TIDMMET1
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, w hich includes supporting JORC
statements, is available at: 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)
James Biddle / Roland Cornish
www.beaumontcornish.com +44 (0)20 7628 3396
Shard Capital Partners LLP (Joint
Broker)
Damon Heath / Erik Woolgar +44 (0)20 7186 9952
SI Capital Limited (Joint Broker) +44 (0)14 83413 500
Nick Emerson
Vigo Consulting (Investor Relations)
Ben Simons / Kendall Hill
metalsone@vigoconsulting.com +44 (0)20 7390 0234
About Metals One
Metals One is developing brownfield battery metals projects in
Finland (Black Schist Project) and Norway (SRH Råna Project), with
approximately GBP9 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
km(2) 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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website at: 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) (deg) (deg) (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 Ni (%) Cu (%) Co (%) S (%)
(m)
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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END
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