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

Metals OneAnnouncement

23/10/2023 07:15

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RNS Number : 8835Q  Metals One PLC  23 October 2023

 

23 October 2023

 

Metals One Plc

("Metals One" or the "Company")

 

Update re SRH Råna Project, Norway

 

Drilling Intercepts 9.3m at 1.0% Nickel and 0.3% Copper at Newly Discovered
High Grade Sulphide Zone

 

Metals One (AIM: MET1), 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 at the Rånbogen prospect and a further hole at Bruvann as part
of the 5,000m diamond drilling programme.

 

Drilling has delivered high-grade massive sulphide Ni-Cu-Co mineralisation in
both holes over an interpreted strike length of 150m, within a previously
undrilled area which is open along strike and down dip.

 

Highlights

 

Hole 23RAN002

 

·    High-grade massive and breccia sulphide zone returned 9.3m at 1.0%
Ni, 0.3% Cu and 0.10% Co from 176.5m, within a broader upper mineralised zone
which returned 26.2m at 0.7% Ni, 0.2% Cu and 0.06% Co from 169.0m (Hole
23RAN002, see Figure 4)

·    Lower mineralised zone returned 2.7m at 0.9% Ni, 0.1% Cu and 0.08% Co
from 281.9m (Hole 23RAN002, see Figure 4)

 

Hole 23RAN001

 

·    Two semi-massive to massive sulphide zones were intercepted, 150m
northwest along strike from 23RAN002 (see Figure 2)

·    Semi massive to massive sulphide zone returned 2.4m at 0.8% Ni, 0.2%
Cu, 0.10% Co from 66.4m (Hole 23RAN001, Figure 3), within a broader
mineralised interval of 10.2m at 0.4% Ni, 0.1% Cu, 0.05% Co from 63.7m (Hole
23RAN001, see Figure 4)

·    Semi-massive sulphide lens returned 1.3m at 0.6% Ni, 0.3% Cu and
0.09% Co from 167.9m (Hole 23RAN001)

 

Jonathan Owen, CEO of Metals One, commented:

 

"We are pleased to report that our SRH Råna Project partner Kingsrose has
discovered a new high-grade, relatively shallow nickel-copper sulphide zone at
the Rånbogen prospect, demonstrating that the wider Råna intrusion is host
to significant mineralisation outside of the historical mine.

 

These results, including the interception of two stacked zones of sulphide
mineralisation, confirm the scale potential of the Råna intrusion, with the
exposed lower zone underexplored and highly prospective.

 

Diamond drilling has now identified high-grade massive sulphide
nickel-copper-cobalt mineralisation at both the Rånbogen and Arnes prospects.
The operator is continuing to make good progress with the exploration
programme which includes drill testing several targets at Rånbogen with
similar signatures."

 

Kingsrose's full announcement, which includes supporting JORC statements, is
available at:

http://www.rns-pdf.londonstockexchange.com/rns/8835Q_1-2023-10-22.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8835Q_1-2023-10-22.pdf)

 

 

 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.

 

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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. 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

 

Rånbogen

 

Mineralisation in 23RAN001 and 23RAN002 has been intercepted in two main zones
over a strike length of 150m and is broadly coincident with an ovoid,
east-west trending MT conductor. Strongly conductive EM modelled plates
striking northwest-southeast over 300m occur within the MT conductor, and
mineralisation in holes 23RAN001 and 23RAN002 is broadly coincident with these
plates.

 

·    Mineralisation is open along strike and down dip, as indicated by the
MT and EM data (see Figure 2)

·    There are several other MT conductors with coincident EM plates and
mineralised nickel rockchips at Rånbogen which remain untested (see Figure 2)

·    These targets will form the focus of the remaining drill campaign and
will be subject to continued ground and borehole EM surveys to aid drill
targeting

 

The upper zone of mineralisation in 23RAN002 is hosted by peridotite and
comprises a broad, disseminated zone of sulphide which is cross cut by a 9m
wide zone of sulphide veins, breccia and net, semi-massive and massive
pyrrhotite-pentlandite-chalcopyrite (see Figures 5 to 7). The lower
mineralised zone is located at the contact between norite and peridotite and
is inferred to represent an intrusive sulphide breccia containing autoliths of
peridotite.

