TIDMKEN
RNS Number : 9053D
Kendrick Resources PLC
24 October 2022
24 October 2022
Kendrick Resources Plc
("Kendrick" or the "Company")
Exploration Update
Kendrick Resources Plc (LSE: KEN), the mineral exploration and
development company with nickel, and vanadium projects in Norway,
Sweden and Finland is pleased to provide an update on its
activities in Scandinavia where its broad focus is on nickel,
vanadium and copper across the region and the licence portfolio.
The current work programme has been arranged to ensure continuous
exploration and project advancement whilst accommodating local
restrictions and requirements with reference to access and
minimising the impact of exploration on the environment.
Colin Bird, Executive Chairman, commented: " We have now
completed a full review of the projects within the Kendrick asset
portfolio. What is pleasing is the amount of raw data that has been
discovered that has not been digitised or included in previous
project assessments. We have spent the period assessing, organising
and interrogating the data which has allowed us to start the
process of establishing resources for many of our projects and more
importantly, building these resources consistent with today's metal
prices and therefore establishing new cut-offs. The potential
strength of our Norwegian nickel assets has emerged which in
conjunction with the momentum being shown by projected nickel
battery demand has made our nickel campaign a top priority. We are
progressing on all fronts, and we are very pleased with the
Airijoki Project where we have encountered significant copper
anomalism across the suite of Airijoki licences. We expect to
commence confirmation and extension drilling in Norway in the near
future and will roll our further drilling campaigns in Sweden to
coincide with Swedish legislation regarding the timing of seasonal
drilling".
HIGHLIGHTS:
Nickel projects
-- Access has been granted to the Norwegian National Drill Core
and Sample Centre for the cutting and sampling of Stormyra Prospect
previously unsampled core identified by the Company's external
nickel consultant to be mineralised.
-- Provisional infill and expansion drill programme proposal has
been produced for the Stormyra deposit
-- Meetings have been confirmed with local authorities around
the Espedalen Licence (Stormyra deposit) to provide the Company
with an opportunity to update the local government bodies on
exploration plans in the region.
Vanadium - Copper projects
-- A 1 tonne metallurgical sample for the Airijoki
Vanadium-copper project is being shipped to the United Kingdom for
Low Intensity Magnetic Separation ("LIMS") test work at a
recognised laboratory.
-- Soil geochemistry over the Airijoki vanadium - copper
licences Airijoki nr 101 - 104 & Airijoki nr 200 has been
completed and samples are to be dispatched for analysis.
-- Detailed soil and rock chip sampling is specifically
targeting copper following the discovery of widespread copper
anomalism across the Airijoki block of licences. Targets of note
include:
o Airijoki nr 100: 2 copper anomalies reporting soil assays
ranging from 1094 to 2442ppb over a 2.5km apparent strike
o Airijoki nr 101: 2 copper anomalies, the first approximately
2km in length and the second in the south of the licence reporting
assays ranging from 1036 to 82500ppb, both coincident with
underlying magnetic anomalies.
o Airijoki nr102: 3 copper anomalies each reporting visible
copper associated with the targets and assays ranging from 1036 to
82500ppb. A further area in the NW sector of the Licence was not
previously soil sampled despite visible copper mineralisation
o Airijoki nr103: Anomalous in the N sector of the licence with
side-spaced soil geochemistry returning assays ranging from 1036 to
82500ppb. Limited historic coverage over a number of magnetic
anomalies in the southern half of the licence.
o Airijoki nr200: Anomalous copper mineralisation in the
southern sector of the licence potentially extending southwards
onto licence nr100.
-- Copper in soils is prevalent across the suite of Airijoki
licences and demonstrates good continuity considering the variable
density of sampling undertaken historically. The block of licences
covers an area of approximately 16km north - south by 7km east west
with possible additions to the area under licence subject to recent
licence applications.
-- Commencement of modelling and a review of the magnetic data
from the Swedish Vanadium Exploration Licences to finalise drill
hole locations is underway
Vanadium projects
-- Additional historic data has been unearthed for the Sumåssjön
Project in central Sweden. A review has been commissioned from a
Swedish consulting group ahead of agreeing a work programme.
-- An interpretation of geophysical survey data collated over
the Karhujupukka vanadium Project in Finland has been
commissioned.
NORWAY
The Company has secured a slot for the end of the month to
access Norway's National Drill Core and Sample Centre in Lokken
Verk near Trondheim. Drill cores from the Stormyra Deposit are
stored at this facility and the first phase of core cutting and
sampling, on cores selected by the Company's external nickel
consultant considered to be mineralised but not sampled, will be
sent off for assay.
