TIDMKEN
RNS Number : 9485W
Kendrick Resources PLC
20 April 2023
Kendrick Resources Plc
("Kendrick" or the "Company")
Espedalen Update and Assay Results - Maiden Drill Diamond Drill
Programme
Kendrick Resources Plc (LSE: KEN), a mineral exploration and
development company with vanadium, nickel and copper projects in
Scandinavia is pleased to announce its first set of results from
its maiden diamond drill programme over the Stormyra Deposit in
Espedalen, Norway.
Highlights
-- Hole ES2302 - 6.85% Ni Eq. over 1.25m from 38.20m
-- Hole ES2303 - 2.64% Ni Eq. over 3.75m from 44.45m
o incl. 9.28% Ni Eq. over 0.75m from 47.45m
and 1.53% Ni Eq. over 5.80m from 51.80m
o incl. 5.33% Ni Eq. over 0.9m from 56.7m
-- Hole ES2305 - 1.30% Ni Eq. over 4.60m from 76.70m
o incl. 2.59% Ni Eq. over 2.10m from 79.20m
-- Hole ES2306 - 0.71% Ni Eq. over 10.6m from 96.50m
o Incl. 2.18% Ni Eq. over 1.70m from 99.20m
o and 1.03% Ni Eq. over 2.65m from 104.45m
-- Ground based magnetic survey completed over the Stormyra
deposit and potential southeast extension
Colin Bird, Executive Chairman of Kendrick Resources Plc
commented:
"The first round of results of our drilling programme in Norway,
have been very satisfying and have confirmed our belief that there
is very high potential for resource confirmation and addition.
In times when the nickel price is three times higher than when
the last work carried out in the region, it is particularly
exciting to achieve such results. We intend to reinterpret the
entire database in order to define resource and progress all
necessary activities in the mine planning process.
Of additional benefit, of course, is that our potential
orebodies are sulphide in nature and thus far less complex and
expensive to treat. Sulphides are in limited supply and new nickel
supply will be from laterite resources, which are both complex and
expensive."
Drilling Programme and Results
Kendrick's maiden diamond drill programme at the Stormyra
Ni-Cu-Co Deposit (see Kendrick's RNS dated: 31 January 2023) was
completed on 1 March 2023, ahead of schedule and under budget. The
programme, encompassing 19 boreholes, comprising infill, step-out,
and exploration holes, spanned a total of 1650 metres (Figure 1
& 2).
Figure 1. Drill Hole Location Map for the Stormyra Deposit,
Espedalen, Norway.
Figure 2. Cross section through holes ES2302 and ES2303
displaying the local geology and mineralized intercepts.
A subset of 225 metres was forwarded to ALS Scandinavia AB for
processing. After core logging, the selected drillcore intervals
were sent to the ALS laboratory in Malå, Sweden for preparation and
analysed at ALS Loughrea, Ireland. Significant results for the
first 6 drill holes for a total of 77 metres of sampled core are
listed in the Table below.
Hole From To Length Ni (%) Cu (%) Co (%) Ni Eq.
(m) (%)
ES2302 38.20 39.45 1.25 5.69 2.15 0.19 6.85
------- ------- ------- ------- ------- ------- -------
ES2303 44.45 48.2 3.75 2.25 0.73 0.06 2.64
------- ------- ------- ------- ------- ------- -------
incl. 47.45 48.2 0.75 8.18 1.94 0.20 9.28
------- ------- ------- ------- ------- ------- -------
ES2303 51.8 57.6 5.80 1.21 0.64 0.04 1.53
------- ------- ------- ------- ------- ------- -------
incl. 56.7 57.6 0.90 4.55 1.41 0.14 5.33
------- ------- ------- ------- ------- ------- -------
ES2304 16.7 19.10 2.40 0.23 0.10 0.01 0.29
------- ------- ------- ------- ------- ------- -------
ES2304 25.5 26.4 0.9 2.82 0.59 0.09 3.21
------- ------- ------- ------- ------- ------- -------
1. 0 0.0
ES2305 76.7 81.30 4.60 9 0. 34 4 1. 30
------- ------- ------- ------- ------- ------- -------
incl. 79.2 81.30 2.10 2.24 0.56 0.08 2.59
------- ------- ------- ------- ------- ------- -------
ES2306 96.5 107.10 10.60 0.51 0.43 0.02 0.71
------- ------- ------- ------- ------- ------- -------
incl. 99.2 100.90 1.70 1.65 1.03 0.07 2.18
------- ------- ------- ------- ------- ------- -------
incl. 104.45 107.10 2.65 0.64 0.87 0.02 1.03
------- ------- ------- ------- ------- ------- -------
Notes:
1) Reported intervals are downhole widths.
2) Reported intervals are calculated for zones assaying >
0.25% Nickel Equivalent and containing less than 3 meters of
internal waste.
3) The Nickel equivalent values are estimated using prevailing
metal prices of $22000/t Nickel, $8,800/t Copper and $35,000/t
Cobalt and are presented for ease of interval comparison only.
Metallurgical factors are assumed to be 100% although the recovery
factors for the respective metals may vary significantly.
4) The Nickel equivalent values may differ slightly due to rounding.
