Business
Drilling to Commence at the Black Schist Project
Drilling to Commence at the Black Schist Project.
About this update from Metals One Plc
[{"type":"text","content":"\n\n\n \n28 November 2023 \n \nMetals One Plc\n(\"Metals One\" or the \"Company\")\n \nDrilling to Commence at the Black Schist Ni-Cu-Co-Zn Project, Finland\n \nGrant of Licence Extension, Commencement of Drilling Programme & New Licence Applications\n \nMetals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, announces that the Finnish Safety and Chemicals Agency (\"Tukes\") has granted the Company an extension to its Rauta 9-11 licence at the Black Schist Project (nickel, copper, cobalt, zinc).\n \nMetals One now has the right to prospect on all land within the licence for an additional three years until November 2026, and the Company will next week commence a ~1,600m diamond drilling programme at an extension to the Rautavaara S \"R1\" target in the Rauta 9-11 licence area (referred to by the Company as the \"R1 Hook\").\n \nThe licence extension was granted following extensive landowner and community consultation, as well as an inspection of the Company's proposed exploration programme, and will enable Metals One to focus on significantly increasing the Black Schist Project's existing Inferred Mineral Resource of 28.1 Mt of Talvivaara-type mineralised material at a grade of 0.19% Ni (53,800t), 0.10% Cu (27,900t), 0.01% Co (3,400t) and 0.38% Zn (180,000t).\n \nIdentified following an in-depth review of historical data, the R1 Hook is considered a highly prospective anomaly, and diamond drilling is aimed at confirming the structure and potential for Ni-Cu-Co-Zn mineralisation, with assays and interpretations expected to be announced in early 2024.\n \nAdditional Licence Applications\n \nMetals One has formally submitted six new licence applications and reservations in both the Rautavaara and Paltamo project areas which constitute the Black Schist Project.\n \nInformed by analysis of historical assays and geophysical data from across the Kainuu Schist Belt, the applications and reservations are in line with the Company's resource growth strategy and, subject to approval, will enable it to also explore for Outokumpu-style Ni-Cu-Co-Zn volcanogenic massive sulphide deposits.\n \nThe Company will provide an update on further licence applications and extensions at the project in due course.\n \nJonathan Owen,...