23 September, 2022

Resource Mining Corporation advances due diligence at Finnish nickel and lithium projects

The company has identified numerous exploration targets from what it recognises as an “extremely prospective tenement package”.

Resource Mining Corporation Ltd is progressing due diligence at Ruossakero Nickel Project in Northern Finland, Kola Lithium Project in Central Finland and Hirvikallio Lithium Project in Southern Finland.

Upon review of exploration data, the company has identified numerous exploration targets from what it recognises as an “extremely prospective tenement package”.

In order to further assess the target projects, RMC proposes to conduct field exploration guided by results of a report from Skapto, specialists in geology and geophysics who conducted the review.

“Extremely prospective regions”

RMC executive chairman Asimwe Kabunga said: “Guided by the Skapto Report into the Target Projects, we are excited to now be preparing the initial field exploration program to further our due diligence activities.

“The findings from the Skapto Report and broader due diligence data review have confirmed the extensive presence of lithium and nickel targets within each tenement and we are excited to continue our due diligence exploration works within these extremely prospective region”

Data review summary

In July 2022, the full exploration data file for all Finland projects was purchased from the Geological Survey of Finland (GTK), and the review of this data is now complete.

The data has been analysed by Skapto and from this information, numerous exploration targets have been identified within this extremely prospective tenement package.

At Hirvikallio, high-grade lithium values were confirmed through the review and new targets near the Hirvikallio occurrence have been defined.

The extensive nature of the anomalies within the Hirvikallio and Kola tenements has meant that 18 targets have been defined and located within these lithium-enriched regions.

At Ruossakero, the company has confirmed numerous drilled and sampled nickel-copper-cobalt anomalies within the project and has defined 10 targets.

Forward plan

RMC’s fieldwork has commenced to geologically map, sample and test within all of the targets identified by this review.

What’s more, the vendor agreed to an extension of the option period to exclusively conduct due diligence and finalise negotiations, Pro Active Investors writes.