Metals One to commence drilling at Ni-Cu-Co-Zn project in Finland, applies for more licences
() , a battery metals explorer with projects in Northern Europe, said it has been granted a license extension for its flagship Black Schist project in Finland by the Finnish Safety and Chemicals Agency.
The extension enables Metals One to prospect on all land within the licence for an additional 3 years until November 2026. The company also announced that it will commence a 1,600m diamond drilling programme next week at an extension to the Rautavaara S "R1" target in the Rauta 9-11 licence area, referred to as the "R1 Hook".
The licence extension was granted following extensive landowner and community consultation as well as an inspection of Metals One's proposed exploration programme. It will enable the miner to focus on increasing the Black Schist project's existing Inferred Mineral Resource of 28.1 Mt at grades of 0.19% Ni (53,800t), 0.10% Cu (27,900t), 0.01% Co (3,400t) and 0.38% Zn (180,000t).
Separately, Metals One announced that it has formally summitted 6 new license applications and reservations in both the Rautavaara and Paltamo project areas which constitute the Black Schist project.
View from Vox
Another positive update from Metals One as it commences drilling at its Black Schist Ni-Cu-Co-Zn project in Finland. The Rauta 9-11 licence extension should result in a significant increase of Black Schist's resource as historical data shows the R1 target is highly prospective. Metals One's impending 1,600m diamond drilling programme, partly funded by farm-in partner Gunsynd, aims to confirm the structure and potential for Ni-Cu-Co-Zn mineralisation within the licence, with assays and interpretations expected in early 2024.
Similarly, the 6 new licence applications (in evaluation since July 2022) are in line with the company's resource growth strategy. Informed by analysis of historical assays and geophysical data from across the Kainuu Schist Belt, the applications will enable exploration for Ni-Cu-Co-Zn volcanogenic massive sulphide deposits.
The Black Schist project is located adjacent to Talvivaara, Europe's largest operating nickel mine. Metals One is targeting similar geology and mineralisation as the nearby operation through its exploration programme, beginning with the diamond drilling campaign at the R1 Hook. 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.
Work at Black Schist will add to Metals One's existing exploration programme at Råna, Norway where recent results have indicated high-grade sulphide Ni-Cu-Co mineralisation, with operator Kingsrose advancing rapidly through a 5,000m exploration programme. Both assets are shaping up to be significant deposits of critical battery metals.
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.
Follow News & Updates from Metals One:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.