TIDMMET1
RNS Number : 5647I
Metals One PLC
08 August 2023
8 August 2023
Metals One Plc
("Metals One", the "Group", or the "Company")
Råna Project Update
Spartan MT Survey Indicates Highly Prospective Zones for
Massive Sulphide Ni-Cu-Co Mineralisation
Metals One, which is advancing battery metal projects at
brownfield sites in Finland and Norway, is pleased to announce that
the Company's Råna Project (nickel, copper, cobalt) partner and
operator Kingsrose Mining Limited (ASX: KRM) ("Kingsrose") has
completed the acquisition and interpretation of magnetotelluric
geophysical surveys (Spartan MT) at the Rånbogen prospect.
Kingsrose's full announcement, released today on the ASX, can
also be found on their website. The highlights are summarised
below. Most notable is their identification of four strongly
conductive zones, which are highly prospective for massive sulphide
nickel-copper-cobalt mineralisation.
Highlights
-- Spartan MT surveys are able to identify areas of low
resistivity (high apparent conductivity) which may represent
nickel-copper-cobalt sulphide mineralisation.
-- Four discrete, strong apparent conductivity anomalies have
been modelled at the Rånbogen prospect over a strike length of
1.8km:
o Three of these anomalies ('Rånbogen 01', 'Rånbogen 02' and
'Rånbogen 04') are hosted within pyroxenite and peridotite
lithologies of the Råna intrusion. These lithologies are highly
resistive and therefore the conductive responses have a higher
likelihood of being associated with sulphide mineralisation.
o One of the anomalies ('Rånbogen 03') is a steeply south
dipping, very strong conductor located at the basal contact between
the intrusion and footwall gneiss, which is known to contain
conductive graphitic rock units. The location at the base of the
intrusion is also a highly prospective setting for the accumulation
of massive sulphides.
o Where the conductive anomalies extend to surface, they display
a strong correlation with massive and disseminated nickel-copper
sulphide mineralisation identified in historical rock chip
sampling.
o Target 'Rånbogen 02' correlates well with historical drilling
on the northern margin of the conductive anomaly which returned a
best intercept of 17.5m at 0.53 % Ni, 0.12 % Cu, and 0.05 % Co from
101m (SH004), including 2.5m at 1.13 % Ni, 0.24 % Cu, and 0.10 % Co
(see Kingsrose's ASX announcement dated 18 January 2023).
-- Ground-based and downhole electromagnetic ("EM") surveys to
aid detailed drill targeting are in progress at Rånbogen.
-- The drill rig will be switched to a helicopter portable
system in early August and transferred from the Bruvann Mine area
to Rånbogen to test these conductive targets.
Jonathan Owen, CEO of Metals One, commented:
"We are delighted to announce results from geophysical surveying
at R å nbogen, one of three priority prospects at our R å na
Project. Utilising modern geophysical techniques never previously
deployed on the area, our partner Kingsrose has identified highly
conductive zones which demonstrate potential for massive
nickel-copper-cobalt sulphide mineralisation, further supporting
that the R å na intrusion is highly prospective for a significant
nickel deposit.
These surveys, together with the ground-based and downhole EM
surveys currently underway at the prospect, will help inform a
drilling programme at R å nbogen designed to test, and hopefully
realise, the potential of the Rånbogen Block to host
nickel-copper-cobalt deposits ."
Figure 1: Section A-A' (100m wide section) showing mineralised
massive sulphide at surface and in historical drillholes located at
the MT gradient of moderate to high conductivity, Targets Rånbogen
01 and Rånbogen 02, Råna Project.
Discussion of Results
Rånbogen is located at the northern part of the Råna intrusion,
at the contact between footwall gneiss and a complex zone of
peridotite, pyroxenite and gabbronorite at the deeper parts of the
intrusion. The intrusion strikes east-west and dips moderately to
the south-southeast. Laterally extensive zones of narrow, elongate
xenoliths of gneiss are mapped from east to west at a transition
zone between lower ultramafic dominant units into upper
gabbronorite dominant units, inferred as a paleo-roof pendant which
formed part way through the intrusion's evolution.
Mineralisation is mainly hosted in the peridotite and pyroxenite
units, comprising disseminated pyrrhotite-pentlandite-chalcopyrite
with 1m to 3m thick zones of massive sulphide. Localised
concentrations at the contacts between intrusive rocks and gneiss
xenoliths are also observed. Massive sulphide zones occur in
outcrop and historical drill core, striking east-west over at least
100m and plunging southeast to depth where mineralisation is
open.
The MT survey was designed to model conductive zones associated
with outcropping mineralisation to depth for drill targeting, as
well as to identify blind conductive zones which have potential to
host massive sulphide mineralisation. Four conductive zones are
observed in the MT data, largely coinciding with mineralised rock
chip samples at surface and proximal to historical mineralised
drill intercepts. Similarly to Bruvann (see Kingsrose ASX
announcement dated 21 July 2023), mineralisation is observed at the
steep gradients between moderately and strongly conductive
anomalies:
1. R å nbogen 01 : A complex 470m by 400m, roughly circular
anomaly in plan view which dips moderately southeast to at least
300m down dip. Massive sulphide nickel-copper mineralisation is
observed in outcrop on the northeastern and southeastern margins of
the anomaly, which is undrilled.
2. R å nbogen 02 : An ovoid, 400m by 200m, east-west striking
anomaly at the southern margin of the survey area. Historical drill
holes were collared on the northern margin of the anomaly.
Kingsrose considers that the historical holes were drilled
sub-optimally relative to the orientation of the anomaly. Several
historical holes intercepted significant mineralisation with a
highlight intercept of 17.5m at 0.53 % Ni, 0.12 % Cu, 0.05 % Co
from 101m (SH004), including 2.5m at 1.13 % Ni, 0.24 % Cu, 0.10 %
Co (see ASX announcement dated 18 January 2023). The mineralisation
here is open along strike and down dip.
3. R å nbogen 03 : An east-west, 300m by 100m anomaly with a
very steep gradient, open to the north and located at the contact
between basal peridotite and footwall gneiss. This is undrilled and
with little outcrop.
4. R å nbogen 04 : An elongate, 800m by 130m, moderately
conductive anomaly with a central, deeper, strongly conductive core
over 300m by less than 100m. The anomaly is coincident with
gabbronorite at surface crosscut by strongly oxidised <0.5m
thick veins with up to 0.37 % Ni and 0.32 % Cu in historical rock
chip samples (see Kingsrose ASX announcement dated 18 January
2023). The anomaly is immediately east and along strike from a
mapped peridotite sill.
A follow up ground-based EM survey combined with downhole EM of
historical holes (where these holes remain open) is currently in
progress to further define conductive zones prior to drill
testing.
Drilling at Bruvann is underway and will transition to a
helicopter portable rig in early August to allow drilling at
Rånbogen to commence.
Further information, including supporting JORC statements
provided by Kingsrose, is available at:
http://www.rns-pdf.londonstockexchange.com/rns/5647I_1-2023-8-7.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 (Brownfield 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 Brownfield 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. Mr Moulton consents to the inclusion of the technical
information in this release and context in which it appears.
Glossary
ASX Australian Stock Exchange
Co cobalt
Cu copper
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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