Metals One PLC (AIM:MET1) said it has completed 1,548 metres (m) of diamond drilling across eight holes at the R1 Hook target at the Black Schist Project in Finland.
Assay results are expected in early 2024, alongside structural interpretations and detailed work aimed at materially increasing the Black Schist project's existing resources.
Black Schist is adjacent to Europe's largest operating nickel mine, Talvivaara, and the drilling was designed to confirm similar mineralisation structures extend into Metals One's licence.
“Pleasingly, initial visual and portable X-ray Fluorescence (pXRF) assessments of the core indicate potential intersections of this style of black shale hosted mineralisation," said the statement.
Jonathan Owen, Metals One's chief executive, added: “This is an encouraging step towards materially increasing the project's existing Inferred Mineral Resource of 28.1 Mt of Talvivaara-style Ni-Cu-Co-Zn mineralisation.
“This style of mineralisation has proven to be a low cost, low carbon-intensive source of battery metals in Europe, and is highly sought after by the electric vehicle industry.”