Update re SRH Råna Project, Norway

Metals One PLC

05 February 2024

 

5 February 2024

Metals One Plc

("Metals One" or the "Company")

Update re SRH Råna Project, Norway

Drilling Intercepts New Zones of Nickel Sulphide Mineralisation

&

2024 Exploration Programme

Metals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, is pleased to announce that the Company's SRH Råna Project (nickel, copper, cobalt) partner and operator, Kingsrose Mining Limited (ASX: KRM) ("Kingsrose"), has received all analytical results from the 2023 core drilling programme, where a total of 4,318m were drilled across 12 holes.

Highlights

Rånbogen Prospect

·    Holes 23RAN004 and 23RAN005 intercepted mineralisation 60m up-dip and 40m east of the massive sulphide zone intercepted in 23RAN002 (26.2m at 0.7% Ni, 0.2% Cu and 0.06% Co from 169.0m, see Kingsrose's ASX announcement dated 23 October 2023)

o  This zone of mineralisation has been drill proven over 200m of strike and remains open in all directions, within a 1.6km trend of mineralisation and conductive anomalies (*see Figure 2 )

o  Hole 23RAN004 intercepted 1.4m at 1.8% Ni, 0.2% Cu, 0.19% Co from 233.9m (*see Figure 3)

o  Hole 23RAN005 intercepted three zones of mineralisation, including 13.3m at 0.4% Ni, 0.1% Cu, 0.02% Co from 151.1m; 0.3m at 1.3% Ni, 0.3% Cu, 0.12% Co from 215.3m; and 0.6m at 0.8% Ni, 0.1% Cu, 0.09% Co from 228.2m

·    Several priority areas of outcropping massive sulphide nickel mineralisation associated with conductive geophysical anomalies extending to depth remain to be to be drilled in 2024 (*see Figures 2, 4 and 5)

Malmhaugen Prospect

·    Hole 23RAN006 intercepted a new zone of massive sulphide mineralisation named 'Malmhaugen', located 1.1km east-northeast of Rånbogen (*see Figure 2)

o  23RAN006 was drilled to test a 750m long, east-west striking elongate Magnetotelluric conductor with a coincident Electromagnetic plate (*see Figure 2)

o  Three zones of sulphide breccia were intercepted including 5.2m at 0.4% Ni, 0.2% Cu, 0.11% Co from 63.0m, and 11.5m at 0.3% Ni, 0.1% Cu, 0.07% Co from 126.8m

o  Further EM surveys and drilling are planned to test this large conductive and mineralised anomaly

Bruvann Prospect

·    Hole 23BRU005 extended mineralisation by 200m to the west along strike from the Bruvann mine with a blind, narrow high-grade nickel sulphide intercept (*see Figures 6 and 7):

o  2.6m at 1.0% Ni, 0.1% Cu, 0.03% Co from 414.9m, including 0.6m at 3.2% Ni, 0.3% Cu, 0.07% Co from 416.9m

o  The hole was collared in gneiss targeting an EM plate in a zone previously considered closed and unprospective

2024 Exploration Plans

·    High-priority targets remain to be tested including shallow, strongly conductive anomalies at Rånbogen, down dip and along strike from holes 23RAN001 to 23RAN005, and strongly conductive EM plates and MT anomaly located at the contact between peridotite and graphitic gneiss at Arnesfjellet

·    Kingsrose intends to commence mapping and geophysical surveys in Q2 CY2024 (as the weather conditions allow) to generate a pipeline of drill targets and plans to conduct additional core drilling in Q3 CY2024

Jonathan Owen, Chief Executive Officer of Metals One, commented:

"The identification of new zones of nickel sulphide mineralisation at our SRH Råna Project further demonstrates the scale potential of the largely underexplored Råna intrusion.

In addition to the discovery of mineralised bodies at the Rånbogen and Malmhaugen prospects, this drill programme has identified multiple high-priority targets, including areas of outcropping massive sulphide nickel mineralisation associated with conductive geophysical anomalies extending to depth.

The operator is aiming to drill these key targets as part of its 2024 exploration programme alongside further geophysical surveying across the broader intrusion. They continue to test the true potential of the Råna intrusion to host one, if not more, nickel-copper-cobalt-PGM deposits of economic tenor. We look forward to updating shareholders on the next phase of exploration work in due course."

*Kingsrose's full announcement, which includes supporting JORC statements and referenced figures, is available at: https://www.kingsrose.com/news.

