KNI releases new assays from Cobalt project in Norway

Our European and North American critical minerals Investment Kuniko (ASX: KNI) released new assays from its promising cobalt project in Norway.

New assays included the following hits:

• KNI_MDV009: Several intersections between 231.5 m and 249.8 m downhole, including 5.0 m @ 0.05 % Co from 244.8 m, including 1.00 m @ 0.09 % Co within the broader mineralised interval.
• KNI_MDV010: Broad mineralised interval of 6.2 m @ 0.09 % Co from 274.15 m, with high grade cobalt intervals of 0.85 m @ 0.14 % Co and 1.00 m @ 0.13 % Co.
• KNI_MDV016: Drilled from the northernmost pad at Middagshvile, this drillhole targeted mineralisation below drillhole KNI_MDV015. Results were 5.0 m @ 0.04 % Co and 0.17 % Cu from 228.7 m.

Here’s how the new results fit into KNI’s overall understanding of the mineralisation and the Norwegian cobalt project:

(Source)

All up, we see these new results as important to understanding the potential at the Skuterud project - which is in an area that was historically the largest cobalt producing region in the world.

In particular, the three new assays establish the overall mineralisaed trend at Skuterud which can be seen in yellow - the mineralisation is open in all directions which bodes well for future drill campaigns.

KNI has significant funds at its disposal for future drill campaigns at Skuterud and its other projects in Norway following the strategic investment by major carmaker Stellantis in a $7.8M deal which saw Stellantis acquire a 19.99% stake in KNI.

To our knowledge, we’ve never seen an OEM like Stellantis take a position in an explorer like KNI before.

We see this move as a strong endorsement of KNI’s projects as well as a sign that the overall macro thematic of battery materials remains strong and will be a defining feature of the investment landscape throughout the decade.

What’s next for KNI?

We await more details from KNI about how it intends to allocate funds to its various exploration projects.

At Skuterud, KNI has an 11km area called the Fahlband Trend to explore at Skuterud and has already begun a field reconnaissance program.

So we expect, given results at the project in the second drill campaign, for more details about a third drill campaign to be released in due course.