TIDMKEN
RNS Number : 3979A
Kendrick Resources PLC
24 May 2023
24 May 2023
Kendrick Resources Plc
("Kendrick" or the "Company")
Stormyra Final Batch 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 final set of results from
its 19-hole maiden diamond drill programme over the Stormyra nickel
- copper deposit in Espedalen, Norway.
Highlights
-- The highly successful drill programme has achieved notable
Ni-Cu intercepts over a strike length of 1.2 kilometres.
-- Peak intercepts for the third phase of initial drilling included:
o Hole ESP2317 - 2.18% Ni Eq. over 3.50m from 61.50m
o Hole ESP2318 - 0.41% Ni Eq. over 9.20m from 31.50m incl. 1.15%
Ni Eq. over 0.90m from 35.20m
o Hole ESP2319 - 2.43% Ni Eq. over 2.10m from 53.60m incl. 5.53%
Ni Eq. over 0.65m from 54.35m and 1.33% Ni Eq. over 2.70m from
62.20m
-- Geophysics and drilling that intersected mineralisation at a
grade of 2.43% Ni Eq over 2.1m confirms the untested southerly
extension of the Stormyra orebody represents a viable drill target
likely to further increase the resource
Colin Bird, Executive Chairman of Kendrick Resources Plc
commented: "Our drill programme over Stormyra has been very
successful with impressive peak intercepts reported from the three
sets of results including 6.85% Ni Eq over 1.25m, 3.39% Ni Eq over
11.6m and 2.59% Ni Eq over 3.65m. These latest results have
continued the trend and more importantly have demonstrated that the
proposed southerly extension of the orebody defined by geophysics
has been confirmed by our recent drilling.
Based on the geophysical data we have potentially several
hundred metres of strike length to test to broadly delineate the
Stormyra orebody. We also have a further 10 high quality nickel
targets within our licence that all have drill intercepts that
exceed 1% Ni. We are investigating each target and prioritising
them ahead of further drilling.
We will continue to build a relationship with local
stakeholders, and we are sufficiently confident of the continuity
of mineralisation to formally engage external engineering advice
for the review of future plant design.
Kendrick has several other prospective nickel properties in
Norway that are being reviewed in a broader context of a regional
nickel programme. The Hosanger Licence hosts the former Litland Ni
mine where more than 50 historic boreholes are under investigation
ahead of Kendrick defining drill targets. Also, the Sigdal Licence
hosts a target with a single drillhole intercept of 0.36% Ni, 0.43%
Cu & 10.1g/t Au over 1.48m".
Drilling Programme
Kendrick's maiden diamond drill programme at the Stormyra
Ni-Cu-Co Deposit (see Kendrick's RNS dated: 31 January 2023)
concluded on 1 March 2023, encompassing 19 boreholes, comprising
infill, step-out, and exploration holes, spanning a total of 1,650
metres (Figure 1.).
Figure 1. Drill Hole Location Map for the Stormyra Deposit,
Espedalen, Norway
A subset of 225 metres was forwarded to ALS Scandinavia AB for
processing. After the core had been logged, the selected drill core
intervals were dispatched to the ALS laboratory in Malå, Sweden for
preparation and analysed at ALS Loughrea, Ireland.
The third and final batch of samples sent to the laboratory,
consisting of five out of the six holes drilled, have been received
and are illustrated (Figures 2. - 4.) as well as tabulated (Table
1.) below.
Figure 2. Long Section through the Stormyra Deposit, Espedalen,
Norway
Figure 3. Cross section through holes ES2318 and ES2319 showing
local geology and mineralised intercepts.
Figure 4. Drill Core Box Photo from hole ES2319 (53.10m -
57.80m) showing sampled intervals, lengths and respective assay
grades rounded to two decimal places of the mineralized
section.
Table 1. Assay results for the third batch of samples received
from ALS Scandinavia AB in Malå, Sweden.
Hole From To Length Ni (%) Cu (%) Co (%) Ni Eq.
(m) (%)
ES2314 80 .00 81 .00 1 .00 1.26 0.54 0.04 1.53
------- ------- ------- ------- ------- ------- -------
ES2315 not sent for assay
-------------------------------------------------------------
90.1 90.4
ES2316 0 0 0.3 0 0.87 0.74 0.03 1.21
------- ------- ------- ------- ------- ------- -------
61.5
ES2317 0 65 .00 3.5 0 1.73 0.88 0.06 2.18
------- ------- ------- ------- ------- ------- -------
61.5 64.2
incl. 0 0 2.7 0 1.90 1.07 0.06 2.43
------- ------- ------- ------- ------- ------- -------
64.7
incl. 0 65 .00 0.3 0 3.11 0.62 0.10 3.51
------- ------- ------- ------- ------- ------- -------
31.5 40.7
ES2318 0 0 9.2 0 0.31 0.21 0.01 0.41
------- ------- ------- ------- ------- ------- -------
31.5 33.3
incl. 0 0 1.8 0 0.45 0.30 0.02 0.60
------- ------- ------- ------- ------- ------- -------
37.2
incl. 34.25 0 2.95 0.46 0.18 0.02 0.56
------- ------- ------- ------- ------- ------- -------
35.2 36.1
incl. 0 0 0.9 0 0.94 0.40 0.04 1.15
------- ------- ------- ------- ------- ------- -------
38.5 40.7
incl. 0 0 2.2 0 0.29 0.37 0.01 0.46
------- ------- ------- ------- ------- ------- -------
53.6 55.7
ES2319 0 0 2.1 0 1.25 2.75 0.05 2.43
------- ------- ------- ------- ------- ------- -------
incl. 54.35 55 .00 0.65 2.75 6.58 0.09 5.53
------- ------- ------- ------- ------- ------- -------
62.2 64.9
ES2319 0 0 2.7 0 1.09 0.47 0.04 1.33
------- ------- ------- ------- ------- ------- -------
69.9
ES2319 69.45 0 0.45 1.25 0.66 0.04 1.56
------- ------- ------- ------- ------- ------- -------
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.
