TIDMKEN
RNS Number : 8337P
Kendrick Resources PLC
12 October 2023
12 October 2023
Kendrick Resources Plc
("Kendrick" or the "Company")
Completion of Airijoki Extension Drill program
Kendrick Resources Plc (LSE: KEN), a mineral exploration and
development company with vanadium, nickel and copper projects in
Scandinavia is pleased to provide an operational update for its
Airijoki Project in Vittangi, Sweden.
Highlights
-- 8 Holes drilled for 1394 m
-- Vanadium mineralisation confirmed for circa 2km from the
northern boundary of the existing 44.3Mt Mineral Resource
comprising >100,000 tonnes of contained V(2) O(5)
-- Drilling provides fresh core for further metallurgical test work
-- Drilling has now been undertaken on two licences within the
greater land package of seven contiguous licences
-- The remaining 5 licences are prospective for both vanadium
and copper and will be subject to follow up exploration
-- Engagement of an external metallurgical engineer with
vanadium experience working alongside Dr E Kirby Non-Executive
director to guide future test work
Colin Bird, Executive Chairman of Kendrick Resources Plc
commented: "The successful completion of the latest drill programme
is an important step as we build a substantial vanadium resource
based on the Airijoki Project. We have now drill tested two of the
seven licences that comprise the project area and these untested
licences have been covered by historic and recent soil geochemistry
and geophysics showing similar characteristics to that which has so
far led to fresh vanadium discoveries. It is our intention to
continue to build a substantial vanadium resource. Further
metallurgical test work is required, and this process will continue
as we expand our programme"
Drilling Programme
The Airijoki 200 license is located immediately to the northeast
of the Airijoki 100 license in which the 44.3Mt JORC Inferred
Vanadium mineral resource is estimated and is prematurely
terminated between the license boundaries (Figure 1).
The drill program targeted the magnetic anomaly produced from a
Ground Magnetic Survey completed in March 2021, which coincided
with the inferred mineral resource and extended through into the
Airijoki 200 license.
A total of 1394 m were drilled from 8 holes and from visible
observations and portable XRF (pXRF) point measurements taken every
meter, the continuity of the vanadium mineralisation is confirmed.
Anomalous vanadium concentrations were detected by pXRF in 7 out of
the 8 holes.
The mineralised samples have been dispatched to the laboratory
for assay, to determine the V, and V(2) O(5) concentrations in both
whole rock and magnetic concentrate more accurately. The assay
results are expected to confirm continuity of the Vanadium
mineralisation and the potential to significantly expand the
current Vanadium resource at Airijoki and will be announced in due
course once received and assessed by the Company.
Figure 1. Map showing magnetic survey, JORC Inferred Resource
outline, and location of recently completed drillholes.
Figure 2. Cross-section showing actual locations drilled and
suspected vanadium mineralisation as detected by the pXRF
measurements taken every metre. V measurements by pXRF only provide
an indication of the location of the mineralisation and these
results will need to be verified by an accredited laboratory.
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 2039 616 086
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 Airijoki Project
The Airijoki Project lies within the Vittangi Greenstone Group
(VGG) of northern Sweden, in relative proximity to established
infrastructure as well as several significant mines (i.e. Kiruna,
Svappavaara, Leveäniemi and Mertainen) and other new energy mineral
projects (i.e. Talga Group's Vittangi graphite project).
Geologically the Project is centred on a laterally continuous,
northeast trending gabbroic (locally termed diabase) intrusion
which hosts vanadium-magnetite mineralisation along with lesser
base metal (predominantly copper mineralisation).
Airijoki is currently supported by an Inferred Mineral Resource
comprising 44.3 Mt at an in-situ grade of 0.4% V(2) O(5) ,
containing 5.9 Mt of magnetite averaging 1.7% V(2) O(5) (in
magnetite concentrate) for 100,800 t of contained V(2) O(5) based
on a 13.3% mass recovery of magnetite concentrate and a 0.7% V(2)
O(5) cut-off grade, on a 100% equity basis (and net attributable
basis).
Subsequent Davis Tube Recovery (DTR) and low-intensity magnetic
separation (LIMS) test work indicated that vanadium magnetite
concentrates grading over 2% V(2) O(5) and more than 65% Fe are
possible at mass recoveries over 20% from the vanadium
mineralisation at Airijoki. Overall, vanadium recoveries in excess
of 70% can be achieved using a relatively coarse grind size of 355
um and using LIMS without the need for further treatment.
Conceptual studies completed in 2019 envisage that Airijoki will
be developed by bulk open pit mining techniques from four open pits
using standard drill and blast, load/haul and crusher feed/magnetic
separation to produce a vanadium magnetite concentrate. The
conceptual techno-economic studies demonstrated the Project has the
potential to be financially robust. Further metallurgical test
work, extensional and infill drilling and optimisation studies are
warranted at Airijoki prior to more advanced techno-economic
analysis.
Vanadium
Technological advances are expected to positively influence the
demand for vanadium. Principally used as an alloy in steel and
aluminium production, its' ability to make materials stronger and
lighter offers important benefits particularly for
weight-to-strength ratio, an important consideration particularly
for EVs'. Vanadium pentoxide is also an important component in
REDOX flow batteries used for energy storage associated with solar
and wind farms. With the projected increased use of vanadium in EV
batteries, demand for the metal is expected to grow.
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.
The laboratory test conducted to determine
"assay" 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
"XRF" precipitation and infill or coat the fracture
faces.
A non-destructive analytical technique used
to determine the elemental composition of
materials. XRF analysers determine the chemistry
of a sample by measuring the fluorescent (or
secondary) X-ray emitted from a sample when
it is excited by a primary X-ray source.
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