Resource Mining Corporation (ASX:RMI) has locked in a 2,128.8-hectare exploration permit within its Kola Lithium Project in Finland through its wholly owned Finnish subsidiary.
The $17.43 million market capitalisation company says it is now planning a drilling program for the Köyhäjoki permit, which was granted by the Finnish Safety and Chemicals Agency.
Meanwhile, Resource Mining expects to receive approval for its second exploration permit application for the project area, Pikkukallio, during the June quarter of 2024.
The newly granted and ‘highly prospective’ Köyhäjoki permit covers the central part of the Kola project, where Resource Mining has identified ‘high-grade’ lithium pegmatite boulder trains.
Of the 68 boulder samples collected from the area by the company, 52 showed grades of higher than 1% Li2O, and 27 graded higher than 2% Li2O. The peak grade from the samples topped 5.26% Li2O.
Looking ahead, Resource Mining is now planning to kick off drilling within the Köyhäjoki permit area as soon as rigs become available. The company says the planned drilling work will include an extensive ‘bottom of till/top of bedrock’ campaign to target the source rocks of the high-grade boulder trains.
Resource Mining Corporation Executive Chairman Asimwe Kabunga says the new permit covers the area along-trend of Sibanye-Stillwater’s (JSE:SSW) Keliber Project.
“We are excited to continue our exploration work within this extremely prospective exploration permit, with the intention to start an extensive drilling program as soon as drill rigs become available.”
“We are excited to continue our exploration work within this extremely prospective exploration permit, with the intention to start an extensive drilling program as soon as drill rigs become available“
To the north of Köyhäjoki, Resource Mining is waiting on the weather to begin fieldwork at its recently approved Neverbacka reservation area.
Resource Mining says Sibanye-Stillwater is busy constructing a lithium hydroxide refinery at Kokkola in Finland, which has spare capacity and lies just 60km away from the Kola project.
Alongside its Finnish assets, Resource Mining Corporation is also exploring for nickel in Tanzania.
Write to Joshua Smith at Mining.com.au
Images: Resource Mining Corporation
