Metals One announces drilling results from Rana Project

Metals One, a company advancing strategic mineral projects in Norway and Finland, announced positive drilling results from its Råna Project in Norway on Wednesday, operated by Kingsrose Mining.

The AIM-traded firm holds a 39% interest in the project, which targets nickel, copper, and cobalt.

It said the 2024 core drilling programme at the Rånbogen prospect involved three holes spanning 706 metres.

Drilling was focussed on a previously-untested zone of outcropping massive sulphide located 600 metres northwest of a high-grade sulphide zone intercepted in 2023.

The earlier zone yielded 26.2 metres at 0.7% nickel, 0.2% copper, and 0.06% cobalt.

Metals One said the recent drilling returned notable results, with hole 24RAN009 intersecting a 13.8-metre interval with an average grade of 0.4% nickel, 0.1% copper, and 0.04% cobalt from a depth of 143 metres.

Another hole, 24RAN010, identified two mineralised zones, including 15.7 metres at 0.3% nickel, 0.1% copper, and 0.02% cobalt from 143 metres, and a further 15.8 metres at 0.5% nickel, 0.1% copper, and 0.06% cobalt from 165.2 metres.

High nickel tenors were also observed, with a maximum grade of 1.6% nickel over 0.64 metres in hole 24RAN010.

The results indicated the presence of mineralising processes across multiple 'stacked' zones within the 10-kilometre diameter Råna intrusion, suggesting a substantial area for future exploration and discovery.

Kingsrose was now assessing how best to advance the project, Metals One said.

“It's great to report that Kingsrose has identified yet another new zone of nickel-copper mineralisation at the Råna Project associated with an extensive conductive geophysical anomaly,” said chief executive officer Jonathan Owen.

“The 2024 work programme has further demonstrated the prospectivity and scalability of the Råna Project, and we look forward to discussing with our partner the most appropriate next steps for the project which still remains largely underexplored.”

At 1122 GMT, shares in Metals One were down 9.78% at 0.41p.

Reporting by Josh White for Sharecast.com.