TIDMMET1
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 R å nbogen
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 R å na 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 R å
na 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 R å nbogen and
Arnes prospects. The operator is continuing to make good progress
with the exploration programme which includes drill testing several
targets at R å nbogen with similar signatures."
Kingsrose's full announcement, w hich includes supporting JORC
statements, is available at:
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)
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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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) (deg) (deg) (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 Ni (%) Cu (%) Co (%)
(m)
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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