Kingsrose Mining Limited announced analytical results from the first two diamond drill holes at the Ranbogen prospect, Rana Project, Norway. Drilling has delivered high-grade massive sulphide nickel-copper-cobalt mineralisation in both holes over an interpreted strike length of 150 metres, within a previously undrilled area which is open along strike and down dip.Hole 23RAN002: High-grade massive and breccia sulphide zone returned 9.3 metres at 1.0 % Ni, 0.3 % Cu and 0.10 % Co from 176.5 metres, within a broader upper mineralised zone which returned: 26.2 metres at 0.7 % Ni, 0.2 % Cu and 0.06 % Co from 169.0 metres .Lower mineralised zone returned 2.7 metres at 0.9 % Ni, 0.1 % Cu and 0.08 % Co from 281.9 metres .Hole 23RAN001: Two semi-massive to massive sulphide zones were intercepted 150 metres northwest along strike from 23RAN002,Semi massive to massive sulphide zone returned 2.4 metres at 0.8 % Ni, 0.2 % Cu, 0.10 % Co from 66.4 metres, within a broader mineralised interval of: 10.2 metres at 0.4 % Ni, 0.1 % Cu, 0.05 % Co from 63.7 metres, Semi-massive sulphide lens returned 1.3 meters at 0.6 % Ni, 0.3 % Cu and 0.09 % Co from 167.9 meters (Hole 23RAN001).Mineralization in 23RAN001 and 23RAN002 has been intercepted in two main zones over a strike length of 150 meters and is broadly coincident with an ovoid, east-west trending MT conductor. Strongly conductive EM modelled plates striking northwest-southeast over 300 meters occur within the MT conductor, and mineralization in holes 23RAN001 and 23RAN002 is broadly coincident with these plates.

Mineralization is open along strike and down dip, as indicated by the MT and EM data · There are several other MT conductors with coincident EM plates and mineralized nickel rock chip at Rånbogen which remain untested · These targets will form the focus of the remaining drill campaign and will be subject to continued ground and borehole EM surveys to aid drill targeting. The upper zone of mineralisation in 23RAN002 is hosted by peridotite and comprises a broad, disseminated zone of sulphide which is crosscut by a 9-meter-wide zone of sulphide veins, breccia and net, semi-massive and massive pyrrhotite-pentlandite-chalcopyrite (Figures 1 to 3). The lower mineralized zone is located at the contact between norite and peridotite and is inferred to represent an intrusive sulphide breccia containing autoliths of peridotite.

The stacked and cross-cutting nature of mineralization indicates that there is potential for multiple sulphide-generative events, therefore multiple mineralized zones of varying scale and nickel tenor. Sulphide grain size is variable and includes coarse-grained pentlandite which occurs as loop textures, and coarse-grained chalcopyrite which is often concentrated at the margins of sulphide veins and intrusions. It is interpreted that the vari-textured host rocks, cross-cutting injected sulphide, coarse-grained pentlandite loop textures and formation of a peridotite-norite sill complex are indicative of a dynamic and multiphase intrusive system, in support of a syn-orogenic chonolith model of emplacement.

Such mineral systems are fertile settings for nickel sulphide deposits worldwide. Mineralization in holes 23RAN001 and 23RAN002 is stratigraphically higher than mineralized outcrops in the north of the Rånbogen prospect area and the Bruvann Mine. This suggests that mineralization occurs in multiple horizons associated with sills of peridotite.

Similar, underexplored peridotite sills with elevated nickel in historical rock chips are observed along the lower zone of the intrusion including at Arnes, Storvatnet and Eiterdalen. It is inferred that the entire intrusion is prospective for the discovery of multiple mineralized lenses associated with peridotite sills and as offset lenses of mineralization in the wall rocks. Exploration will continue to define additional drill targets using the proven methodology applied by Kingsrose to date.

Results from hole 23BRU004 have been received. This hole was designed to test to the west and down dip from open mineralization in the southwest of the mined area and intercepted two low grade zones of disseminated sulphide, between 13.8 and 14.2 meters wide and 0.22 to 0.24 % Ni, hosted in peridotite. Although below the threshold for reporting of a significant intercept, these results demonstrate that the intrusion and mineralization is open to the west along strike and down plunge, where there is potential for discovery of additional massive sulphide zones adjacent to the intrusion sidewalls or as offset bodies within the footwall host rocks.