(Alliance News) - Metals One PLC on Monday said it completed drilling 1,548 metres for diamonds at the R1 Hook target at its Black Schist project in Finland.
The Finland and Norway-focused developer of brownfield metals projects said this was across eight holes at the target, a "highly prospective" extension to the R1 target in the Rauta 9-11 resource bearing licence area at Black Schist.
This is adjacent to Europe's "largest" operating nickel mine Talvivaara, Metals One said.
The diamond drilling was designed to confirm the structure and potential for nickel-copper-cobalt-zinc mineralisation. It said initial visual and portable X-ray fluorescence assessments of the core indicates potential intersections of black shale hosted mineralisation.
Metals One expects to report drilling assay results in early 2024, alongside structural interpretations and on its work programme aimed at materially increasing the Black Schist project's existing resource.
It said it looks forward to outlining plans to establish a "highly efficient nickel and battery metals operation in Europe" in more detail in the first quarter of 2024.
"We are pleased to have completed our first drill programme at our Finland project safely, ahead of time and on budget," said Chief Executive Officer Jonathan Owen.
"Visual and [portable X-ray fluorescence] 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 megatones of Talvivaara-style [nickel-copper-cobalt-zinc] 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."
Shares in Metals One were up 6.9% to 2.78 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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Metals One (MET1)