Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Metals One completes 1,500 metres diamond drilling at Finnish project

Mon, 18th Dec 2023 14:36

(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

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Related Shares

More News
17 Apr 2024 21:55

EARNINGS AND TRADING: Chill Brands shareholder seeks board ejections

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately repor...

23 Feb 2024 08:59

TRADING UPDATES: Plant Health eyes Mexico Saori launch; NARF wins deal

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued this week and not separately reported...

12 Feb 2024 19:44

TRADING UPDATES: Katoro Gold launches fundraising, eyes board shake-up

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

28 Nov 2023 12:06

IN BRIEF: Metals One receives licence extension at Black Schist

Metals One PLC - London-based firm advancing battery metal projects at brownfield sites in Finland and Norway - Says Finnish Safety & Chemicals Agency...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.