Metals One reports more positive results from Norwegian Ni-Cu-Co project
() , a battery metals explorer with projects in Northern Europe, announced results from the first 2 holes drilled at the Rånbogen prospect, part of its nickel/copper/cobalt Råna project in Norway.
The company said its partner and operator on the project, Kingsrose Mining, has uncovered high-grade sulphide Ni-Cu-Co mineralisation in both holes over a strike length of 150m within a previously undrilled area, which is open along strike and down dip.
Råna project area and location of the Rånbogen prospect
The two holes are part of a 5,000 diamond drilling programme at Råna. Hole 23RAN002 uncovered a high-grade massive breccia sulphide zone returning 9.3m at 1.0% Ni, 0.3% Cu and 0.10% Co from 176.5m, within a broader upper mineralised zone which returned 26.2m at 0.7% Ni, 0.2% Cu and 0.06% Co from 169.0m. A lower mineralised zone returned 2.7m at 0.9% Ni, 0.1% Cu and 0.08% Co from 281.9m (see cross section below).
Meanwhile, hole 23RAN001 intercepted two semi-massive to massive sulphide zones, 150m northwest along strike from 23RAN002. One zone returned 2.4m at 0.8% Ni, 0.2% Cu, 0.10% Co from 66.4m within a broader mineralised interval of 10.2m at 0.4% Ni, 0.1% Cu, 0.05% Co from 63.7m. The other zone returned 1.3m at 0.6% Ni, 0.3% Cu and 0.09% Co from 167.9m (see cross section below).
Cross sections of holes 23RAN001 (left) and 23RAN002 (right)
View from Vox
More good early results from Råna, showing a new high-grade, relatively shallow nickel-copper sulphide zone at the Rånbogen prospect, proving that the wider Råna intrusion contains significant mineralisation outside of the historical mine. The interception of two stacked zones of sulphide mineralisation confirm the scale potential of the Råna intrusion, with the exposed lower zone in particular proving underexplored and highly prospective.
Today's announcement follows last month's similar news of high-grade nickel-copper-cobalt mineralisation at Bruvann, located within Råna's Arnes prospect. Diamond drilling has now identified significant Ni-Cu-Co mineralisation at both the Arnes and Rånbogen prospects, with operator Kingsrose advancing rapidly through the 5,000m exploration programme. Investors should stay tuned and Metals One for more results from Råna, shaping up to be a major deposit of critical battery metals.
In addition to the early drill results, geophysical surveys not previously conducted in the area have suggested that Råna will be highly profitable, though future EM surveys will further specify drilling targets to paint a fuller picture of project's potential. Nickel, copper, and cobalt are main ingredients in most Li-Ion battery chemistries, demand for which continues to climb amid increasing orders for EVs and grid storage solutions.
On July 31 2023, Metals One successfully listed on AIM. Admission followed a placing and subscription for a total of 44m shares at 5p, raising £2.2m. Metals One's European brownfield battery metals projects in Norway and Finland with approximately £9m of exploration carry exposure through farm-in agreements. The projects are either adjacent or analogous to other high-purity nickel sulphate deposits, and well connected to Europe's major electric vehicle OEMs and battery manufacturers.
Battery metals are key in the decarbonisation of transportation and the electrical grid. Europe is leading the way in EV adoption with 2.5m new EVs registered in 2022 alone, while OEMs are exploring opportunities to secure a sustainable supply of battery metals from ethically mined sources. In its 2023 Critical Raw Materials Act, the EU set targets to mine at least 10% of its critical raw materials by 2030, including for the first time nickel and copper.
Globally, battery metals will be needed at scales far beyond current supply, which is driving up their value. It is estimated that nickel demand from the EV sector in the EU alone will increase 30x from 17,000 tonnes in 2020 to 550,000 tonnes in 2040. With current domestic supply, the EU can only meet this demand until 2025 before a structural deficit emerges.
With highly prospective European brownfield projects, reliable partners, and well-funded work programmes, Metals One is well-positioned for rapid progress in the battery metals sector.
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