Kingsrose Mining Limited (ASX: KRM) ('Kingsrose' or the 'Company') is pleased to announce the results of an independently prepared JORC Code (2012) Exploration Target for the Penikat PGE-Nickel-Copper project, Finland.
The Exploration Target was prepared by Jeremy Witley, Head of Department - Mineral Resources, The MSA Group (Pty) Ltd (South Africa). Mr Witley has 33 years' experience in Mineral Resource estimation, exploration and mine geology on PGE deposits hosted in the Bushveld (South Africa) and Great Dyke (Zimbabwe) intrusions, which are layered intrusions characterised by strong continuity of mineralisation, similar to Penikat. Previous clients include major PGE producers Anglo American Platinum, Implats, Northam Platinum, Zimplats and Lonmin.
Highlights
JORC Exploration Target range of 21 to 32 million tonnes at 4.0 to 7.4 g/t 6E, for 2.8 to 7.7 million ounces 6E (the sum of platinum, palladium, rhodium, iridium, ruthenium and gold) The potential quantity and grade of the PGE mineralisation at Penikat is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Exploration Target ranks Penikat as one of the highest grade PGE exploration projects globally.
Mineralisation occurs from surface and estimation of the Exploration Target was limited to 500 metres depth, whereas regional seismic data and geological interpretations suggest potential to at least 1 kilometre depth as is commonly seen in similar deposits worldwide.
Exploration Target estimation was limited to the SJ and PV Reefs which are exposed over a strike of 10 and 3.6 kilometres respectively on Kingsrose tenure, the AP Reef was not included due to insufficient distribution of historical drilling however it is exposed over approximately 8 kilometres of strike and includes the 'ballroom' feature where drill hole resampling returned 8.8 metres at 8.1 g/t Pd, 2.3 g/t Pt, 0.2 g/t Rh, 0.5 g/t Au, 0.5 % Cu and 0.2 % Ni from surface (ASX Announcement dated 5 May 2022).
High palladium and rhodium content suggests high 6E basket price at current spot prices. o Grade estimation did not include nickel and copper which may offer base metal credits as indicated by results of recent drill core resampling (ASX Announcement dated 14 March 2022).
Fabian Baker, Kingsrose Managing Director, commented 'This multimillion-ounce Exploration Target demonstrates the Tier-1 discovery potential at Penikat, and positions the project among the highest-grade PGE dominant exploration projects globally
We have the opportunity to define a large and high-grade deposit that could deliver a domestic supply of critical metals in-line with the goals of the EU Action Plan on Critical Raw Materials, and our vision is for Penikat to be developed as a low impact, highly sustainable underground operation. The continuous nature of mineralisation and widespread historical drilling data at Penikat gives us confidence in the potential to define Mineral Resources within the bounds of and possibly exceeding that indicated by this Exploration Target. Importantly, Penikat shows strong similarities to existing PGE mines that are typically high-grade underground operations and around which global PGE smelting capacity has been built. We have a clear plan for the advancement of the project. Environmental surveys and stakeholder engagement that support permitting of exploration are underway, with drilling anticipated to commence in late 2023.'
Exploration Target Estimation
The Exploration Target was estimated by Mr Jeremy Witley, Head of Department - Mineral Resources, The MSA Group (Pty) Ltd, who is a Competent Person as defined in accordance with the JORC Code (2012). Mr Witley visited the Penikat project on 17th and 18th May 2022, including a field visit to observe mineralised outcrops and historical drill collars, followed by observations on historical drill core. Jeremy Witley is a geologist with 33 years' experience in Mineral Resource estimation, exploration and mine geology, including tabular mafic hosted PGE reefs common in the Bushveld Complex of South Africa and the Great Dyke of Zimbabwe, which show strong similarities to the Penikat deposits. Jeremy has consulted on significant PGE projects including audits, detailed reviews or Mineral Resource estimates at mines and deposits owned and operated by Anglo American Platinum, Implats, Northam Platinum, Zimplats, Lonmin and others.
Contact:
Dani McIntosh
Tel: +61 8 9389 4498
About Kingsrose Mining Limited
Kingsrose Mining Limited is a leading ESG-conscious and technically proficient mineral exploration company listed on the ASX. In 2021 the Company commenced a discovery-focused strategy, targeting the acquisition and exploration of Tier-1 mineral deposits, that resulted in the acquisition of the Penikat and Porsanger PGE-Nickel-Copper projects in Finland and Norway respectively. The Company previously operated the Way Linggo mine in Indonesia, having produced over 200koz gold and 1.5MOz silver, and is currently assessing opportunities for the divestment of this project.
Forward-looking statements
This announcement includes forward-looking statements, including forward looking statements relating to the future operation of the Company. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement to reflect the circumstances or events after the date of this announcement. You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by COVID19.
KINGSROSE MINING LIMITED 