Black Schist Project MRE Upgrade
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Metals One (AIM: MET1), which is advancing strategic minerals projects in Finland and Norway, is pleased to announce a maiden JORC Inferred Mineral Resource ("Resource") for the P5 area of the Finland - Black Schist Project of 29 Mt1. This brings the total Black Schist Project resource to 57.1 Mt, more than double the previous estimate.
Highlights of P5 Resource
- Maiden JORC Inferred Resource of 29 Mt at 0.18% nickel, 0.08% copper, 0.01% cobalt, and 0.33% zinc;
- Contained metals of 52kt of nickel, 24kt of copper, 3.5kt of cobalt, and 96kt of zinc;
- Resource calculated by independent global mining services provider, Mining Plus;
- Orientation and proximity to surface lends itself to cost effective surface mining;
- Adjacent to major road and rail infrastructure; and
- Further Resource expansion opportunities identified across increased project area.
The full report from independent global mining services provider Mining Plus which undertook the Mineral Resource Estimate will be made available on the Company's website.
Jonathan Owen, CEO of Metals One, commented:
"We're delighted to be doubling our Black Schist Project resource and particularly to have achieved this significant expansion through a low-cost, low-risk programme, and within only 12 months of listing the Company.
The Black Schist Project is key to us achieving our goal of bringing much needed domestic sources of strategic minerals, such as high-purity copper and nickel sulphates, to the European market. The addition of the P5 resource to the project portfolio brings the total value of in-situ metals to $3 billion2 at today's prices. Our Black Schist Project is on track to becoming the world-class asset we all believe it could be.
Looking ahead, this increased resource base will underpin a Preliminary Economic Assessment of the project which we expect to commence in the near future. This represents a major milestone for the Company as we transition to project development."
1 27.2 Mt attributable to the Company; 1.8 Mt (6.25%) attributable to project partner, Gunsynd Plc. Metals One has the option to acquire this 6.25% from Gunsynd
2 Based on Table 1 below and today's nickel prices on the London Metal Exchange. This can in no way be regarded as a guide to the Project's value or ultimate value of metal extracted
Figure 1: Company block model of P5 resource, approximately 9 km west of Paltamo, in the Kainuu region, central Finland
Figure 2: Metals One's Black Schist Project in Finland
Background to the P5 Resource
The P5 Inferred Resource, previously classified as a JORC Exploration Target, lies within a highly prospective belt of black schists in the Paltamo area, as interpreted by Metals One. The existing R1 Inferred Resource and the P5 Inferred Resource together represent the foundation of the Company's Black Schist Project.
Assessment of the P5 JORC Exploration Target historical data highlighted an opportunity to significantly increase the volume of, and confidence level in, this mineralised structure. The P5 JORC Exploration Target was originally estimated by a previous permit holder using portable XRF measurements correlated to a sample of chemical assays, and the holder did not assay several of the mineralisation intersections of the cores, which resulted in a lower category JORC Exploration Target of 16-24 Mt.
The Company's work programme has focused on elevating the confidence levels of P5 by completing the chemical assaying of all mineralised intersections of the 5,555m drilled across the target, which has enabled Metals One to commission Mining Plus, a global mining services provider, to produce a new mineral resource estimation, in accordance with the guidelines of the JORC Code, underpinned by this more accurate data.
Previous explorers, including the Geological Survey of Finland, intercepted similar mineralisation along the belt, suggesting geological and grade continuity. This offers potential for further expansion of the P5 Resource and the development of other targets within the belt. The Company holds several Exploration Licences and Reservations along the belt allowing it to potentially continue to increase its resource base of important strategic minerals.
Table 1: P5 Maiden JORC Mineral Resource Estimate
| Tonnes Mt | Ni % | Cu % | Co % | Zn % | Ni kt | Cu kt | Co kt | Zn kt | |
|---|---|---|---|---|---|---|---|---|---|
| P5 Inferred Resource | 29.0 | 0.18 | 0.08 | 0.01 | 0.33 | 52.0 | 24.0 | 3.5 | 96.0 |
Table 2: Updated Black Schist Project - Total JORC Mineral Resource Estimate
On Gross Company Attributable Basis:
| Tonnes Mt | Ni % | Cu % | Co % | Zn % | Ni kt | Cu kt | Co kt | Zn kt | |
|---|---|---|---|---|---|---|---|---|---|
| R1 Inferred Resource † | 28.1 | 0.19 | 0.10 | 0.01 | 0.38 | 53.8 | 27.9 | 3.4 | 180.0 |
| P5 Inferred Resource | 29.0 | 0.18 | 0.08 | 0.01 | 0.33 | 52.0 | 24.0 | 3.5 | 96.0 |
| TOTAL | 57.1 | 0.18 | 0.09 | 0.01 | 0.35 | 105.8 | 51.9 | 6.9 | 276.0 |
| On Net Company Attributable Basis (93.75%)1: | |||||||||
| Tonnes Mt | Ni % | Cu % | Co % | Zn % | Ni kt | Cu kt | Co kt | Zn kt | |
| R1 Inferred Resource | 26.3 | 0.19 | 0.10 | 0.01 | 0.38 | 50.4 | 26.2 | 3.2 | 168.8 |
| P5 Inferred Resource | 27.2 | 0.18 | 0.08 | 0.01 | 0.33 | 48.8 | 22.5 | 3.3 | 90.0 |
| TOTAL | 53.5 | 0.18 | 0.09 | 0.01 | 0.35 | 99.2 | 48.7 | 6.5 | 258.8 |
* Metals One is the Operator of the Black Schist Project
** Cut-off grade of 0.11% Ni used
*** Tonnages have been rounded to reflect the relative uncertainty of the estimate
† Previously announced within Kainuu Schist Belt Projects - Competent Persons Report No. R489.2021, CSA, 2 June 2023
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Glossary
| Co | cobalt |
| Cu | copper |
| Exploration Target | a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement of estimate, quoted as a range of tonnes and a range of grade, relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource |
| JORC | The Joint Ore Reserve Committee code (JORC code) is the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and is a professional code of practice that sets minimum standards for public reporting of minerals exploration results, mineral resources and ore reserves |
| Inferred Resource | that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resources and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration |
| Ni | nickel |
| Mt Kt | million tonnes thousand tonnes |
| schist | a medium-grade metamorphic rock formed from mudstone or shale |
| XRF | X-Ray Fluorescence |
| Zn | zinc |
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