Completion of Drilling at Black Schist Project
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Metals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, is pleased to report it has completed 1,548m of diamond drilling across eight holes at the R1 Hook target. This target is a highly prospective extension to the R1 target in the Rauta 9-11 Resource bearing licence area at the Black Schist Project in Finland, adjacent to Europe's largest operating nickel mine, Talvivaara.
Diamond drilling was designed to confirm the structure and potential for Talvivaara-style Ni-Cu-Co-Zn mineralisation. Pleasingly, initial visual and portable X-ray Fluorescence ("pXRF") assessments of the core indicates potential intersections of this style of black shale hosted mineralisation.
Metals One expects to report drilling assay results in early 2024, alongside structural interpretations and the Company's detailed work programme aimed at materially increasing the Black Schist Project's existing Resource.
This drill information, combined with new, large and highly prospective licence reservations and applications surrounding the Company's existing resources and target areas, underpin the Company's vision of establishing a highly efficient nickel and battery metals operation in Europe. The Company looks forward to outlining these plans in more detail in Q1 2024.
Jonathan Owen, CEO of Metals One, commented:
"We are pleased to have completed our first drill programme at our Finland project safely, ahead of time and on budget.
Visual and pXRF assessments of the core indicates potential intersections of black schist style mineralisation. This is an encouraging step towards materially increasing the project's existing Inferred Mineral Resource of 28.1 Mt of Talvivaara-style Ni-Cu-Co-Zn mineralisation. This style of mineralisation has proven to be a low cost, low carbon intensive source of battery metals in Europe, and is highly sought after by the electric vehicle industry.
We look forward to updating shareholders on the assay results and the interpreted impact, as well as outlining our project vision to significantly expand our tenement position in the new year."
Figure 1: Eight drill locations superimposed on the airborne electromagnetic survey of the R1 Hook target at the Black Schist Project
Figure 2: Ground magnetic survey of the R1 Hook anomaly and its proximity to the existing Resource at the Rauta 9-11 licence area
Figure 3: Mineralised black schist intersection for drillhole RAU0001
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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 |
| Mt | million tonnes |
| Ni | nickel |
| pXRF | a portable X-ray Fluorescence Spectrometer which can provide initial indications of the elemental composition of various materials. These handheld units are less precise than larger XRF machines used for laboratory analysis |
| Resource | Metals One's existing Inferred Mineral Resource at the Black Schist Project 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). Refer to the Company's admission document here for further information |
| schist | a medium-grade metamorphic rock formed from mudstone or shale |
| t | tonnes |
| Zn | zinc |
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