Investee Company Update - Aberdeen Minerals Ltd
Investee Aberdeen Minerals begins Phase 2B drilling campaign at Arthrath Project in Scotland.
- Aberdeen Minerals drilling metres planned 2,400 metres
- Drilling depth target around 400 metres vertical depth
- Planned boreholes five
- Central Asia Metals investment in Aberdeen Minerals £3 million
- Gunsynd shareholding in Aberdeen Minerals 2,000,000 ordinary shares
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Gunsynd Plc (AIM: GUN) notes the recent announcement by its investee company Aberdeen Minerals Ltd ("Aberdeen Minerals"), a private UK company exploring for Nickel-Copper-Cobalt deposits in North East Scotland. Aberdeen Minerals has started its "Phase 2B" mineral drilling works at the Arthrath Project in North East Scotland.
These metals are used in batteries and electrification making them strategically important raw materials essential to an energy transition in Scotland and the UK, however currently the country has no primary production.
The new drilling follows on from 2024's Phase 2A campaign, which produced some of the best mineralisation encountered over the history of the project.
Aberdeen Minerals have planned for five new boreholes for a total of 2,400 metres of drilling. Drilling has commenced and will be ongoing at the site until mid-August. A small mineral rig operated under contract by Priority Drilling UK Ltd will drill angled boreholes to collect rock core samples to around 400 metres vertical depth below the ground surface.
The work programme is privately funded through a capital raising completed in May 2024 which included a £3 million initial investment by UK mining company Central Asia Metals Plc and £0.5 million from other investors.
Aberdeen Minerals' announcement can be viewed at the following link: https://aberdeenminerals.com/news/news-releases/new-drilling-campaign-for-critical-minerals/
Gunsynd holds 2,000,000 ordinary shares in Aberdeen which were acquired for £150,000.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.