Kuniko: Positive Cobalt Assays Confirm Expanded Mineralisation and Higher-Grade Shallow Lens at Skuterud
Robust results in shallow and deeper target zones, with northern extension of known mineralisation.
Highlights:
Skuterud Cobalt Project
- High Grade Assay Results in Shallow and Deeper Mineralised Positions: Kuniko's drill program at the Middagshvile target continues to yield solid cobalt results, confirming significant mineralisation. Notably, drillhole KNI_MDV014 has returned high-grade assays in both the shallow and deeper targets at Middagshvile.
- Extended Strike Length: Assay results from KNI_MDV014 and KNI_MDV015 in the deeper mineralised zone at Middagshvile confirm the continuity of mineralisation and highlight the potential for higher-grade zones. Notably, initial results from the northernmost drill pad, particularly drillhole KNI_MDV015, demonstrate cobalt mineralisation extending for a minimum of 550 m along the strike in the deeper target zone. This extension underscores the expansive nature of mineralisation at Middagshvile, which remains open both along strike and at depth.
- Drilling Programme Results Summary:
- KNI_MDV011: 6.2 m @ 0.43 % Co from 25.2 m in, including the highest-grade interval to date of 1.0 m @ 1.08 % Co from 30.4 m.
- KNI_MDV012: 2.1 m @ 0.21 % Co from 23.2 m.
- KNI_MDV013: 2.0 m @ 0.08 % Co from 28.8 m.
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KNI_MDV014:
- 8.3 m @ 0.11 % Co from 20.0 m including significant intersections of 2.1 m @ 0.21 % Co from 24.0 m and 1.0 m @ 0.22 % Co from 21.0 m.
- KNI_MDV015:
- 2.1 m @ 0.13 % Co and 0.14 % Cu from 263.1 m.
- Field reconnaissance: Activities have yielded significant findings, including the identification of key host lithologies at historical mine sites as far north as the Svartfjell Mine, ~7 km north of Middagshvile, supporting our understanding of the main Fahlband zone's characteristics.
- Potential: The main Fahlband zone offers a significant exploration upside with the potential to discover new cobalt mineralisation along this trend. Ongoing exploration efforts remain focused on unlocking the full potential of the Skuterud project, with plans to refine future drilling campaigns and gather additional geological information.
Antony Beckmand, CEO, commented:
“Our drilling program at the Middagshvile target continues to deliver ongoing success, with several key positive outcomes for Skuterud. Most notably, we have discovered an expanded strike length of the mineralization, which is an exciting development. Additionally, the confirmation of a higher-grade shallow lens within this zone marks a significant advancement. Equally promising is the potential for locating more of these lenses, which further boosts our confidence in the project's prospects.
These discoveries, along with the high-grade cobalt and copper assays, reinforce the presence of substantial mineralization in both shallow and deeper target zones, highlighting the untapped potential of the Skuterud project.
Stellantis' investment has provided substantial funding to progress our exploration efforts and further evaluate the prospectivity of additional targets. The proximity of excellent infrastructure and access to renewable hydropower further enhance the project’s appeal. Moreover, Norway’s recently released fast track mining initiative, which supports an accelerated discovery to development process, is a favourable factor in the project’s future prospects.
Our focus remains on unlocking the full potential of the Skuterud project. We are optimistic about the project's future and look forward to updating our shareholders on further progress and milestones.”
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About Kuniko
Kuniko is focused on the development of copper, nickel, and cobalt projects in Scandinavia and has expanded its interests to include prospects for lithium in Canada. Kuniko has a strict mandate to maintain net zero carbon footprint throughout exploration, development, and production of its
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Dr Benedikt Steiner, who is a Chartered Geologist with the Geological Society of London and the European Federation of Geologists. Dr Steiner is an independent consultant of Kuniko Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Steiner consents to the inclusion of the data in the form and context in which it appears.
Forward Looking Statements
Certain information in this document refers to the intentions of Kuniko, however these are not intended to be forecasts, forward looking statements, or statements about the future matters for the purposes of the Corporations Act or any other applicable law. Statements regarding plans with respect to Kuniko’s projects are forward looking statements and can generally be identified using words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. There can be no assurance that the Kuniko’s plans for its projects will proceed as expected and there can be no assurance of future events which are subject to risk, uncertainties and other actions that may cause Kuniko’s actual results, performance, or achievements to differ from those referred to in this document. While the information contained in this document has been prepared in good faith, there can be given no assurance or guarantee that the occurrence of these events referred to in the document will occur as contemplated. Accordingly, to the maximum extent permitted by law, Kuniko and any of its affiliates and their directors, officers, employees, agents and advisors disclaim any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of, the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).
No new information
Except where explicitly stated, this announcement contains references to prior exploration results, all of which have been cross-referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements.
Enquiries
Antony Beckmand, CEO
Telephone: +47 920 47 519
Email: [email protected]
Joel Ives, Company Secretary
Telephone: +61 8 6364 5095
Email: [email protected]
Authorisation
This announcement has been authorised by the Board of Directors of Kuniko Limited.
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