Kingsrose Mining (ASX:KRM) has unveiled new zones of nickel sulphide mineralisation at its Råna Project in Norway, with further exploration work planned for the June quarter of 2024.
The European critical minerals explorer says several ‘priority’ conductive geophysical anomalies remain to be drilled in 2024, and the company plans to kick off mapping and geophysical survey work during the June quarter to generate a pipeline of targets for September quarter drilling.
Kingsrose’s new nickel zones come from a recent 12-hole, 4,318m core drilling program completed across several prospects in the Råna project area, including Rånbogen, Malmhaugen, and Bruvann.
At Rånbogen, Kingsrose struck 1.4m @ 1.8% nickel, 0.2% copper, and 0.19% cobalt from 233.9m in hole 23RAN004 and 13.3m @ 0.4% Ni, 0.1% Cu, and 0.02% Co from 151.1m in hole 23RAN005.
These holes lie 60m up-dip and 40m east of a previous massive sulphide zone intersected by the company in hole 23RAN002 and reported back in October 2023.
Kingsrose says several areas of outcropping massive nickel sulphide mineralisation remain to be drilled at this prospect.
Meanwhile, 1.1km east-northeast of Rånbogen, hole 23RAN006 struck a new zone of massive nickel sulphide mineralisation that Kingsrose has dubbed Malmhaugen. At this new prospect, the company hit 3 zones of sulphide breccia, and further electromagnetic surveying and drilling are now planned for this anomaly.
Finally, at Bruvann, Kingsrole struck 2.6m @ 1% Ni, 0.1% Cu, and 0.03% Co from 414.9m, including 0.6m @ 3.2% Ni, 0.3% Cu, and 0.07% Co from 416.9m, in hole 23BRU005.
The company says this hole was ‘blind’, and the mineralisation comes from an area previously considered ‘un-prospective’.
Essentially, Kingrose, which has a $24.83 million market capitalisation, says some key geological features at Råna support continued exploration in the area: the scale of the project, the ‘high-tenor’ nickel concentration in the area, the multi-phase intrusion nature of the geology, and the mineralisation textures at the project.
The company adds that its work to date has only tested a small area of the intrusion, hence the planned follow-up work over the ‘high-priority’ targets in the Råna area.
Alongside Råna, Kingsrose also owns the Finnmark Nickel-Copper-Platinum Group Elements (PGE) Project, also in Norway, and the Penikat PGE-Nickel-Copper Project in Finland.
Kingsrose Mining had just under $1.9 million cash and cash equivalents at hand at the end of December 2023, according to its latest quarterly report.
Write to Joshua Smith at Mining.com.au
Images: Kingsrose Mining
