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Metals One Releases Results from its SHR Råna Project

24 October 2023 10:08
AIM:MET1
Screenshot 2023 10 24 100135

Metals One PLC (AIM:MET1) has reported its SRH Råna Project partner and operator, Kingsrose Mining Limited (ASX: KRM), has announced promising results from the first two holes drilled at the Rånbogen Prospect and an additional hole at the Bruvann Prospect, which were part of its 5,000 metre diamond drilling programme.

The drilling delivered high-grade massive sulphide nickel, copper and cobalt mineralisation in both holes over an interpreted strike length of 150 metres, within a previously undrilled area which is open along strike and down dip, boasting well for the Company’s exploration endeavours at the Project.

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Figure 1: Råna Project area and location of the Rånbogen Prospect

Rånbogen Prospect Drilling

The drilling completed by Kingsrose at the Rånbogen Prospect identified mineralisation in hole 23RAN001 and 23RAN002 which intercepted two semi-massive to massive sulphide zones over a strike length of 150 metres.

Additionally Kingsrose reported the mineralisation was broadly coincident with an ovoid, east-west trending MT conductor.

Hole 23RAN001 Highlights:

The Company reports Hole 23RAN001returned a semi massive to massive sulphide zone of 2.4 metres at 0.8% Ni, 0.2% Cu, 0.10% Co from 66.4 metres, within a broader mineralised interval of 10.2 metres at 0.4% Ni, 0.1% Cu, 0.05% Co from 63.7 metres.

Furthermore, semi-massive sulphide lens returned 1.3 metres at 0.6% Ni, 0.3% Cu and 0.09% Co from 167.9 metres.

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Figure 2: Cross Section (A-A’) showing hole 23RAN001

Hole 23RAN002 Highlights:

Metals One reports Hole 23RAN002 returned high-grade massive and breccia sulphide zone of 9.3 metres at 1.0% Ni, 0.3% Cu and 0.10% Co from 176.5 metres, within a broader upper mineralised zone which returned 26.2 metres at 0.7% Ni, 0.2% Cu and 0.06% Co from 169.0 metres (see Figure 4).

Additionally, a lower mineralised zone returned 2.7 metres at 0.9% Ni, 0.1% Cu and 0.08% Co from 281.9 metres.

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Figure 3: Cross Section (A-A’) showing hole 23RAN002

Bruvann Prospect Drilling

The aim of Hole 23BRU004 was to test the west down dip from open mineralisation in the southwest of the mined area.

Kingsrose outlined that the hole intercepted two low grade zones of disseminated sulphide, between 13.8 metres and 14.2 metres wide and 0.22 to 0.24% Ni, hosted in peridotite.

Despite Metals One recognising that this is below the threshold for reporting a significant intercept, it believes the 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.

Metals One Comments

Metals One CEO Jonathan Owen expressed optimism regarding the results.

“We are pleased to report that our SRH Råna 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,” he said.

“These results, including the interception of two stacked zones of sulphide mineralisation, confirm the scale potential of the Råna 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 Rånbogen and Arnes prospects. The operator is continuing to make good progress with the exploration programme which includes drill testing several targets at Rånbogen with similar signatures.”

MET1’s London Stock Exchange-listed share price is currently trading at 3 British pence (10.00am UTC+ 8 hours).

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