Metals One (MET1) , a battery metals explorer with projects in Northern Europe, reported more positive drill results from its nickel/copper/cobalt Råna project in Norway.
Metals One said project operator Kingsrose Mining had confirmed the presence of high-grade massive nickel-copper-cobalt sulphide mineralisation at Bruvann, located within Råna's Arnes prospect. This is based on data from the first two holes drilled as part of Metals One's 5000m diamond drilling programme at Råna.
The Råna project
The results from the two drillholes are:
Hole 23BRU001: 2.5m at 1.00% Ni, 0.14% Cu and 0.08% Co from 172.91m from , including 1.0m at 1.94 % Ni, 0.18% Cu and 0.18 % Co from 173.91m. This intercept is located 20m southwest and along strike from an historical massive sulphide drill intercept, located 70m south of the inferred position of historical underground workings.
Hole 23BRU003: 50.0m at 0.43% Ni, 0.10% Cu and 0.02% Co from 470.6m. This intercept is located 20m down dip from broad zones of mineralisation identified in historical drilling and underground mining, which is open and undrilled to the west and down dip.
Map of the reported drillholes at Bruvann area, Råna project
Additionally, Metals One said that drillhole 23BRU002 was abandoned at 245.9m and before reaching the intended target due to excessive deviation.
View from Vox
More good early results from Råna, showing high-grade nickel-copper-cobalt sulphide mineralisation and a broad zone of disseminated sulphide mineralisation at Bruvann, while also demonstrating that mineralisasation in the area is open along strike from existing mine infrastructure.
Bruvann is a key target of Metals One's 5000m exploration programme at Råna, so early proof of substantial mineralisation of the key Li-Ion battery metals further validates the company's strategy in Norway and enhances the project's economics. Today's news comes less than a month after Metals One reported four highly prospective zones of nickel-copper-cobalt mineralisation at the nearby Rånbogen prospect.
In addition to the early drill results, geophysical surveys not previously conducted in the area have suggested that Råna will be highly profitable, though future EM surveys will further specify drilling targets to paint a fuller picture of project's potential. Nickel, copper, and cobalt are main ingredients in most Li-Ion battery chemistries, demand for which continues to climb amid increasing orders for EVs and grid storage solutions.
On 31 July 2023, Metals One successfully listed on AIM. Admission followed a placing and subscription for a total of 44m shares at 5p, raising £2.2m. Metals One's European brownfield battery metals projects in Norway and Finland with approximately £9m of exploration carry exposure through farm-in agreements. The projects are either adjacent or analogous to other high-purity nickel sulphate deposits, and well connected to Europe's major electric vehicle OEMs and battery manufacturers.
Battery metals are key in the decarbonisation of transportation and the electrical grid. Europe is leading the way in EV adoption with 2.5m new EVs registered in 2022 alone, while OEMs are exploring opportunities to secure a sustainable supply of battery metals from ethically mined sources. In its 2023 Critical Raw Materials Act, the EU set targets to mine at least 10% of its critical raw materials by 2030, including for the first time nickel and copper.
Globally, battery metals will be needed at scales far beyond current supply, which is driving up their value. It is estimated that nickel demand from the EV sector in the EU alone will increase 30x from 17,000 tonnes in 2020 to 550,000 tonnes in 2040. With current domestic supply, the EU can only meet this demand until 2025 before a structural deficit emerges.
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