Metals One PLC on Monday said the operator of the company’s SRH Rana project in Norway has reported results confirming the presence of presence of high-grade nickel-copper-cobalt.
Shares in Metals One were up 5.9% to 4.50 pence each in London on Monday afternoon.
The London-based mining company, which is focused on battery metals projects in Finland and Norway, said Kingsrose Mining Ltd reported results from the first two holes drilled as part of the 5,000 metre diamond drilling programme.
This confirmed the the presence of high-grade semi-massive nickel-copper-cobalt sulphide mineralisation, Metals One said, alongside a ‘broad zone of disseminated sulphide mineralisation’ at Bruvann, located within Metals One’s Arnes prospect, while demonstrating that mineralisation in the area is open along strike from existing mine infrastructure.
Highlights included 2.5 metres at 1.00% nickel, 0.14% copper and 0.08% cobalt from 172.91 metres at hole 23BRU001, including 1.0 metre at 1.94% nickel, 0.18% copper and 0.18% cobalt from 173.91 metres; 50.0 metres at 0.43 % nickel, 0.10% copper and 0.02 % cobalt from 470.6 metres at hole 23BRU003.
Metals One said the intercept at hole 23BRU003 is located 20 metres southwest and along strike from an historical massive sulphide drill intercept, located 70 metres south of the inferred position of historical underground workings; while the intercept at hole 23BRU003 is located 20 metres 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 245.9 metres, Metals One said, before reaching the intended target due to excessive deviation.
‘Bruvann is one of the key targets of the exploration programme being undertaken by our farm-in partner, Kingsrose, at our SRH Rana 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,’ said Metals One Chief Executive Officer Jonathan Owen.
‘Diamond drilling is aimed at testing a range of targets at our Arnes and Ranbogen 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.’
Owen said the company will update shareholders on further diamond drilling being conducted and funded by Kingsrose at the Rana project.
Metals One will continue to test a number of targets identified by the recent geophysical and geological studies, Owen added.
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