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Metals One Report High-Grade ‘Massive’ Sulphide Nickel-Copper-Cobalt Mineralisation at Norwegian Prospects

5 September 2023 10:35
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Metals One (LSE:MET1) have reported the results from its first two diamond drill holes at the Company’s SRH Råna Project in Norway, confirming the presence of high-grade semi-massive nickel-copper-cobalt sulphide mineralisation, with results also yielding a broad zone of disseminated sulphide mineralisation at Bruvann located within the Arnes Prospect.

The Drilling Program

The 5000 metre drilling program, carried out by the Company’s partner and operator, Kingsrose Mining Limited (ASX: KRM), included two holes totaling 776 metres and was designed to test along strike from known mineralisation whilst also providing stations to conduct downhole EM surveys.

The results reported by Kingsrose demonstrated that the mineralisation in the area is open along strike from existing mine infrastructure.

The drill 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 Company has announced the results will inform the geophysical data interpretations and generation of follow up drill targets.

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Figure 1: Råna Project area

Significant results reported

  • 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
  • 50.0m at 0.43% Ni, 0.10% Cu and 0.02% Co from 470.6m (Hole 23BRU003)
  • Drill hole 23BRU002 was abandoned at 245.9m and before reaching the intended target due to excessive deviation.

Strategically Situated

The target holes within the SRH Råna Project, which covers three contiguous exploration licences over 18.14 square kilometres, were located in close proximity to historical drilling hits to maximise potential returns.

Hole 23BRU001 is strategically located 20m southwest and along strike from a historical massive sulphide drill intercept and 70m south of the inferred position of historical underground workings. 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.

Hole 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. It 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.

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Figure 2: 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

Future Outlook

This year appears to be one of massive growth and change for Metals One, with the recent appointment of Robert Mannström as General Manager, the Company’s AIM listing, which was catalysed by a successful Placement in which it raised £2.2 million, firmly establishing the Company as a key player in the European battery critical metals sector.

Metals One now looks to continue advancing its battery metal projects at brownfield sites in Finland and Norway.

Metal One’s Chief Executive Officer Jonathan Owen 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.”

MET1’s London Stock Exchange listed share price is currently trading at 4.25 pence (10am UTC+ 8 hours).

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