Europe-focused Metals One (AIM: MET1) announced Thursday that Kingsrose Mining (ASX: KRM), partner and operator of its Råna nickel-copper-cobalt project in Norway, has entered into a contract to begin core drilling at the Rånbogen prospect in August.
Drilling is focused on two targets identified last year through geophysics, Metals One said, adding that compelling targets comprise shallow, highly conductive electromagnetic anomalies immediately down dip from mineralized nickel-copper-cobalt massive sulphide at surface.
Completion of a minimum 700 metres of drilling will satisfy the drilling milestones under a previous agreement with Kingsrose and Canada’s Global Energy Metals, each holding a 10% interest in the project. Kingsrose can earn up to 75% through its agreement with Metals One.
“This strategic work program is aimed at testing two compelling anomalies characterized by highly conductive EM responses down dip of nickel-copper-cobalt mineralized massive sulphide in outcrop, which were identified during last year’s core drilling and are located within a previously undrilled area,” Metals One CEO Jonathan Owen said in a news release.
“We look forward to updating shareholders on progress at the Råna project as Kingsrose continues to build on the high-grade results from last year’s drilling to verify the largely underexplored Råna intrusion’s scale potential,” Owen said.
Drilling is anticipated to be completed in early September, with assay results expected in October to November.
Metals One also owns the Black Schist project in Finland, which has an inferred mineral resource of 57.1 million tonnes at grades of 0.18% nickel, 0.09% copper, 0.01% cobalt and 0.35% zinc, and is adjacent to Europe’s largest operating nickel mine, Terrafame.
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