Kuniko : Drilling & Exploration Progress Update

Drilling & Exploration Progress Update

		Kuniko Limited ("Kuniko" or "the Company") is pleased to
onlyprovide a progress update on its drilling and exploration
		activities at its prospective battery metals projects in
		Norway.
use	Highlights:
▪ Skuterud Cobalt Project - diamond drill campaign continues to track according to
personal	plan with approximately 1,007 metres drilled since the start of May. Drilling at the
first target site "Døvikkollen B" was completed 19th May, with drilling now
commenced at the second target site "Damtjern". Drilling at the "Middagshvile"
target nearby the historic cobalt mine is scheduled at the start of June.
▪ Skuterud Cobalt Project - a detailed geochemical rock and soil sampling program
has been completed with a focus around the Fahlband zone. A second sampling
campaign has commenced at six target locations in the exploration license area that
have not been previously sampled.
▪ Ringerike Copper-Nickel-Cobalt Project - stream sediment sampling is underway,
ahead of schedule and approximately 75% complete.
▪ Ringerike Copper-Nickel-Cobalt Project - reconnaissance visits and sampling
completed at three (3) Ni-Cu mineral occurrences in the Ringerike license area.
▪ Undal-Nyberget Copper Project - geological reconnaissance site visit completed at
the two (2) Nyberget exploration licenses providing improved understanding of the
geological and mineralisation setting.
▪ Nord-Helgeland Technology Metals Project - start of a comprehensive pegmatite
sampling program imminent.
		▪ Share Purchase Plan (SPP) - closes at 5:00pm (WST) on Friday, 27 May 2022.
Antony Beckmand, CEO, commented:
For

"Kuniko is rapidly advancing the development of its portfolio of battery metals projects, as planned and on schedule. Drilling at our Skuterud Cobalt Project is running smoothy and efficiently, while our field exploration teams have been able to progress ahead of plan, enabling additional reconnaissance field work to be undertaken which has demonstrated the prospectivity for mineralisation at our other Copper and Nickel project sites. We look forward to reporting the results of our drilling and exploration efforts in the time ahead."

ASX Release

25.05.2022

Highlights

Developing Copper, Nickel,

Cobalt, and other battery metals projects in Europe, for Europe

Ethical Sourcing ensured.

100% commitment to target a net ZERO CARBON footprint.

Operations in Norway, where 98% of electricity comes from RENEWABLE sources.

Corporate Directory

Kuniko Limited

ACN 619 314 055

Chief Executive Officer

Antony Beckmand

Chairman

Gavin Rezos

Non-Executive Director

Brendan Borg

Non-Executive Director

Maja McGuire

Non-Executive Director

Birgit Liodden

Company Secretary

Joel Ives

www.kuniko.eu

[e-mail]

@KunikoLtd

KunikoLimited

Kuniko-limited

Level 11, Brookfield Place,

125 St Georges Terrace

Perth WA 6000

[phone]

onlyCobalt:

Drill Program at Skuterud

usepersonalCobalt:

Sampling

Program at

Skuterud

For

ASX Release

25.05.2022

In March 2022, the Norwegian mining directorate approved Kuniko's application for a drilling permit at the Skuterud Cobalt Project (Refer: Figure 1) with three target prospects for potential cobalt mineralisation, north of the historic Skuterud Cobalt mine. Drilling is planned for approximately 2,800 metres with 7 diamond core (DD) holes at the three sites. All targets are located by the presence of conductive anomalies at depth, with two targets within the 'fahlband' trend where historic mining has occurred. They are supported by the integration of recently acquired geophysical data with soil sampling and historic data. These are confident Co-Cu mineralisation targets. The third target was delineated as a favourable conductivity response in the geophysical dataset but is not located along the previously defined Fahlband trend. It is anticipated that the mineralisation style may differ from that along the Fahlband trend.

The diamond drilling program carried out by local Norwegian contractor, Norse Diamond Drilling AS, commenced on 2nd of May '22 and as at the date of this release, a total of 1,007 metres has been drilled. Drilling commenced at the northern most target "Døvikkollen B", with the two drill holes completed at the site on 19 May 2022 (Refer: Figure 2). Drilling at the second target "Damtjern" commenced on 20 May 2022, with rapid progress made. The third drill target, closest to the historic cobalt mine, is planned to start in the beginning of June, in accordance with guidance from the local municipal authority.

Drill core is currently logged on site and will be sent to a centralized drill core service provider for photographing, cutting, and sampling, after which the samples are dispatched to ALS laboratories in Sweden for analysis. Turnaround times for results are currently anticipated to be approximately 90 days. To minimise delays in results being received and reported, Kuniko will be preparing and submitting batches of drill core on a weekly basis.

An intensive program of soil and rock sampling at the Skuterud Cobalt Project, focussed on the Fahlband zone, commenced on 2 May 2022 and has been completed within May'22 ahead of plan. The field operations team collected a total of 1,017 soil and rock samples along a 50m x 100m soil grid. Figure 4 provides an illustrative map of the sampling coverage across the Skuterud license area, with a focus on the approximate 9-kilometre-long trend of historical cobalt workings around the historic Skuterud cobalt mine.

A second sampling campaign has now commenced, targeting six areas where sampling has not previously been undertaken. Soil and rock samples will be taken along 100m x 200m grids in these areas.

Soil samples from the dense grid will shortly be dispatched to ALS laboratories in Sweden for chemical analysis. Laboratory results are expected to be received during August 2021.

ASX Release

25.05.2022

only
Figure 1:
Location of
Skuterud Cobalt
Project and
granted	Døvikkollen B
exploration
licenses,
including
locations of the
use
three maiden drill	Damtjern
targets within the
exploration
licence area.
Coordinate System:
WGS1984 UTM32N.
For personal	Middagshvile

ASX Release

25.05.2022

onlyFigure 2: Diamond drilling

collar details at Skuterud Cobalt Project.

Coordinate System:

WGS1984 UTM32N.

For usepersonal

ASX Release

25.05.2022

onlyFigure 3: Drilling at the

Skuterud Cobalt Project

For usepersonal