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Nickel sulphide explorer Nordic Nickel Limited (ASX: NNL; Nordic, or the Company) is pleased to report the final assay results from the 2023 drilling program at the Hotinvaara Prospect at its 100%-owned flagship Pulju project, situated in Northern Finland (Pulju, or the Project) within the Central Lapland Greenstone Belt (CLGB). The Company completed 28 diamond drill-holes for 15,432m as part of its maiden drilling program at the Project.
HIGHLIGHTS
- Nordic Nickel continues to discover substantial extensions to its Hotinvaara resource and vector in on higher grade nickel sulphide zones, based on assays received from the final five diamond drill holes of the 2023 drilling program.
- Additional extensive zones of disseminated nickel sulphide containing zones of higher-grade nickel sulphides, with significant results including:
- HOT016 – strongest nickel mineralisation reported to date at Hotinvaara:
- 91.7m @ 0.22% Ni from 1.6m; and
- 164.15m @ 0.20% Ni from 216m; and
- 26.4m @ 0.59% Ni from 412.6m, including:
- 6.1m @ 0.74% Ni from 412.6m; and
- 4m @ 0.77% Ni from 420m; and
- 3.35m @ 0.91% Ni from 428m, including:
- 1.2m @ 1.02% Ni from 428m; and
- 2m @ 0.52% Ni from 433m
- HOT028
- 125.7m @ 0.19% Ni from 152.3m; and
- 54.25m @ 0.22% Ni from 319.55m, including:
- 5.8m @ 0.57% Ni from 322.25m
- HOT027
- 99.1m @ 0.22% Ni from 4.7m
- HOT015
- 64.3m @ 0.19% Ni from 220.3m; and
- 57.35m @ 0.17% Ni from 331.9m
- HOT016 – strongest nickel mineralisation reported to date at Hotinvaara:
- Results confirm significant nickel sulphide mineralisation outside the current Mineral Resource Estimate (“MRE”), with an updated MRE due in Q1 2024.
- Presence of higher grade zones reinforces the fertility of the system and provides vectors for follow-up drilling next year.
- Partial leach assaying further confirms the predominance of nickel in sulphide.
- Hotinvaara Prospect represents just 2% of the total prospective mineralised belt within the broader Pulju Project.
- Planning and consultation with key stakeholders underway for 2024 winter drill program.
Final assays have been received for a further five drill holes, which were designed to expand the limits of the current resource and target a series of modelled geophysical anomalies (electromagnetic (EM) and magnetic).
The results have confirmed a large extension of the mineralised system coincident with the Hotinsaajo magnetic anomaly and the potential for the mineral system to contain high-grade nickel sulphide mineralisation such as that intersected in HOT016 (Figure 1, Table 1 & Appendix 1).
Figure 1. Collar plan showing Nordic’s drilling (purple dots and histograms) and historical drilling (grey dots). Drill holes reported in this release highlighted in green text. Composite assay intersections shown (cut-off: >1,500ppm Ni-total; max. 6m internal dilution). Cross-sections A – A’, B – B’, C – C’ and D – D’ see Figs. 2 – 5.
Management Comment
Nordic Nickel Managing Director, Todd Ross, said: “It’s great to finish the year with one of the widest zones of higher grade nickel sulphide mineralisation seen at the project. This is a very encouraging indication of the fertility and endowment of the system, providing clear evidence that Hotinvaara has the potential to host large accumulations of high grade nickel sulphides.
“While work is continuing on an update to the current Mineral Resource Estimate, the team is now also actively engaged in a detailed review of the data generated from the 2023 drill program.
“The focus now is on building our understanding of the controls and orientation of the mineralisation by developing interpretive cross-sections across the deposit and matching this information with what we know about the broader structural geological context and position of the drilled intercepts within the mineralising system.
“With the help of some of the most experienced nickel exploration geologists in the business, we are working towards a refined geological model which will help us to more accurately design and target the next round of holes to hopefully lead us towards a breakthrough discovery. The final batch of assays has delivered some real encouragement that we are now moving much closer to achieving that objective.
“I would like to take this opportunity to thank the entire Nordic team, both in Finland and Australia, for their hard work during the year – and also to acknowledge the support of our loyal shareholders. We are very excited about what 2024 will deliver for the Company.”
Click here for the full ASX Release
This article includes content from Nordic Nickel, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Nordic Resources
Investor Insight
Nordic Resources presents investors an opportunity to gain exposure to the European Union’s critical minerals play, with its highly prospective nickel deposit at its flagship Pulju project in Northern Finland - a tier 1 jurisdiction with a long mining history.
