-off and a maximum of 4m internal dilution.

 2.     Downhole interval is reported. Due to the early stage of
 exploration, lack of underground access due to flooding and lack of detailed
 structural data, it is not possible to estimate true widths.

 

Figure 1: Råna Project area

 

 

 

 

 

Figure 2: Map showing reported drillholes at the Bruvann Mine area, Råna
Project

 

 

 

 

 

Figure 3: Cross section (Section A-A') showing hole 23BRU001

 

 

 

Figure 4: Cross section (Section B-B') showing hole 23BRU003

 

 

Figure 5: Semi-massive pyrrhotite-pentlandite-chalcopyrite vein cutting a raft
of gneiss country rock, with possible skutterudite mineral at vein contact,
from a 0.52m sample that returned 2.71% Ni, 0.17% Cu, 0.30% Co, 174.4 m,
23BRU001

 

 

Figure 6: Disseminated pyrrhotite-pentlandite-chalcopyrite hosted by
peridotite, from a 1.0m sample that returned 0.53% Ni, 0.10% Cu, 0.02% Co,
499.17m, 23BRU003

 

 

 

Glossary

 

 ASX                    Australian Stock Exchange

 Co                     cobalt

 Cu                     copper

 Disseminated sulphide  Fine sulphide particles dispersed through the enclosed rock
 intrusion              process when magma penetrates existing rock, crystallises, and solidifies
                        underground to form intrusions, such as batholiths, dykes, or sills

 magnetotellluric       a passive geophysical method which uses natural time variations of the Earth's
                        magnetic and electric fields to measure the electrical resistivity of the
                        sub-surface

 magnetic survey        geophysical survey method which identifies magnetic minerals

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

 m                      metres

 Mt                     million tonnes

 Ni                     nickel

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

 Spartan MT             geophysical method used to survey the electrical resistivity of rocks at depth

 t                      tonnes

 Zn                     zinc

 

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