Battery metals mine developer Metals One has released its fist half-year report since joining Aim in late July when it raised £2.2m, post-period end.
The company was busily acquiring European brownfield projects as it readied its IPO, completing the acquisitions of FinnAust Mining Northern Oy and Scandinavian Resource Holdings on the same day it floated.
FinnAust owns 100% of the Black Schist Project in eastern Finland’s Kainuu Black Schist Belt, while the second acquisition brought 80% ownership of the Råna Project in Northern Norway, a JV with Australia’s Kingrose Mining, which operates the project and has an option to acquire 75% of the project over eight years via staged spending.
Black Schist holds – via two exploration permit applications – an Inferred Mineral Resource of 28.1 million metric tons, containing 0.19% nickel, 0.10% copper, 0.01% cobalt, and 0.38% zinc at the Rautavaara location. These projects are situated in eastern Finland, specifically in the Northern Savonia and Kainuu regions, adjacent to Europe’s largest nickel mine, Talvivaara.
Metals One’s primary focus at the Black Schist Project is to explore for Talvivaara-style shale-hosted Ni-Zn-Cu-Co deposits. They are also open to exploring Outokumpu-style Ni-Zn-Cu-Co volcanogenic massive sulfide deposits.
The company has entered into an agreement with AIM-listed Gunsynd (GUN) to sell up to 25% of the Black Schist Project through a staged investment of up to £1 million.
At Råna, Recent diamond drilling results, announced on September 4, 2023, confirmed high-grade semi-massive Ni-Cu-Co sulfide mineralization, including notable intercepts like 2.5 meters at 1.00% Ni, 0.14% Cu, and 0.08% Co. The site visit in September showed progress, with new drilling at the Rånbogen target and ongoing electromagnetic surveys indicating promising conductive zones for Ni-Cu-Co mineralization.
The Bruvann target also exhibited high-grade massive sulfide Ni-Cu-Co intercepts and disseminated sulfide mineralization.
Alastair Clayton, Chairman of Metals One, commented: “Metals One has listed with interests in nickel projects with substantial exploration carry exposure through farm-ins at a critical time for battery metals driven by the continued rise in electric vehicle adoption globally.
With European brownfield projects, experienced partners, and funded work programmes in place, our projects are well positioned for rapid advancement as we seek to establish ethically mined sources of critical minerals, including nickel, in Europe, close to future customers.”
Source: Vox Markets