Metals One PLC (AIM:MET1) is to start drilling its Rauta 9-11 licence at the Black Schist Project (nickel, copper, cobalt, zinc) in Finland after the receipt of a permit extension.
A 1,600-metre diamond drilling programme at the R1 target will start next week, it added.
The licence extension was granted following extensive landowner and community consultation, as well as an inspection of the company's proposed exploration programme, said the statement.
Drilling will focus on increasing Black Schist's existing Inferred Mineral Resource of 28.1 Mt of Talvivaara-type mineralised material with R1 Hook considered a highly prospective anomaly.
Results should be available early in 2024.
Separately, Metals One said it also submitted six new licence applications and reservations in both the Rautavaara and Paltamo project areas, which constitute the Black Schist Project.
Jonathan Owen, Metals One chief executive, said: “The Black Schist Project is located adjacent to Talvivaara, Europe's largest operating nickel mine, and Metals One is targeting similar geology and mineralisation as the nearby operation.
“We can also now reveal that we have been successful in making no less than six further licence applications in and around the project areas. The team in Finland have been busily evaluating and assessing these areas since we listed in July of this year."