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

Metals OneAnnouncement

05/02/2024 07:00

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RNS Number : 9453B  Metals One PLC  05 February 2024

 

5 February 2024

Metals One Plc

("Metals One" or the "Company")

 

Update re SRH Råna Project, Norway

 

Drilling Intercepts New Zones of Nickel Sulphide Mineralisation

&

2024 Exploration Programme

 

Metals One (https://metals-one.com/) (AIM: MET1), which is advancing battery
metal projects at brownfield sites in Finland and Norway, is pleased to
announce that the Company's SRH Råna Project (nickel, copper, cobalt) partner
and operator, Kingsrose Mining Limited (ASX: KRM) ("Kingsrose"), has received
all analytical results from the 2023 core drilling programme, where a total of
4,318m were drilled across 12 holes.

 

Highlights

 

Rånbogen Prospect

 

·    Holes 23RAN004 and 23RAN005 intercepted mineralisation 60m up-dip and
40m east of the massive sulphide zone intercepted in 23RAN002 (26.2m at 0.7%
Ni, 0.2% Cu and 0.06% Co from 169.0m, see Kingsrose's ASX announcement dated
23 October 2023)

o  This zone of mineralisation has been drill proven over 200m of strike and
remains open in all directions, within a 1.6km trend of mineralisation and
conductive anomalies (*see Figure 2 )

o  Hole 23RAN004 intercepted 1.4m at 1.8% Ni, 0.2% Cu, 0.19% Co from 233.9m
(*see Figure 3)

o  Hole 23RAN005 intercepted three zones of mineralisation, including 13.3m
at 0.4% Ni, 0.1% Cu, 0.02% Co from 151.1m; 0.3m at 1.3% Ni, 0.3% Cu, 0.12% Co
from 215.3m; and 0.6m at 0.8% Ni, 0.1% Cu, 0.09% Co from 228.2m

·    Several priority areas of outcropping massive sulphide nickel
mineralisation associated with conductive geophysical anomalies extending to
depth remain to be to be drilled in 2024 (*see Figures 2, 4 and 5)

 

Malmhaugen Prospect

 

·    Hole 23RAN006 intercepted a new zone of massive sulphide
mineralisation named 'Malmhaugen', located 1.1km east-northeast of Rånbogen
(*see Figure 2)

o  23RAN006 was drilled to test a 750m long, east-west striking elongate
Magnetotelluric conductor with a coincident Electromagnetic plate (*see Figure
2)

o  Three zones of sulphide breccia were intercepted including 5.2m at 0.4%
Ni, 0.2% Cu, 0.11% Co from 63.0m, and 11.5m at 0.3% Ni, 0.1% Cu, 0.07% Co from
126.8m

o  Further EM surveys and drilling are planned to test this large conductive
and mineralised anomaly

 

Bruvann Prospect

 

·    Hole 23BRU005 extended mineralisation by 200m to the west along
strike from the Bruvann mine with a blind, narrow high-grade nickel sulphide
intercept (*see Figures 6 and 7):

o  2.6m at 1.0% Ni, 0.1% Cu, 0.03% Co from 414.9m, including 0.6m at 3.2% Ni,
0.3% Cu, 0.07% Co from 416.9m

o  The hole was collared in gneiss targeting an EM plate in a zone previously
considered closed and unprospective

 

2024 Exploration Plans

 

·    High-priority targets remain to be tested including shallow, strongly
conductive anomalies at Rånbogen, down dip and along strike from holes
23RAN001 to 23RAN005, and strongly conductive EM plates and MT anomaly located
at the contact between peridotite and graphitic gneiss at Arnesfjellet

·    Kingsrose intends to commence mapping and geophysical surveys in Q2
CY2024 (as the weather conditions allow) to generate a pipeline of drill
targets and plans to conduct additional core drilling in Q3 CY2024

 

Jonathan Owen, Chief Executive Officer of Metals One, commented:

 

"The identification of new zones of nickel sulphide mineralisation at our SRH
Råna Project further demonstrates the scale potential of the largely
underexplored Råna intrusion.

 

In addition to the discovery of mineralised bodies at the Rånbogen and
Malmhaugen prospects, this drill programme has identified multiple
high-priority targets, including areas of outcropping massive sulphide nickel
mineralisation associated with conductive geophysical anomalies extending to
depth.

 

The operator is aiming to drill these key targets as part of its 2024
exploration programme alongside further geophysical surveying across the
broader intrusion. They continue to test the true potential of the Råna
intrusion to host one, if not more, nickel-copper-cobalt-PGM deposits of
economic tenor. We look forward to updating shareholders on the next phase of
exploration work in due course."

 

*Kingsrose's full announcement, which includes supporting JORC statements and
referenced figures, is available at: https://www.kingsrose.com/news
(https://www.kingsrose.com/news) .

 

Enquiries:

 

 Metals One Plc                                                     via Vigo Consulting

 Jonathan Owen, Chief Executive Officer                             +44 (0)20 7390 0234

 Daniel Maling, Chief Financial Officer

 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 8341 3500

 Nick Emerson

 Fortified Securities (Joint Broker)                                +44 (0)20 3411 7773

 Guy Wheatley, CFA

 www.fortifiedsecurities.com (http://www.fortifiedsecurities.com)

 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_PLC/
(https://twitter.com/metals_one_PLC/)

 

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. Mr
Moulton consents to the inclusion of the technical information in this release
and context in which it appears.

 

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

 

 ASX               Australian Stock Exchange

 Co                cobalt

 Cu                copper

 intrusion         process when magma penetrates existing rock, crystallises, and solidifies
                   underground to form intrusions, such as batholiths, dykes, or sills

 km                kilometres
 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

 Ni                nickel
 PGM               platinum group metals

 Zn                zinc

 

 

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

 

 Hole ID   Easting  Northing  Elevation  Inclination (°)   Azimuth  Length

                              (m)                          (°)      (m)
 23RAN003  584338   7583094   648        -70               15       362.3
 23RAN004  584338   7583094   648        -50               15       278.0
 23RAN005  584338   7583094   648        -55               35       277.2
 23RAN006  585443   7583520   600        -60               360      197.7
 23RAN007  585231   7583507   542        -60               360      212.8
 23BRU005  579555   7581120   392        -75               180      748.8

 

Table 2: Significant Intercepts, Råna Project, Norway

 

 Hole ID      From (m)  Interval (m)  Ni (%)  Cu (%)  Co (%)
 Rånbogen Prospect
 23RAN001(4)  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(4)  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
 23RAN003     No significant intercepts
 23RAN004     233.9     1.4           1.8     0.2     0.19
 23RAN005     151.1     13.3          0.4     0.1     0.02
              209.25    7.2           0.3     0.1     0.02
 Including    215.3     0.3           1.3     0.3     0.12
              228.17    0.6           0.8     0.1     0.1
 23RAN006     63.0      5.2           0.4     0.2     0.11
              110.0     4.6           0.3     0.1     0.07
              126.8     11.5          0.3     0.1     0.07
 23RAN007     No significant intercepts
 Bruvann Prospect
 23BRU001(3)  172.9     2.5           1.0     0.1     0.08
 Including    173.91    1.0           1.94    0.18    0.18
 23BRU003(3)  470.60    50.0          0.43    0.10    0.02
 23BRU004(4)  No significant intercepts
 23BRU005     415.9     2.6           1.0     0.1     0.03
 Including    416.9     0.6           3.2     0.3     0.07
 Notes

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

 3.    See Kingrose ASX Announcement dated 4 September 2023

 4.    See Kingrose ASX Announcement dated 23 October 2023

 

 

 

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