Investee Company Update: Peak Nickel Ltd

Ormonde Mining PLC

09 August 2024

 

9 August 2024

Ormonde Mining plc

("Ormonde" or the "Company")

Investee Company Update: Peak Nickel Ltd

Drilling resumes at the Rodburn high-grade Ni-Cu-Co project in Aberdeenshire, Scotland

Ormonde Mining plc (AQSE: ORM), a natural resources company with investment exposure to exploration assets including gold and copper in Newfoundland and battery metals in Scotland, notes an announcement on 7 August 2024 by its investee company Peak Nickel Ltd ("Peak Nickel").

Peak Nickel announced it has commenced its 2024 drill programme at its Rodburn project in Aberdeenshire, Scotland, which Peak Nickel describes as the "highest grade battery metals project in the UK". The 2024 drill programme will see Peak Nickel drill a minimum of 1,000 metres over the coming weeks, building on last year's 2,600 metre drill programme.

Brian Timmons, Executive Chair of Ormonde, commented:

"Peak Nickel's Rodburn Project is in a tier one jurisdiction with indications of significant size. Ormonde believes Rodburn's resource has good potential for enlargement, and we expect this drilling programme will be an important step towards achieving that goal. The opportunity to define a battery metals resource of scale within Europe, reducing supply reliance on external sources, is compelling."

The full announcement issued by Peak Nickel appears below:

Drilling resumes at the Rodburn high-grade Ni-Cu-Co project in Aberdeenshire, Scotland

Peak Nickel Limited ("PNL" or the "Company") is pleased to provide an update on exploration activities at Rodburn, the highest-grade battery metals project in the UK, where the 2024 drill programme is now underway.

During 2023 the Company conducted an 18-hole 2,600m drill programme to test the areas around historically identified, non-compliant mineral resources (for more details refer to PNL press releases dated 21st February 2024 and 2nd March 2024). As a result, a new Mineral Resource Estimate was defined as outlined below.

Resource	Mt	Ni (%)	Cu (%)	Co (ppm)	% NiEq.
Inferred     Mineral Resource	4.3	0.54	0.28	364	0.72
Including	2.9	0.67	0.35	457	0.90

The drill programme was successful in defining widespread Ni-Cu-Co mineralisation hosted by wide zones of disseminated sulphides - up to 60 metres thick in certain holes - with numerous zones of massive and semi-massive sulphides within them. Examples from the "S" Zone are shown below:

S Zone: High-grade mineralised zone in RBD004, 5.97m grading 2.6% NiEq.

S. Zone: High-grade mineralised zone in RBD009, 5.4m grading 2.4% NiEq.

In addition to the S Zone, PNL tested the "N" Zone, located 600m northeast of the S Zone. RBD016 in the N Zone was one of the last holes drilled in PNL's 2023 drilling campaign and represents a newly confirmed robust zone of mineralisation. The intercept is shown below. PNL plans to drill test the gap between the N and S Zones in the current programme.

N. Zone: High-grade mineralised zone in RBD016, 9.0m grading 1.54% NiEq.

PNL will drill a minimum of 1,000 metres during the coming weeks and, funding dependent, may expand the programme significantly. The planned 2024 programme is shown on the map below.

Plan map showing magnetic and geophysical anomalies, resource areas and 2024 planned drilling.

Peak Nickel Limited is a private mineral exploration company based in Scotland - more information is available at www.peaknickel.co.uk

The resource was estimated by an independent Qualified Person with over 10 years' experience in mineral resource estimation - the resource was defined at cut offs of 0.6% NiEq (S zone) and 0.4% NiEq (N zone).

All technical information contained within this document has been reviewed and approved by Mr. C. MacKenzie, M.Sc., C.Geol (CM), a Director and Control Person of PNL. CM has previously acted as a Qualified Person (as defined by Canadian National Instrument NI 43-101 Standards of Disclosure for Mineral Projects) and a Competent Person (under JORC 2012) for various public companies. Whilst not independent, CM has approved the technical disclosure and is responsible for the technical information herein.

Ni%-equivalent values used by the independent QP for the resource were calculated based on metal prices of $19,000/t Ni, $8,500/t Cu, $28,000/t Co, using the formula Ni% + (0.447 x Cu%) + (1.474 x Co%) and exclude any precious metal credits.

Enquiries: 

Ormonde Mining plc
Brian Timmons, Chairman	Tel: [phone]
Vigo Consulting (Investor Relations)
Ben Simons / Fiona Hetherington	Tel: [phone]
Peterhouse Capital (Aquis Corporate Adviser)
	Tel: [phone]

About Ormonde Mining

Ormonde is a natural resource company which provides its shareholders with exposure to quality and diverse assets across a range of strategic minerals. Ormonde's portfolio includes an initial 36.2% interest in TRU Precious Metals (TSXV: TRU), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, and a minority interest in Peak Nickel Limited, which is advancing exploration on a potentially significant nickel project in Scotland. Ormonde acquired a 20%  interest in Peak Nickel in early 2023.

Ormonde's shares are listed on the Aquis Stock Exchange Growth Market under the symbol AQSE: ORM.

For more information, visit the Company's website at www.ormondemining.com. 

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