Enquiries:

Metals One Plc Jonathan Owen, Chief Executive Officer Daniel Maling, Chief Financial Officer	via Vigo Consulting [phone]
Beaumont Cornish Limited (Nominated Adviser) James Biddle / Roland Cornish www.beaumontcornish.com	[phone]
Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar	[phone]
SI Capital Limited (Joint Broker) Nick Emerson	[phone]
Fortified Securities (Joint Broker) Guy Wheatley, CFA www.fortifiedsecurities.com	[phone]
Vigo Consulting (Investor Relations) Ben Simons / Kendall Hill [e-mail]	[phone]

About Metals One

Metals One is developing brownfield battery metals projects in Finland (Black Schist Project) and Norway (SRH Råna Project), with approximately £9 million of exploration carry exposure through farm-in agreements. Metals One is aiming to help meet the significant demand for battery metals by defining resources on the doorstep of Europe's major electric vehicle OEMs and battery manufacturers. Metals One's Black Schist Project in Finland, totalling 706 km² across three licence areas, has an Inferred Resource of 28.1 Mt nickel-zinc-cobalt-copper and is located adjacent to Talvivaara, Europe's largest operating nickel mine. Metals One's fully carried SRH Råna Project in Norway covers 18.14 km² across three contiguous exploration licences, with significant opportunity for brownfield exploration of the Råna intrusion, and proven potential for massive sulphide nickel-cobalt-copper mineralisation.

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Qualified Person Statement

Craig Moulton is an Independent Non-Executive Director of the Company and the Qualified Person who reviewed and approved the technical disclosures in this news release. Mr Moulton has over 30 years' experience in the mining industry, having worked for Rio Tinto, Cliffs and Wood Mackenzie, and is a trained Geologist and Mineral Economist. Mr Moulton holds a BSc (Hons) in Geology and a MSc in Mineral Economics and is a qualified person under the AIM Rules. Mr Moulton consents to the inclusion of the technical information in this release and context in which it appears.

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Glossary

ASX	Australian Stock Exchange
Co	cobalt
Cu	copper
intrusion	process when magma penetrates existing rock, crystallises, and solidifies underground to form intrusions, such as batholiths, dykes, or sills
km	kilometres
magnetotellluric	a passive geophysical method which uses natural time variations of the Earth's magnetic and electric fields to measure the electrical resistivity of the sub-surface
magnetic survey	geophysical survey method which identifies magnetic minerals
massive sulphide	metal sulphide ore deposit which consists almost entirely of sulphides
m	metres
Ni	nickel
PGM	platinum group metals
Zn	zinc

Table 1: Drill collar details for reported drill holes, Råna Project, Norway

Hole ID	Easting	Northing	Elevation (m)	Inclination (°)	Azimuth (°)	Length (m)
23RAN003	584338	7583094	648	-70	15	362.3
23RAN004	584338	7583094	648	-50	15	278.0
23RAN005	584338	7583094	648	-55	35	277.2
23RAN006	585443	7583520	600	-60	360	197.7
23RAN007	585231	7583507	542	-60	360	212.8
23BRU005	579555	7581120	392	-75	180	748.8

Table 2: Significant Intercepts, Råna Project, Norway

Hole ID	From (m)	Interval (m)	Ni (%)	Cu (%)	Co (%)
Rånbogen Prospect
23RAN0014	63.7	10.2	0.4	0.1	0.06
including	66.4	2.4	0.8	0.2	0.10
	167.9	1.3	0.6	0.3	0.09
23RAN0024	169.0	26.2	0.7	0.2	0.05
including	176.5	9.3	1.0	0.3	0.10
	281.9	2.7	0.9	0.1	0.08
23RAN003	No significant intercepts
23RAN004	233.9	1.4	1.8	0.2	0.19
23RAN005	151.1	13.3	0.4	0.1	0.02
	209.25	7.2	0.3	0.1	0.02
Including	215.3	0.3	1.3	0.3	0.12
	228.17	0.6	0.8	0.1	0.1
23RAN006	63.0	5.2	0.4	0.2	0.11
	110.0	4.6	0.3	0.1	0.07
	126.8	11.5	0.3	0.1	0.07
23RAN007	No significant intercepts
Bruvann Prospect
23BRU0013	172.9	2.5	1.0	0.1	0.08
Including	173.91	1.0	1.94	0.18	0.18
23BRU0033	470.60	50.0	0.43	0.10	0.02
23BRU0044	No significant intercepts
23BRU005	415.9	2.6	1.0	0.1	0.03
Including	416.9	0.6	3.2	0.3	0.07
Notes 1.    Significant intercepts were calculated using a 0.25% Ni lower cut-off and a maximum of 4 metres internal dilution. 2.  ​  ​Downhole interval is reported. Due to the early stage of exploration, lack of underground access due to flooding and lack of detailed structural data, it is not possible to estimate true widths. 3.    See Kingrose ASX Announcement dated 4 September 2023 4.    See Kingrose ASX Announcement dated 23 October 2023

 

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