Kendrick Resources PLC Airijoki Vanadium -- Copper Project Update (9859E)
November 02 2022 - 3:01AM
UK Regulatory
TIDMKEN
RNS Number : 9859E
Kendrick Resources PLC
02 November 2022
2 November 2022
Kendrick Resources Plc
("Kendrick" or the "Company")
Airijoki Vanadium - Copper Project Update
Kendrick Resources Plc (LSE: KEN), the mineral exploration and
development company with nickel, vanadium and copper projects in
Norway, Sweden and Finland is pleased to notify shareholders of the
successful acquisition of two further exploration licences covering
prospective geology over the Company's Airijoki Vanadium - Copper
Project in Northern Sweden which now incorporate a copper-rich
target parallel to the existing vanadium-bearing bodies.
HIGHLIGHTS:
-- Significant expansion of the Airijoki project area by the
granting of two exploration licences Airijoki Nr 104 and Airijoki
Nr 105 covering approximately 3,944.62ha and 2,176.51ha and
initially valid for three years to 19 October 2025, which adjoin
the existing 5 Airijoki licences which cover approximately 3,941ha,
and provides tenure over an area of high prospectivity for both
vanadium and copper.
-- A copper soil anomaly with good continuity extends over a 7km
length on the new licence Airijoki Nr 105.
-- The Company is planning a drill campaign with the object of
increasing the existing Airijoki project resource which is only
based on Airijoki Licence Nr 100 and is a 44.3 Mt Inferred mineral
resource estimate containing 5.9 Mt of magnetite averaging 1.7%
V2O5 (in magnetite concentrate), for 100,800 t of V2O5 based on
13.3% mass recovery of magnetite concentrate and a cut-off of 0.7%
V2O5 compiled in accordance with JORC Code (2012).
-- The large magnetic anomaly associated with the vanadium
mineralisation continues onto the remaining three original licences
presenting a drill-ready opportunity to significantly increase the
vanadium resource.
-- Soil programme has been extended to cover areas of the two
new licences ahead of a proposed winter drill programme aimed at
significantly increasing the vanadium mineral resource whilst
adding copper to the Airijoki resource inventory.
-- On Licence Airijoki Nr 104, immediately west of the original
4 licences, ground magnetic anomalies generated in the late 60's
have been found to be coincident with the recent copper soil
anomalies suggesting a copper-rich target running parallel to the
main vanadium-bearing bodies.
-- The Airijoki project is located in a World-famous mining
district with rail links to deep-water port and upgraded roads to
support neighbouring large-scale iron ore producers including
Kiruna.
Colin Bird, Executive Chairman of Kendrick Resources Plc,
commented:
" Our recent review combined with the exploration programmes we
are busy rolling out across the Kendrick portfolio is resulting in
a rapidly evolving northern European vanadium - nickel - copper
company intent on adding to its' existing vanadium and nickel
resource inventory. Not only have we completed the groundwork that
will see us expand existing vanadium resources, we have also
identified a number of new and exciting opportunities such as the
copper at Airijoki offering a value-add by-product to the metal
inventory which is also the right metal in the right place. The
scheduled metallurgical test work on Airijoki vanadium ore should
enhance the feasibility of the Project and provide an opportunity
to confirm that copper can also be recovered from future ore.
Airijoki now represents a drill-ready opportunity to rapidly
increase the vanadium mineral resource and to define the nature of
recently identified widespread copper anomalism over an enlarged
block of licences in a well-established mining district in a mining
friendly jurisdiction"
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).
-ENDS-
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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END
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