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