Resource Mining Corporation Limited announced that a review and re-estimation of the Ruossakero deposit within the large Ruossakero Reserve (283.72km), in the north-western edge of Finland, held by Resource Mining Corporation Limited (RMC), has been completed by Snowden Optiro (SO). The review and re-estimation defined a MRE in accordance with the JORC Code (2012) reporting guidelines of 42.1Mt @ 0.40%Ni (at Ni cut-off 0.30%Ni), and 0.005%Cu, 0.016%Co, 0.554%S. Ruossakero Mineral Resource Estimate: The MRE of 42.1Mt @ 0.40%Ni (at Ni cut-off 0.30%Ni), and 0.005%Cu, 0.016%Co, 0.554%S, has been classified as Inferred. This is based on an assessment of the confidence achieved in defining geological and grade continuity using the available drilling density, the support for the geological model and the absence of QAQC.

No Measured or Indicated Mineral Resources have been defined. The MRE is within two distinct serpentinite bodies, each hosting four separate nickel mineralised zones, with a range in length of 1,750 m and widths of between 8 and 50 m, with an average thickness of 10 m. There are additional zones of low-grade mineralisation up to 100 m in width. Mineralisation has been drilled to a depth of 300 m. The estimation process used was Ordinary kriging, and the data used for analysis and grade estimation was 2 m composites.

No top cuts were applied due to the large composite size. The review and re-estimation has highlighted the prospectivity of the Ruossakero Resource with potential along strike and down dip. The large Ruossakero reserve has a significant swathe of untested ultramafic geology present and active review of geophysical data is in currently in progress to define further areas of significant Ni mineralisation.

Estimating the MRE: SO was requested by RMC to complete an update to the Mineral Resource Estimate for the Ruossakero deposit, located in Finnish Lapland in the Enontekiö area, about 280 km to the northwest of Rovaniemi. The Ruossakero reserve area (283.72 km) comprises multiple known nickel and copper occurrences, including the Ruossakero Ni-Cu-Co deposit, discovered in 1980, and drilled by the Geological Services (GTK) between 1983-1987. The Ruossakero deposit sits within a komatiite formation of ~ 5 km in length and 0.1 to 1.5 km wide and consists of a northwest-southeast trending belt of komatiitic cumulates.

The main rock types are serpentinites, talc-carbonate rocks and dunites (composed of metamorphic olivine). The disseminated sulphide nickel (Ni mineralisation) is divided into several separate lenses, with all lenses restricted to location within the serpentinite and dunite host rocks. A total of 43 diamond holes were drilled by the Geological Survey of Finland (GSF) between 1983-1987 into the then defined Ruossakero deposit.

In 1995 Outokumpu re-anlaysed 56 samples to confirm the results and to determine the distribution of Ni in the silicate and the sulphide fractions of the ultramafics ­ some minor bias was noted but the data was used in the development of a MRE estimate. Notable intersections include: 14 m at 1.03% Ni, 240 ppm Co; 30 m at 0.64% Ni, 433 ppm Co; 16 m at 0.92% Ni, 244 ppm Co; 0.6 m at 2,2% Cu, 13 ppm Au. Re-interpretation of the Ruossakero resource by SO was undertaken in Leapfrog, and mineralisation was confined to within logged serpentinite or dunite.

Both the host lithology and the nickel mineralisation are interpreted to dip gently to the east. Two serpentinite bodies have been defined, each hosting four separate nickel mineralised zones, with a range in length of 1,750 m and widths of between 8 and 50 m, with an average thickness of 10 m. There are additional zones of low-grade mineralisation up to 100 m in width. Mineralisation has been drilled to a depth of 300 m. Over 99% of the assay data is from 2 m or shorter samples; 40% are 2 m samples and 50% of the samples are 1 m in length.

The data was therefore composited to 2 m for analysis and grade estimation. Variograms were generated by combining all the mineralised composites to enhance the robustness of the grade continuity models. SO carried out kriging neighbourhood analysis based upon the Ni variogram in order to optimise the estimation parameters, and these parameters were then used for ordinary kriging into 40 m x 40 m x 10 m parent cells.

Sub-celling of 10 m x 10 m x 2.5 m was employed at domain boundaries to facilitate the geometrical representation of these boundaries. Nickel (Ni), copper (Cu), cobalt (Co) and sulphur (S) grade estimation was carried out using ordinary kriging, with hard boundaries applied between the estimation domains and the waste domains for all elements. All of the elements were estimated into the waste within the serpentinite, detection limit grades were assigned to the waste transported material and the waste outside the serpentinite.

The search ellipses were orientated within the plane of the mineralisation using Datamine's dynamic anisotropy methodology. The Ruossakero Mineral Resource Estimate has been classified as Inferred Mineral Resources in accordance with the JORC Code (2012) reporting guidelines. The MRE has been classified based on an assessment of the confidence achieved in defining geological and grade continuity using the available drilling density, the support for the geological model and the absence of QAQC.

No Measured or Indicated Mineral Resources have been defined. The MRE for the Ruossakero is reported at a 0.3% Ni cut-off grade. The Ruossakero MRE at February 2023 is as below: 42.1Mt @ 0.40%Ni 0.005%Cu 0.016% Co 0.554% S. Ruossakero Potential The Ruossakero Reserve contains the defined Ruossakero Ni Sulphide deposit, which is hosted by Archean aged komatiitic geology, with the form of mineralisation present considered to be of the `Contact-type' of Ni-Cu-Co emplacement related to the komatiites flowing across sulphur enriched sediments or volcanics.

There is extensive areas of komatiitic geology that has been partially and unexplored within the reserve, with other occurrences located within the partially explored areas and highlighted by a desktop review of available information, include: Sarvisoaivi (Ni-Cu-Co) including 10.3m @ 0.89% Ni; Tsohkkoaivi (Ni-Cu-Co) including 2.1m @ 1.16% Ni; Kaamajoki (Cu-PGE-Ni-Au) including 0.4m @ 3.15% Cu; Sarvisoaivi-Mo (Mo, W). Autsasenkuru (Mo) Recent field survey results indicate Ni, Cu, Co and S values from grab samples are anomalous to highly anomalous. Highest observed Ni value was 0.48% Ni, and this was combined with many anomalous Cu values (>100ppm Cu), and the widespread presence of sulphides within the Archaean aged host rocks.

This combination of sulphur enriched rocks upon which komatiites flow across is an important condition required to form contact type Ni-deposits as seen elsewhere within the Reservation.