 

·    The stacked and cross-cutting nature of mineralisation indicates that
there is potential for multiple sulphide-generative events, therefore multiple
mineralised zones of varying scale and nickel tenor

·    Sulphide grain size is variable and includes coarse-grained
pentlandite which occurs as loop textures, and coarse-grained chalcopyrite
which is often concentrated at the margins of sulphide veins and intrusions

·    It is interpreted that the vari-textured host rocks, cross-cutting
injected sulphide, coarse-grained pentlandite loop textures and formation of a
peridotite-norite sill complex are indicative of a dynamic and multiphase
intrusive system, in support of a syn-orogenic chonolith model of emplacement.
Such mineral systems are fertile settings for nickel sulphide deposits
worldwide

 

Mineralisation in holes 23RAN001 and 23RAN002 is stratigraphically higher than
mineralised outcrops in the north of the Rånbogen prospect area and the
Bruvann Mine.

 

·    This suggests that mineralisation occurs in multiple horizons
associated with sills of peridotite.

·    Similar, underexplored peridotite sills with elevated nickel in
historical rockchips are observed along the lower zone of the intrusion
including at Arnes, Storvatnet and Eiterdalen (see Figure 1)

·    It is inferred that the entire intrusion is prospective for the
discovery of multiple mineralised lenses associated with peridotite sills and
also as offset lenses of mineralisation in the wall rocks

·    Exploration will continue to define additional drill targets using
the proven methodology applied by Kingsrose to date

 

Bruvann

 

Results from hole 23BRU004 have been received (see Figure 8). This hole was
planned to test west down dip from open mineralisation in the southwest of the
mined area and intercepted two low grade zones of disseminated sulphide,
between 13.8m and 14.2m wide and 0.22 to 0.24% Ni, hosted in peridotite.
Although below the threshold for reporting of a significant intercept, these
results demonstrate that the intrusion and mineralisation is open to the west
along strike and down plunge, where there is potential for discovery of
additional massive sulphide zones at the intrusion sidewalls or as offset
bodies within the footwall host rocks.

 

Table 1: Drill collars details for reported drill holes, Råna Project, Norway

 

 Hole ID   Easting  Northing  Elevation  Inclination (°)   Azimuth  Length

                              (m)                          (°)      (m)
 23RAN001  584203   7583213   559        -70               15       260.1
 23RAN002  584338   7583094   648        -60               15       338.5
 23BRU004  579868   7580920   438        -75               180      611.9

 

Table 2: Significant intercepts, SRH Råna Project, Norway

 

 Hole ID    From (m)  Interval (m)  Ni (%)  Cu (%)  Co (%)
 Rånbogen prospect
 23RAN001   63.7      10.2          0.4     0.1     0.06
 including  66.4      2.4           0.8     0.2     0.10
            167.9     1.3           0.6     0.3     0.09
 23RAN002   169.0     26.2          0.7     0.2     0.05
 including  176.5     9.3           1.0     0.3     0.10
            281.9     2.7           0.9     0.1     0.08
 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 and location of the Rånbogen prospect

 

 

 

 

 

Figure 2: Map showing reported drill holes, geology, MT conductive anomalies,
modelled EM plates and rockchips at the Rånbogen prospect, Råna Project

 

 

 

Figure 3: Cross section (A-A') showing hole 23RAN001

 

 

 

Figure 4: Cross section (Section B-B') showing hole 23RAN002

 

 

Figure 5: Massive pyrrhotite-pentlandite-chalcopyrite with coarse grained
pentlandite and rounded clasts of peridotite, from a 0.3m sample that returned
2.23% Ni, 0.15% Cu, 0.20% Co, 176.83m, 23RAN002. NQ diameter drill core

 

 

Figure 6: Massive and net-textured pyrrhotite-pentlandite-chalcopyrite with
coarse pentlandite loop textures and rounded clasts of peridotite, from a 0.3m
sample that returned 1.71% Ni, 0.26% Cu, 0.15% Co, 176.54m, 23RAN002. NQ
diameter drill core

 

 

Figure 7: Massive pyrrhotite-pentlandite-chalcopyrite lens with sharp,
cross-cutting contact to host peridotite unit. Note the fractionated
chalcopyrite rich zone at the contact with host peridotite. From a 0.6m sample
that returned 1.51% Ni, 0.37% Cu, 0.15% Co, 180.0m, 23RAN002. NQ diameter
drill core

 

 

 

 

Figure 8: Map showing reported drill holes, geology, MT conductive anomalies,
and modelled EM plates at the Bruvann Mine, Råna Project

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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