Kingsrose Mining Limited (ASX: KRM) (Kingsrose or Company) is pleased to announce that it has received an Exploration Permit for Area 1 of the Penikat project from Tukes, the Finnish national mining regulator (Tukes).
The Exploration Permit is the final regulatory permit required in the process to commence drilling in Area 1 of the Penika
HIGHLIGHTS Kingsrose has been granted an Exploration Permit for Area 1 of the Penikat Project with aH duration of four years. This Exploration Permit is the final permit required to commence drilling at Penikat. On 28 June 2022, Kingsrose announced a JORC Exploration Target of 21 to 32 million tonnes at 4.0 to 7.4 g/t 6E, for 2.8 to 7.7 million ounces 6E on the basis of 82 historical drill holes on the SJ and PV mineralised reefs and excludes the AP reef which hosts the 'ballroom' feature where historical drilling intercepted 8.8 metres @ 8.1 g/t Pd, 2.3 g/t Pt & 0.5 g/t Au from surface. Notes: o The potential quantity and grade of the PGE mineralisation at Penikat is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. o '6E' = the sum of platinum, palladium, rhodium, iridium, ruthenium and gold. The Exploration Target ranks Penikat as one of the highest-grade PGE explorationk projects globally, strategically located in Finland and proximal to infrastructure to support European critical minerals supply
Fabian Baker, Managing Director of Kingsrose commented: 'The receipt of this Exploration Permit from Tukes is an important milestone in the process to commence drilling at Penikat. Granting of this Exploration Permit was preceded by granting of a Water Abstraction Permit by the Regional State Administrative Agency, receipt of a positive statement from the Regional Centre for Economic Development (ELY), receipt of a positive statement from Metsahallitus (state-owned land holder), and receipt of a Derogation Permit from the Ministry of Environment. These outcomes are evidence of Kingsrose's industry leading approach to sustainability and stakeholder engagement. We would like to thank our loyal shareholders for their patience.'
SUMMARY OF EXPLORATION PERMITTING PROCESS
To commence exploration drilling at Penikat, Kingsrose is required to obtain an Exploration Permit from Tukes as well as a Derogation Permit from the Ministry of Environment due to the mire conservation and Natura 2000 status of the area, which was approved in June 2024. Interested parties may lodge an appeal against this Exploration Permit award during a period of 37 days from the date of publication, which remains to be concluded. Valid appeals will delay the enforceability of the Exploration Permit and right to drill until the appeals process is concluded To date, the Company is not aware of any appeals successfully reversing an Exploration Permit award in Finland. Tukes has issued this Exploration Permit with consideration of previous statements by interested parties and has concluded that 'The opinions do not present such matters based on the Mining Act, for which the mining authority should reject an application for an exploration permit.' and 'the mineral exploration permit application has been checked upon its arrival on 10 November 2021 and found to contain the information in accordance with Section 34 of the Mining Act. In addition, the application contains the information required in sections 12 (sections 1-9) and 13 (sections 1-4) of the Government Decree (391/2012)'. The Exploration Permit also includes conditions to minimise potential environmental and social impacts of drilling in line with those disclosed in the Company's ASX announcement dated 14 June 2024. Kingsrose will proceed to finalise and submit the Natura 2000 Assessment for Areas 2-5 based on the learnings from the Area 1 process.
Contact:
Fabian Baker
Managing Director
Tel: +61 8 9389 4494
Email: info@kingsrose.com
ABOUT KINGSROSE MINING LIMITED
Kingsrose Mining Limited is a leading sustainability-conscious and technically proficient mineral exploration company listed on the ASX. The Company has a discovery-focused strategy, targeting the acquisition and exploration of critical mineral deposits, that has resulted in the acquisition of, or joint venture into, the Rana nickel-copper-cobalt and Penikat PGE projects in Finland and Norway. Additionally, Kingsrose was selected for the first cohort of the BHP Xplor exploration accelerator program which commenced in January 2023 and was extended into two exploration Alliances.
FORWARD-LOOKING STATEMENTS
This announcement includes forward-looking statements, including forward-looking statements relating to the future operation of the Company. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement to reflect the circumstances or events after the date of this announcement. You are strongly cautioned not to place undue reliance on forward-looking statements.
COMPETENT PERSON'S STATEMENT
The Exploration Target estimate has been prepared by Mr. J.C. Witley (BSc Hons, MSc (Eng.)) who is a geologist with 35 years' experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is registered with the South African Council for Natural Scientific Professions ('SACNASP') and is a Fellow of the Geological Society of South Africa ('GSSA'). Mr. Witley has the appropriate relevant qualifications and experience to be considered a 'Competent Person' for the style and type of mineralisation and activity being undertaken as defined by the 2012 Edition of the JORC Code. Mr Witley consents to the inclusion in this report of the matter based on his information in the form and context in which it appers
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