Metals One PLC (AIM:MET1) said drilling at its 80%-owned SRH Råna project in Norway located two new nickel sulphide mineralisation bodies and identified multiple other high-priority targets that are planned for further exploratory drilling in 2024.
Results from project partner and operator Kingsrose Mining Ltd (ASX:KRM), which has a 10% stake, followed a programme covering 4,318 metres (m) across 12 holes, where highlights included promising mineralisation zones within the Rånbogen and Malmhaugen prospects.
The Rånbogen prospect included intercepts revealing mineralisation within 40m east of previous findings, giving a mineralisation zone now drill-proven over a 200m strike and remaining open in all directions.
One hole encountered a 1.4m segment at 1.8% nickel, while another unveiled multiple mineralisation zones, including a notable 13.3m stretch at 0.4% nickel.
The Malmhaugen prospect, positioned 1.1km east-northeast of Rånbogen, was marked by a 750m long Magnetotelluric conductor and yielded several zones of sulphide breccia, signalling a new frontier for exploration.
A third zone, named the Bruvann prospect, included a hole that extended mineralisation 200m west along the strike from the Bruvann mine, with a significant high-grade nickel sulphide intercept, underscoring the unexplored potential within this region.
Looking ahead to 2024, Metals One and Kingsrose plan to embark on mapping, geophysical surveys and further core drilling, targeting the high-priority areas that have been identified.
Metals One chief executive Jonathan Owen said the results demonstrate "the scale potential of the largely underexplored Råna intrusion", where Kingrose continues to test the potential to host "one, if not more, nickel-copper-cobalt-PGM deposits of economic tenor".