Figure 3. Core Photo of the start of the first mineralized
interval in ES2303 at 44.45 m with sample boundaries marked and
intervals labelled with assay grades rounded to two decimal
places.
Magnetic Survey
The drilling was followed by a ground based magnetic survey over
the Stormyra deposit and potential south easterly extension to the
known mineralisation. The mineralisation is rich in pyrrhotite and
hence highly magnetic, while the surrounding gabbro, leucogabbro
and anorthosite host rocks are not. A total of 56 line kilometres
with 20 meter line spacing was surveyed to test if the known
Stormyra mineralization can be picked up with this method and if
any local thickening or an extension can be identified.
Interpretation of the results is ongoing and will provide drill
targets for follow up drilling.
Quality Assurance/Quality Control (QA/QC)
The diamond drilling program was executed by Arctic Drilling AS.
The rig was aligned using a DeviSight rig aligner and the hole was
surveyed with a DeviFlex Rapid at 3m intervals after the completion
of a hole. Collar coordinates were taken from the Devisight rig
aligner which uses both types of navigation satellites (Glonass and
GPS) and had an average accuracy of <1m.
The NQ2 sized core from the diamond drill programme was logged,
marked, and photographed, and RQD and magnetic susceptibility
measurements were taken by experienced geologists and technicians
from EMX royalty.
The drill core was sampled at minimum 0.3 metre up to 2.5 metre
intervals and sent to ALS in Malå, Sweden. The samples were cut,
and the split ( 1/2 core or two quarter core) samples were crushed,
split, and pulverized (using ALS methods CRU-31, SPL-22Y,
PUL-31).
A pulp split was sent to ALS Loughrea, Ireland, an ISO
accredited laboratory for assaying, for final chemical analysis
using the ALS methods ME-MS61, ME-OG62, and PGM-ICP23. Standards,
blanks and duplicates were inserted regularly in the sample stream
and checks were done for Nickel and Copper.
One standard returned values over 2 standard deviation (2SD) and
the sample and adjacent sample batches were re-assayed and returned
values within 2SD in the second run.
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
Kendrick Resources 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.
The Espedalen Project
The Espedalen Project is located approximately 50km north-west
of Lillehammer in southern central Norway, 3 hours drive north of
Oslo. The project is well served with transport infrastructure
being accessible by tarmac roads and is close to rail links to
ports in southern Norway and to Glencore's Nikkelverk nickel
refinery located 350km to the south.
The known nickel mineralisation on the Espedalen Project is
hosted within differentiated mafic and ultramafic bodies which have
intruded anorthositic country rocks collectively referred to as the
Espedalen Complex and range in age from 1698 - 1250 Ma. This age
range is similar to the age of the rocks hosting the giant Voisey's
Bay nickel deposit in Labrador, Canada. Further evidence supporting
the analogy between Espedalen and Voisey's Bay are tectonic plate
reconstructions which place southern Norway in relatively close
proximity during the time of formation of Voisey's Bay and with the
two regions undergoing similar tectonic developments.
Mining in the Espedalen area dates from 1666. Total production
from the Espedalen region is estimated at 100,000t @ 1.0% Ni, 0.4%
Cu and 0.06% Co. Significant exploration has been undertaken in the
area. The majority and most recent work having been completed by
Falconbridge Limited and Blackstone Ventures Limited having
completed 134 drill holes across the Espedalen project area,
defining significant accumulations of nickel sulphides at the
Stormyra and Dalen prospects and generating numerous other quality
targets.
In 2009, Blackstone published a NI 43-101 report detailing
Inferred Mineral Resources at the Stormyra and Dalen prospects.
Blackstone relinquished the Espedalen Project in 2011 following the
preceding financial crisis. ASX listed Drake Resources Limited (now
renamed Ragnar Metals Limited) acquired the Espedalen Project in
2012. Drake refined the Mineral Resources at Stormyra (1.16Mt @ 1%
Ni, 0.42% Cu & 0.04% Co) and Dalen (7.8Mt @ 0.28% Ni, 0.12% Cu
& 0.02% Co) prospects in accordance with JORC (2012).
In addition to defining JORC (2012) compliant mineral resources
at Stormyra and Dalen, Drake identified 10 prospects where drilling
by Blackstone had intersected at least 5m @ >1% Ni, which were
never followed up. A detailed compilation of all past mineral
exploration and drilling data and recognised that the Stormyra
Mineral Resource is not closed off and a number of intersections
warrant follow up drilling, to determine if the Mineral Resource
can be expanded, including:
-- 21.1m @ 1.75% Ni, 0.66% Cu & 0.06% Co from 64m in hole ES2005-20
-- 7.1m @ 2.68% Ni, 1.26% Cu & 0.08% Ni from 29.3m in hole ES2005-22
-- 14.6m @ 1.74% Ni, 0.79% Cu & 0.06% Co from 80.4m in hole ES2004-09
The Stormyra Mineral Resource contains a high-grade core, with
drill intersections of up to 2.9% Ni. The high-grade core is not
fully defined by drilling. Additional investigation of this
high-grade core is warranted along with drill testing a ground
geophysical conductor, directly associated with the nickel
mineralisation, which extends 500m to the south-east of the
currently defined limits of the Stormyra Mineral Resource.
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