KNI defining massive sulphide targets for the EU

Published 15-OCT-2024 14:00 P.M.

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Last week on Thursday October 10th, our European battery metals explorer Kuniko Limited (ASX: KNI) announced it has identified significant high-grade copper, nickel and cobalt targets across its Ringerike project in Norway.

KNI is working on an exploration thesis that its project in Norway is analogous to Voisey’s Bay, a huge high grade nickel project in Canada owned by the $75BN capped Vale SA.

That thesis is supported by the fact that KNI’s project in Norway is BIG - KNI is working along a 20km mineralised trend, with “district scale potential”.

Within that trend is an already established JORC resource, which has an upgrade pending this quarter.

And last week’s KNI announcement, shows some promising exploration potential from an area around 10kms from the north of that JORC resource.

Headline assay results from samples include:

Massive sulphide samples grading up to 1.86% Cu, 1.87% Ni, 0.10% Co (at a prospect called Tysklandsgruve)

And:

Samples of 4.72% Cu, 1.64% Ni, 0.16% Co (at a prospect called Skaug)

We think this means KNI is making good progress towards a drill program which could unlock the potential of the Ringerike project in Norway at a time when the EU is crying out for more critical minerals that are locally sourced.

Of the two prospects we’ve highlighted today, we are most interested in Tysklandsgruve at this stage.

This is the key passage from KNI’s latest announcement:

“With two untested conductor targets below and along strike of known workings, Tysklandsgruve is a clear drill-ready target with the potential to deliver a new massive sulphide discovery.”

We covered KNI’s previous geophysics surveys which identified conductors in our most recent note on the company