TIDMKEN
RNS Number : 1934U
Kendrick Resources PLC
24 March 2023
24 March 2023
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 shareholders with
a general exploration update.
Highlights
Espedalen Ni - Cu Project
-- Successful completion of its maiden exploration drill
programme targeting the Stormyra deposit (1.16Mt @ 1% Ni, 0.42% Cu
& 0.04% Co) at Espedalen for a total of 19 holes and 1,650
metres drilled. The first two batches of drill core have been
dispatched for processing and assay with the third and final batch
currently being prepared.
-- After receiving the assay results we will support the project
with further technical studies targeted at completing a resource
estimate update.
-- Mineralisation was visible in drill core providing early
confirmation of good continuity of the Stormyra ore body.
-- The Project team is currently assessing several other nickel
targets and anomalies within the Espedalen area for follow up.
Airijoki V(2) O(5) - Cu Project
-- Results and assessment of a soil and rock geochemical survey
over the four licences held at admission is due late March / early
April.
-- Soil and rock geochemical survey planned over the two new
licenses granted in late 2022 is expected to commence in the
summer.
-- Summer Drilling Programme: A drilling programme is being
scheduled for the Second Quarter when access to the area is
possible. The target of the drilling programme is the extension of
the existing resource to significantly increase the existing JORC
(2012) Mineral Resource of 44.3Mt @ 0.4% V2O5 (in-situ) containing
5.9Mt of magnetite averaging 1.7% V2O5 in concentrate, with a focus
on highly prospective geophysical targets representing a northerly
extension of the known vanadium mineralisation.
-- Metallurgical test work: External consultants are making good
progress with metallurgical test work on Airijoki core samples.
Colin Bird, Executive Chairman of Kendrick Resources Plc,
commented: "The Espedalen Nickel drilling programme has progressed
well. Our local team has interacted with the community, keeping
interested parties informed and we plan to hold a further meeting
once we are able to display drill core and corresponding assays. We
have a number of highly prospective targets within the Espedalen
area that require follow up and it is important that we assess as
many of these as is practicable before deciding on the likely scale
of any future operation. We also have several other nickel projects
all located in central southern Norway that remain prospective.
We have been generating the necessary underlying geological data
to complement the magnetic geophysical information in our
possession to refine targets over the suite of licences comprising
Airijoki. It is worth reminding shareholders that we have a total
of 6 exploration licences of which only one has been drilled to
date to generate the JORC (2012) Mineral Resource. Figure 3 is an
image of the geophysics which shows, the same highly anomalous
signature extends over the remaining 5 licences representing a
large-scale opportunity to potentially increase the vanadium
resource. The presence of copper also offers a potential saleable
by-product. We hold the view that it is only a matter of time
before vanadium battery technology becomes a mainstream feature of
the Green Energy Transition. Scalable, safe bulk storage capacity
of electricity will be required, and the unique characteristics of
vanadium redox flow technology has the capacity to meet this future
demand. The two largest producers of vanadium are China and Russia.
Alternative sources of the metal located in safe reliable
jurisdictions will be at a premium and as a result, Kendrick will
continue to grow its' vanadium Mineral Resource and add value by
working with downstream bulk storage companies".
Figure 1: Drill core showing Ni-Cu sulphide mineralisation and
host rock lithologies
Figure 2: Hole 12 Stormyra norite banding with 0.1 to 1.0% mixed
sulphides, pyrrhotite, pyrite, pentlandite and chalcopyrite.
Figure 3: Geophysics: Airijoki resources and licence areas
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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDMZGZFZDGGFZM
(END) Dow Jones Newswires
March 24, 2023 08:11 ET (12:11 GMT)
Kendrick Resources (LSE:KEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kendrick Resources (LSE:KEN)
Historical Stock Chart
From Jul 2023 to Jul 2024