REG - Ormonde Mining PLC - Investee Company Update: Peak Nickel Ltd

TRU Precious MetalsAnnouncement

09/08/2024 13:00

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RNS Number : 9384Z  Ormonde Mining PLC  09 August 2024

9 August 2024

Ormonde Mining plc

("Ormonde" or the "Company")

 

Investee Company Update: Peak Nickel Ltd

 

Drilling resumes at the Rodburn high-grade Ni-Cu-Co project in Aberdeenshire,
Scotland

 

Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), a natural
resources company with investment exposure to exploration assets including
gold and copper in Newfoundland and battery metals in Scotland, notes an
announcement on 7 August 2024 by its investee company Peak Nickel Ltd ("Peak
Nickel").

 

Peak Nickel announced it has commenced its 2024 drill programme at its Rodburn
project in Aberdeenshire, Scotland, which Peak Nickel describes as the
"highest grade battery metals project in the UK". The 2024 drill programme
will see Peak Nickel drill a minimum of 1,000 metres over the coming weeks,
building on last year's 2,600 metre drill programme.

 

Brian Timmons, Executive Chair of Ormonde, commented:

 

"Peak Nickel's Rodburn Project is in a tier one jurisdiction with indications
of significant size. Ormonde believes Rodburn's resource has good potential
for enlargement, and we expect this drilling programme will be an important
step towards achieving that goal. The opportunity to define a battery metals
resource of scale within Europe, reducing supply reliance on external sources,
is compelling."

 

The full announcement issued by Peak Nickel appears below:

 

 

Drilling resumes at the Rodburn high-grade Ni-Cu-Co project in Aberdeenshire,
Scotland

Peak Nickel Limited ("PNL" or the "Company") is pleased to provide an update
on exploration activities at Rodburn, the highest-grade battery metals project
in the UK, where the 2024 drill programme is now underway.

 

During 2023 the Company conducted an 18-hole 2,600m drill programme to test
the areas around historically identified, non-compliant mineral resources (for
more details refer to PNL press releases dated 21st February 2024 and 2nd
March 2024). As a result, a new Mineral Resource Estimate was defined as
outlined below.

 

 Resource                           Mt   Ni (%)  Cu (%)  Co (ppm)  % NiEq.
 Inferred     Mineral Resource      4.3  0.54    0.28    364       0.72
 Including                          2.9  0.67    0.35    457       0.90

 

The drill programme was successful in defining widespread Ni-Cu-Co
mineralisation hosted by wide zones of disseminated sulphides - up to 60
metres thick in certain holes - with numerous zones of massive and
semi-massive sulphides within them. Examples from the "S" Zone are shown
below:

S Zone: High-grade mineralised zone in RBD004, 5.97m grading 2.6% NiEq.

S. Zone: High-grade mineralised zone in RBD009, 5.4m grading 2.4% NiEq.

In addition to the S Zone, PNL tested the "N" Zone, located 600m northeast of
the S Zone. RBD016 in the N Zone was one of the last holes drilled in PNL's
2023 drilling campaign and represents a newly confirmed robust zone of
mineralisation. The intercept is shown below. PNL plans to drill test the gap
between the N and S Zones in the current programme.

N. Zone: High-grade mineralised zone in RBD016, 9.0m grading 1.54% NiEq.

 

 

PNL will drill a minimum of 1,000 metres during the coming weeks and, funding
dependent, may expand the programme significantly. The planned 2024 programme
is shown on the map below.

Plan map showing magnetic and geophysical anomalies, resource areas and 2024
planned drilling.

 

 

 

 

 

Peak Nickel Limited is a private mineral exploration company based in Scotland
- more information is available at www.peaknickel.co.uk
(http://www.peaknickel.co.uk/)

 

The resource was estimated by an independent Qualified Person with over 10
years' experience in mineral resource estimation - the resource was defined at
cut offs of 0.6% NiEq (S zone) and 0.4% NiEq (N zone).

All technical information contained within this document has been reviewed and
approved by Mr. C. MacKenzie, M.Sc., C.Geol (CM), a Director and Control
Person of PNL. CM has previously acted as a Qualified Person (as defined by
Canadian National Instrument NI 43-101 Standards of Disclosure for Mineral
Projects) and a Competent Person (under JORC 2012) for various public
companies. Whilst not independent, CM has approved the technical disclosure
and is responsible for the technical information herein.

Ni%-equivalent values used by the independent QP for the resource were
calculated based on metal prices of $19,000/t Ni, $8,500/t Cu, $28,000/t Co,
using the formula Ni% + (0.447 x Cu%) + (1.474 x Co%) and exclude any precious
metal credits.

 

 

Enquiries:

 

 Ormonde Mining plc
 Brian Timmons, Chairman                        Tel: +353 (0)1 801 4184

 Vigo Consulting (Investor Relations)
 Ben Simons / Fiona Hetherington                Tel: +44 (0)20 7390 0230

 Peterhouse Capital (Aquis Corporate Adviser)
                                                Tel: +44 (0)20 7469 0930

 

About Ormonde Mining

 

Ormonde is a natural resource company which provides its shareholders with
exposure to quality and diverse assets across a range of strategic minerals.
Ormonde's portfolio includes an initial 36.2% interest in TRU Precious Metals
(TSXV: TRU), which is exploring for gold and copper in the highly prospective
Central Newfoundland Gold Belt in Canada, and a minority interest in Peak
Nickel Limited, which is advancing exploration on a potentially significant
nickel project in Scotland. Ormonde acquired a 20%  interest in Peak Nickel
in early 2023.

 

Ormonde's shares are listed on the Aquis Stock Exchange Growth Market under
the symbol AQSE: ORM.

 

For more information, visit the Company's website at www.ormondemining.com
(https://ormondemining.com/) .

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/ormonde-mining-plc/
(https://www.linkedin.com/company/ormonde-mining-plc/)

X: https://x.com/OrmondeMining (https://twitter.com/OrmondeMining)

 

Subscribe to our email alert service to be notified whenever Ormonde releases
news:

 

https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d
(https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d)

 

The Directors of the Company are responsible for the release of this
announcement.

 

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