REG - Metals One PLC - Assay Results from Black Schist Project

Metals OneAnnouncement

22/05/2024 14:00

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RNS Number : 5053P  Metals One PLC  22 May 2024

 

22 May 2024

 

Metals One Plc

("Metals One" or the "Company")

 

Assay Results from Finland Black Schist Ni-Zn-Cu-Co Project

 

Initial observations support opportunity to convert P5 target to a mineral
resource

&

Engaged Mining Plus to undertake mineral resource estimate

 

Metals One (https://metals-one.com/)  (AIM: MET1), which is advancing
strategic metals projects in Finland and Norway, announces, further to the
announcement on 2 May 2024, that it has received all chemical assay results
for the P5 JORC Exploration Target in the Paltamo area of the Finland Black
Schist Ni-Zn-Cu-Co Project (the "Black Schist Project").

 

The P5 JORC Exploration Target was originally estimated by a previous permit
holder using portable XRF measurements correlated to a sample of chemical
assays. The Company intends to elevate the confidence levels of P5 by
completing the chemical assaying of all mineralised intersections of the
5,555m drilled across the target, and generating a new mineral resource
estimation with this more accurate data.

 

The Company is also pleased to announce that it has commissioned Mining Plus,
a global mining services provider, to produce the new P5 mineral resource
estimate. This will be to the latest JORC 2012 standards and the Company
expects to report it to the market in July 2024.

 

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

 

"Metals One aims to contribute towards the EU benchmark for the domestic
supply of strategic minerals by 2030, by rapidly progressing the Black Schist
Project through development to production. Adding P5 to the project's existing
resource base, namely the 28.1 Mt JORC Inferred Resource at R1, will no doubt
further improve the project economics. With a favourable mineral resource
estimate for P5, we then intend to quickly move through the project
development gears and look to commission a Preliminary Economic Assessment
this year."

 

 

Enquiries:

 

 Metals One Plc                                             via Vigo Consulting

 Jonathan Owen, Chief Executive Officer                     +44 (0)20 7390 0234

 Beaumont Cornish Limited (Nominated Adviser)               +44 (0)20 7628 3396

 James Biddle / Roland Cornish

 www.beaumontcornish.com (http://www.beaumontcornish.com)

 Shard Capital Partners LLP (Joint Broker)                  +44 (0)20 7186 9952

 Damon Heath / Erik Woolgar

 SI Capital Limited (Joint Broker)                          +44 (0)14 8341 3500

 Nick Emerson

 Capital Plus Partners Limited (Joint Broker)               +44 (0)20 3821 6169

 Keith Swann

 https://www.capplus.co.uk/ (https://www.capplus.co.uk/)

 Vigo Consulting (Investor Relations)                       +44 (0)20 7390 0234

 Ben Simons / Kendall Hill

 metalsone@vigoconsulting.com

 

About Metals One

 

Metals One is developing strategic battery metals projects in Finland (Black
Schist Project) and Norway (SRH Råna Project), with approximately £9 million
of exploration carry exposure through a farm-in agreement. Metals One is
aiming to help meet the significant critical minerals 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
km(2) across three licence areas, has an Inferred Resource of 28.1 Mt
nickel-zinc-copper-cobalt 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.

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/metals-one-plc/
(https://www.linkedin.com/company/metals-one-plc/)

X (Twitter): https://twitter.com/metals_one_PLC
(https://twitter.com/metals_one_PLC)

 

Subscribe to our news alert service on the Investors page of our website at:
www.metals-one.com (http://www.metals-one.com)

 

Market Abuse Regulation (MAR) Disclosure

 

The information set out below is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

 

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

 

 Co                       cobalt

 Cu                       copper

 Mt                       million tonnes

 Ni                       nickel

 JORC Exploration Target  Metals One's existing JORC Exploration Target of 16-24 Mt of Talvivaara type
                          mineralisation containing 0.18-0.27% Ni, 0.09-0.13% Cu, 0.01-0.02% Co and
                          0.33-0.50% Zn at P5 target. Refer to the Company's admission document here
                          (https://metals-one.com/wp-content/uploads/2023/07/Metals-One-Plc-Final-Admission-Document-25.7.23.pdf)
                          for further information

 JORC Inferred Resource   Metals One's existing Inferred Mineral Resource at the Black Schist Project of
                          28.1 Mt of Talvivaara-type mineralised material at a grade of 0.19% Ni
                          (53,800t), 0.10% Cu (27,900t), 0.01% Co (3,400t) and 0.38% Zn (180,000t).
                          Refer to the Company's admission document here
                          (https://metals-one.com/wp-content/uploads/2023/07/Metals-One-Plc-Final-Admission-Document-25.7.23.pdf)
                          for further information

 schist                   a medium-grade metamorphic rock formed from mudstone or shale

 t                        tonnes

 Zn                       zinc

 

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