KNI First Hole Nickel Results, EM follow up to come
Nickel results from KNI's flagship project
Today, our Scandinavian critical minerals Investment, Kuniko (ASX: KNI), has delivered positive results from the company’s 8-hole, 3,794m diamond drilling program at the company’s main nickel project in Norway which produced the following results:
- 15.2m at 0.83% nickel equivalent (NiEq) from 114.8m, including 2.4m at 1.04% NiEq
- High copper and gold grades up to 3.95% Cu and 2.33g/t Au within the high-grade zones
- And - a very thick 343.3m interval averaging 0.20% NiEq from 114.8m depth
These assay results were from the first drillhole alone.
We’re pleased with these results as they will contribute to upgrading the Mineral Resource Estimate at the project, which is due in late Q3 2024.
It’s also worth noting the location of the assays, which were from the Ertelien and project, which sits within the much larger Ringerike project.
This map certainly catches the eye in terms of the potential project scale that KNI is working with:
One of the great features of the Ertelien project’s location in Norway (and wider Ringerike project for that matter), is that it offers advantages of ethical and sustainable sourcing, abundant renewable energy for Zero Carbon operations, and proximity to European markets and offtakers.
We know that Europe has made nickel a critical mineral and a potential “green premium” nickel is being discussed:
(Source)
KNI’s strategic positioning aligns with our Investment Thesis around locally-sourced battery metals to support Europe's energy transition.
We cover this, and a really interesting set of EM conductors that KNI just turned up at the Ertelien project in greater detail in our most recent KNI note:
KNI: EM conductors light up - the hunt for high grades at Ertelien begins
How does this news impact our KNI Investment Memo?
Ethical, sustainable locally sourced battery metals
Ethical, sustainable locally sourced battery metals in Europe is our top long term investment theme. Zero-Carbon Copper, Nickel and Cobalt exposure all within the same company.
Today’s news builds on a resource estimate upgrade across two of these battery metals.
What’s next for KNI?
In the coming months, we will be watching for:
🔄Additional drill results from the remaining holes at Ertelien
🔄[NEW] Commence field work following up on EM survey (July 2024)
🔲 Upgrade nickel resource (expected by late Q3 2024 - Q4 2024)
🔲 Early stage feasibility studies (start at end of 2024)
Key education resources to better understand today's Quick Take:
