TIDMMET1
RNS Number : 8226U
Metals One PLC
28 November 2023
28 November 2023
Metals One Plc
("Metals One" or the "Company")
Drilling to Commence at the Black Schist Ni-Cu-Co-Zn Project,
Finland
Grant of Licence Extension, Commencement of Drilling Programme
& New Licence Applications
Metals One (AIM: MET1), which is advancing battery metal
projects at brownfield sites in Finland and Norway, announces that
the Finnish Safety and Chemicals Agency ("Tukes") has granted the
Company an extension to its Rauta 9-11 licence at the Black Schist
Project (nickel, copper, cobalt, zinc).
Metals One now has the right to prospect on all land within the
licence for an additional three years until November 2026 , and the
Company will next week commence a 1,600m diamond drilling programme
at an extension to the Rautavaara S "R1" target in the Rauta 9-11
licence area (referred to by the Company as the "R1 Hook").
The licence extension was granted following extensive landowner
and community consultation, as well as an inspection of the
Company's proposed exploration programme, and will enable Metals
One to focus on significantly increasing the Black Schist Project's
existing Inferred Mineral Resource of 28.1 Mt of Talvivaara-type
mineralised material at a grade of 0.19% Ni (53,800t), 0.10% Cu
(27,900t), 0.01% Co (3,400t) and 0.38% Zn (180,000t).
Identified following an in-depth review of historical data, the
R1 Hook is considered a highly prospective anomaly, and diamond
drilling is aimed at confirming the structure and potential for
Ni-Cu-Co-Zn mineralisation, with assays and interpretations
expected to be announced in early 2024.
Additional Licence Applications
Metals One has formally submitted six new licence applications
and reservations in both the Rautavaara and Paltamo project areas
which constitute the Black Schist Project.
Informed by analysis of historical assays and geophysical data
from across the Kainuu Schist Belt, the applications and
reservations are in line with the Company's resource growth
strategy and, subject to approval, will enable it to also explore
for Outokumpu-style Ni-Cu-Co-Zn volcanogenic massive sulphide
deposits.
The Company will provide an update on further licence
applications and extensions at the project in due course.
Jonathan Owen, CEO of Metals One, commented:
"We are looking forward to commencing drilling activities at our
Finland project, with this initial exploration work partly funded
by our farm-in partner Gunsynd Plc. The Black Schist Project is
located adjacent to Talvivaara, Europe's largest operating nickel
mine, and Metals One is targeting similar geology and
mineralisation as the nearby operation through our strategic
exploration programme, beginning with the diamond drilling campaign
at the R1 Hook.
We can also now reveal that we have been successful in making no
less than six further licence applications in and around the
project areas. The team in Finland have been busily evaluating and
assessing these areas since we listed in July of this year.
On behalf of the Board, I would like to thank Tukes for
fast-tracking, and subsequently accepting, our application to
extend our Rauta 9-11 licence. The organisation's support
epitomises the mining friendly environment we have experienced
since entering Finland, and this will facilitate the rapid
execution of our work programme as we continue to explore for
Talvivaara, as well as Outokumpu, style Ni-Cu-Co-Zn deposits to
grow the project's existing resource."
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 (SRH 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 SRH 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.
Follow us on social media:
LinkedIn: https://www.linkedin.com/company/metals-one-plc/
Twitter: https://twitter.com/metals_one
Subscribe to our news alert service on the Investors page of our
website at: www.metals-one.com
Glossary
Co cobalt
Cu copper
diamond drilling core drilling which uses a rotary drill
with a diamond drill bit attached in
order to create precisely measured holes
massive sulphide metal sulphide ore deposit which consists
almost entirely of sulphides
Mt million tonnes
Ni nickel
schist a medium-grade metamorphic rock formed
from mudstone or shale
shale a fine-grained, clastic sedimentary rock
formed from mud
t tonnes
volcanogenic massive a type of metal sulphide ore deposit,
sulphide mainly copper-zinc which are associated
with and created by volcanic-associated
hydrothermal events in submarine environments
Zn zinc
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDNKOBDFBDDADB
(END) Dow Jones Newswires
November 28, 2023 02:00 ET (07:00 GMT)
Metals One (LSE:MET1)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Metals One (LSE:MET1)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024