TIDMKEN
RNS Number : 9745H
Kendrick Resources PLC
30 November 2022
30 November 2022
Kendrick Resources Plc
("Kendrick" or the "Company")
Exploration 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 provide an update on its
activities in Scandinavia where its broad focus is on nickel,
vanadium and copper across the region.
Highlights
Espedalen Nickel
-- Drill contractors have been invited to tender for drilling of
the Espedalen nickel Project in Central southern Norway
-- Both an independent evaluation of Espedalen geophysics data
and a mineralogical study have been completed and reports are
pending
Airijoki Vanadium - Copper
-- Soil and rock chip samples collected on 4 of the Airijoki
Vanadium - Copper project licences have been submitted for
analysis
-- Three styles of copper mineralisation have been recognised at
Airijoki and potential for additional vanadium mineralisation has
been observed
-- Approval of the Scope of Work provided by the external
metallurgical consultant for Airijoki vanadium metallurgical test
work has been granted by the Company
-- The results of exploration at Airijoki warrant a drill
programme. Applications will be made to the relevant local and
regional authorities for permission to drill.
-- Review of geophysical data for the Sumåssjön Vanadium Project
in Sweden has been authorised along with the purchase of historic
geophysical data
Colin Bird, Executive Chairman commented "I am particularly
pleased by the investigations ongoing for nickel and feel there is
much more potential than previously reported. We will be targeting
drilling to extend the existing resource and to test new targets at
Espedalen and elsewhere. I also remain convinced that vanadium will
play a significant role in static energy storage in the near future
and as a result we are pursuing our vanadium projects vigorously.
We are analysing and working on the combination of historic and
in-house generated raw data, executing further metallurgical test
work and scheduling more drilling of known extensions to Airijoki
all with a view to increasing our existing mineral resource."
Espedalen Nickel
The Company engaged an independent consultant to re-log the
drill core from the advanced stage Stormyra deposit (55 shallow
holes; <300m), to verify the loggable lithological units
specifically to enable good geological control on 3D modelling for
mineral resource estimation. The result of the relogging was to
identify areas of mineralisation within drill core that had not
been recognised previously and which had not been sampled. In
addition, areas of lower grade mineralisation were also identified
which again had not been sampled which at the current nickel price
may constitute economic intersections and increase the overall
mineralised package width. A drill programme has been designed to
improve the confidence of and expand on the already defined 1.16Mt
@ 1% Ni, 0.42% Cu & 0.04% Co and classified as Inferred in
accordance with JORC (2012) resource at Stormyra.
Meetings have been held with interested and affected parties in
the area around Espedalen where drilling is planned and the Company
has provided information relating to future exploration plans.
In addition to Stormyra, the Company has identified the Megrund
prospect as a priority target for follow up with potential to host
massive sulphides based on the Ni tenor being on par with Stormyra,
together with the prospect having the highest PGE grades recorded
at Espedalen.
The review also noted that several other prospects within the
Espedalen Project area that had been tested with only 1 to 3
drillholes, all intersected nickel sulphide mineralisation. No
follow-up was undertaken on these prospects and the Company intends
to review the original geophysics results over these targets before
deciding on further evaluation.
The process of selection of a drilling contractor is underway
and the relevant local authority will be provided with
documentation including a request to undertake drilling. Subject to
drill rig availability, the proposal remains to drill in late
January 2023 when ground conditions are considered optimal to limit
damage to the local environment. The drill plan has been submitted
to the Director of Mines, off road permits are being processed and
meetings with the local landowners have been scheduled.
Airijoki Vanadium - Copper
At the time of acquisition, the Airijoki Project in N Sweden
comprised 4 exploration licences focused on vanadium mineralisation
in the Vittangi greenstones. An Inferred mineral resource estimate
has been calculated totalling 44.3 Mt at an in situ grade of 0.4%
V2O5, containing 5.9 Mt of magnetite averaging 1.7% V2O5 (in
magnetite concentrate) for 100,800 t of contained V2O5 based on a
13.3% mass recovery of magnetite concentrate and a 0.7% V2O5
cut-off grade.
A significant amount of historic geophysical survey data had
been obtained that has been reinterpreted by Kendrick based on more
recent assessment of the local geology.
Consistent with this reinterpretation, the Company identified
the potential for copper mineralisation in the same general
geological setting as the vanadium resource and acquired two
additional exploration licences deemed to be prospective based on
available historic geochemistry and have embarked on a wide-ranging
programme of soil sampling and detailed mapping across the 5
licences that make up the Project.
It is important to note that the abovementioned mineral resource
estimate of 44.3Mt is confined to Licence Nr 100 and that the
remaining 5 licences held by Kendrick host similar geochemical and
geophysical signatures to that found on Licence Nr 100. Kendrick
considers the 5 licences where no drilling or resource estimation
has been undertaken to be highly prospective for vanadium
mineralisation and, subject to the results of the recently
completed soil survey, also copper.
The Airijoki Project is located in a region of Sweden with
significant mining activity including some of the largest mines in
Europe. A progressive mining legislation and a long history of
production offers an environment conducive to future mine
development.
Kendrick is working closely with a well-established Swedish
geological consulting group with specialist expertise in permitting
and liaison with central and local government and, the
community.
Airijoki Metallurgical Test Work
Kendrick has appointed Wardell Armstrong International ("WAI")
to undertake metallurgical test work on drill core from historic
diamond drilling at Airijoki. The core was generated during the
programme to define the initial mineral resource estimate for
vanadium on licence Nr 100.
WAI will complete the following test work:
Phase 1: Sample Preparation & Rougher Low Intensity Magnetic
Separation ("LIMS") Testwork
Phase 2: Cleaner LIMS Optimisation test work at 3 Grind
Sizes
Phase 3: Cleaner LIMS at Optimum Grind Size determined from
Phase 2 programme
Low Intensity Magnetic Separation ("LIMS") is a physical process
whereby magnetic material is separated from non-magnetic material.
Strong magnetic minerals such as the magnetite associated with
vanadium can be recovered using LIMS.
Vanadium-bearing magnetite whilst carrying relatively low
concentrations of vanadium remains the main raw material for
vanadium extraction.
Sumåssjön Vanadium
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 programme has
been put in place to get a better understanding of the known
vanadium mineralisation in this license and acquire further field
data.
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).
-S-
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 nickel, vanadium and
copper. 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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