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.
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 Tel: +44 207 186 9952
LLP Damon Heath / Isabella Pierre
Joint Broker
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 5 meters percent 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:
-- 12.18m @ 2.39% Ni, 0.95% Cu & 0.07% Co from 64m in hole ES2005-20
-- 7.15m @ 2.68% Ni, 1.26% Cu & 0.08% Ni from 29.35m 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
assays of up to 8.2% 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.
Appendix A - Glossary of Technical Terms
"anomaly or anomalous" something in mineral exploration that geologists
interpret as deviating from what is standard,
normal, or expected.
"assay" The laboratory test conducted to determine
the proportion of a mineral within a rock
or other material. For base metals, usually
reported as percentage which is equivalent
to percentage of the mineral (i.e. copper)
per tonne of rock.
"azimuth" the "compass direction" refers to a geographic
bearing or azimuth as measured by a magnetic
compass, in true or magnetic north.
"diamond drilling" A drilling method in which penetration is
achieved through abrasive cutting by rotation
of a diamond encrusted drill bit. This drilling
method enables collection of tubes of intact
rock (core) and when successful gives the
best possible quality samples for description,
sampling and analysis of an ore body or mineralised
structure.
"dip" A line directed down the steepest axis of
a planar structure including a planar ore
body or zone of mineralisation. The dip has
a measurable direction and inclination from
horizontal.
"geochemical" Refers to geological information using measurements
derived from chemical analysis.
"geophysical" Refers to geological information using unit
measurements derived from the use of magnetic
and electrical readings.
"geophysical techniques" include the exploration of an area by exploiting
differences in physical properties of different
rock types. Geophysical methods include seismic,
magnetic, gravity, induced polarisation and
other techniques; geophysical surveys can
be undertaken from the ground or from the
air
"grade" The proportion of a mineral within a rock
or other material. For copper mineralisation
this is usually reported as % of copper per
tonne of rock.
"g/t" grams per tonne; equivalent to parts per million
('ppm').
"Indicated Resource" An "Indicated Mineral Resource" is that part
of a Mineral Resource for which quantity,
grade or quality, densities, shape and physical
characteristics, can be estimated with a level
of confidence sufficient to allow the appropriate
application of technical and economic parameters,
to support mine planning and evaluation of
the economic viability of the deposit. The
estimate is based on detailed and reliable
exploration and testing information gathered
through appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough
for geological and grade continuity to be
reasonably assumed.
"Inferred Resource" An "Inferred Mineral Resource" is that part
of a Mineral Resource for which quantity and
grade or quality can be estimated on the basis
of geological evidence and limited sampling
and reasonably assumed, but not verified,
geological and grade continuity. The estimate
is based on limited information and sampling
gathered through appropriate techniques from
locations such as outcrops, trenches, pits,
workings and drill holes.
"intercept" Refers to a sample or sequence of samples
taken across the entire width or an ore body
or mineralised zone. The intercept is described
by the entire thickness and the average grade
of mineralisation.
"massive" In a geological sense, refers to a zone of
mineralisation that is dominated by sulphide
minerals. The sulphide-mineral-rich material
can occur in centimetre-scale, metre-scale
or in tens of metres wide veins, lenses or
sheet-like bodies containing sphalerite, galena,
and / or chalcopyrite etc.
"Measured Resource" A "Measured Mineral Resource" is that part
of a Mineral Resource for which quantity,
grade or quality, densities, shape, and physical
characteristics are so well established that
they can be estimated with confidence sufficient
to allow the appropriate application of technical
and economic parameters, to support production
planning and evaluation of the economic viability
of the deposit. The estimate is based on detailed
and reliable exploration, sampling and testing
information gathered through appropriate techniques
from locations such as outcrops, trenches,
pits, workings and drill holes that are spaced
closely enough to confirm both geological
and grade continuity.
"Mineral Resource" A "Mineral Resource" is a concentration or
occurrence of diamonds, natural solid inorganic
material, or natural solid fossilised organic
material including base and precious metals,
coal, and industrial minerals in or on the
Earth's crust in such form and quantity and
of such a grade or quality that it has reasonable
prospects for economic extraction. The location,
quantity, grade, geological characteristics
and continuity of a Mineral Resource are known,
estimated or interpreted from specific geological
evidence and knowledge.
"mineralisation" In geology, mineralisation is the deposition
of economically important metals (copper,
gold, lead, zin etc) that in some cases can
be in sufficient quantity to form mineral
ore bodies.
"outcrop" A section of a rock formation or mineral vein
that appears at the surface of the earth.
Geologists take direct observations and samples
from outcrops, used in geologic analysis and
creating geologic maps. In situ (in place)
measurements are critical for proper analysis
of the geology and mineralisation of the area
under investigation.
"veins" A vein is a sheet-like or anastomosing fracture
that has been infilled with mineral ore (chalcopyrite,
covellite etc) or mineral gangue (quartz,
calcite etc) material, within a rock. Veins
form when minerals carried by an aqueous solution
within the rock mass are deposited through
precipitation and infill or coat the fracture
faces.
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