In total over 170m of core from five drill holes will be cut and
processed, following which the results of this exercise will
determine whether further assaying of unsampled drill cores is
required prior to further resource definition drilling and resource
update for this deposit.
Whilst at the facility, cores for the Megrund target will also
be reviewed to assess whether sampling of unsampled intervals need
to be carried out on these cores too, prior to commencing a
resource definition programme at this target.
Within the next month, representatives of the Company are
planning to meet in person with the relevant local and regional
authorities for the Espedalen project. This introductory meeting
has been initiated by the Company and will be an opportunity to
provide an update to the government bodies on the Company's plans
and ambitions in the region.
SWEDEN
Airijoki and Kullberget Licenses : The Company engaged GeoVista
AB ('GeoVista') to commence with the modelling of the of the
geophysical data for Airijoki 200 and Kullberget 100 exploration
licenses in northern and central Sweden respectively (see Figure 1.
below), along with a review of the geophysical model for the
Svedåsen target (Simesvallen 100 exploration license), also located
in Central Sweden. The purpose of this work is to produce
geophysical models of the magnetic data that will then be used for
drill hole location planning purposes on these vanadium exploration
licenses.
For the Airijoki nr 200 license, GeoVista will compile and
pre-process the slingram, gravity and magnetic data collected over
this license and model the magnetic data using the slingram and
gravity data to support geophysical model.
Similarly, at the Kullberget 100 exploration license, the VLF
and magnetic data will be compiled and pre-processed, with the VLF
data used to support the modelling of the magnetic data.
The 521 soil samples collected over the Airijoki licenses nr101,
nr102, nr103 & nr104 have been dispatched to the ALS laboratory
in Piteå, Sweden for analysis, that will provide the basis to
target Airijoki not only for Vanadium, but also Copper.
Simmesvallen License: At the Simesvallen 100 exploration
license, the Company has once again engaged GeoVista to review and
interrogate the existing magnetic model over the Svedåsen prospect
located within this license prior to finalising the drill plan.
Sumåssjön License : The Sumåssjön project area contains two
major mafic units, an eastern and a western one, both containing
vanadium mineral occurrences and areas of historic mining activity.
A program has been put in place to get a better understanding of
the known vanadium mineralisation in this license and acquire
further field data.
Airijoki - Metallurgical Test Work: The company has engaged
Wardell Armstrong to carry out a second phase of metallurgical test
work on drill samples from Airijoki with the objective of
increasing the overall mass recovery of vanadium into a magnetite
concentrate. The metallurgical sample is in the process of being
shipped to the UK following which the test work will commence.
FINLAND
The company has approved a ground based fixed loop TEM survey at
the Karhujupukka Ni- V(2) O(5) exploration license. The aim of this
survey will be to identify anomalies with a high conductivity that
may correspond to base metal mineralisation and will assist to zone
in on the anomalies generated by the 391km airborne VTEM
geophysical survey conducted between 2012 and 2014. This program is
expected to commence in about a months' time and will determine if
the airborne VTEM anomalies need to be followed up.
Figure 1. Map showing location of Kendricks' Scandinavian
license portfolio.
Further information on the Company's projects can be found on
the Company's website at: https://www.kendrickresources.com/
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
For additional information please contact:
Kendrick Resources Plc: Tel: +44 203 961 6086
Chairman Colin Bird
Novum Securities Tel: +44 7399 9400
Financial Adviser David Coffman / George Duxberry
Joint Broker Jon Bellis
Shard Capital Partners LLP Tel: +44 207 186 9952
Joint Broker Damon Heath / Isabella Pierre
Qualified Person:
The technical information contained in this announcement has
been reviewed, verified, and approved by Colin Bird, CC.ENG, FIMMM,
South African and UK Certified Mine Manager and Director of African
Pioneer plc, with more than 40 years' experience mainly in hard
rock mining.
About Kendrick Resources Plc
Kendrick Resources Plc is a mineral exploration and development
company with projects primarily based across Scandinavia. The
principal of its business is to explore the opportunities within
the natural resources sector with a focus on battery, base, and
precious metals including but not limited to vanadium and nickel.
In doing so, the Company is looking to build a long-term energy
metals business in Scandinavia which delivers energy metals to
Europe to help enable its renewable energy transformation by
building a top tier energy metals production business.
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