Overview
Nordic Resources (ASX:NNL) is a nickel sulphide and battery minerals exploration and development company focused on becoming a major supplier of sustainably sourced, traceable, high-purity class 1 nickel and battery minerals through its portfolio of highly prospective assets in Finland. A highly credentialed team with a solid track record and experience throughout the mining industry leads the company in executing its exploration and development strategy.
Finland is a Tier-1, mining-friendly jurisdiction with a long mining history in the Central Lapland Greenstone Belt. Additionally, the country is incentivising battery mineral projects and is positioned to become a major player in the full battery value chain, making it an ideal jurisdiction for exploration and development.
The European Union Critical Raw Materials Act includes nickel as a critical mineral and will play a vital role in the transition to clean energy and decarbonization.
Nordic Resources’ 100-percent-owned flagship Pulju project already has a JORC-compliant mineral resource estimate of 418 million tons at 862,800 tons of nickel, 40,000 tons of cobalt and 22,100 tons of copper .
The Pulju project’s unique mineralisation is amenable to a dual exploration strategy of both near-surface disseminated nickel as well as high-grade massive sulphide lenses. The project is in an area of known mineralisation and several major discoveries, including the 304-Mt, open-pit nickel, copper, gold, Kevitsa Mine, owned by Swedish mining company Boliden, and the world-class 44-Mt Cu-Ni-PGE Sakatti Deposit discovered by Anglo American. Historical drilling has been shallow with no modern geophysics, which Nordic Resources has now undertaken. Multiple electromagnetic anomalies have been identified.
In 2023, Nordic Resources secured an additional exploration licence (EL) for the Pulju project. The newly granted EL, known as Hotinvaara, is highly prospective for nickel sulphide mineralisation and is three times the size of the Hotinvaara prospect, which has been the focus of Nordic’s maiden exploration program and the company's resource development activities to date.
Nordic Resources released an updated mineral resource estimate (MRE) for the Hotinvaara prospect which increased to 418 million tons (Mt) @ 0.21 percent nickel, 0.01 percent cobalt and 53 parts per million (ppm) copper for 862,800 tons of contained nickel, 40,000 tons of contained cobalt and 22,100 tons of contained copper. Indicated resource is now 42 metric tons @ 0.22 percent nickel, for 92,700 tons of contained nickel, and inferred resource of 376 metric tons @ 0.21 percent nickel, for 770,100 tons of contained nickel. The updated MRE effectively establishes Pulju as a globally significant nickel sulphide project, given its proximity to the fast-growing European battery materials and EV sector.
Nordic Resources' second project, the Maaninkajoki 3 (MJ3) asset, comprises 30 square kilometers of exploration licenses and is also in a region of known mineralisation or similar mafic/ultramafic lithologies to the nearby Sakatti deposit. The company has an earn-in agreement to acquire 75 percent of the asset as exploration continues.
A management team with a range of expertise throughout the mining industry builds confidence in the company’s goal to explore its assets fully. Expertise includes corporate administration, geology and international finance.
Company Highlights
- Nordic Resources is an Australian listed exploration and development company focusing on its district-scale class 1 nickel and battery minerals assets in Northern Finland.
- The recently enacted European Union Critical Raw Materials Act (CRMA) includes nickel as a critical mineral importantly now requires 10 percent of all critical minerals to be sourced from Europe (when presently there is less than 3 percent produced). Additionally, there are only two nickel-producing mines in Europe, both of which are located in Northern Finland (near Nordic’s Pulju project), and exploration and development activities will benefit from future EU incentives.
- Nordic Resources' flagship Pulju project already has a near-surface JORC-compliant resource which was recently updated in March 2024 following an extensive diamond drilling campaign in 2023. This JORC Mineral Resource Estimate (MRE) is contained within the Hotinvaara Prospect at the Pulju Project which covers just 2 percent of the company’s 240 km2 landholding at the Pulju project.
- The updated JORC MRE completed for the Hotinvaara prospect increased over three times from the 2023 drilling to 418 Mt @ 0.21 percent nickel, 0.01 percent cobalt and 53 ppm copper for 862,800 tons of contained nickel, 40,000 tons of contained cobalt and 22,100 tons of contained copper. Indicated resource is now 42 metric tons @ 0.22 percent nickel, for 92,700 tons of contained nickel and inferred resource is 376 metric tons @ 0.21 percent nickel, for 770,100 tons of contained nickel.
- The company’s second Maaninkajoki 3 project covers 30 square kilometers of exploration licenses, and the company has the option to earn up to 75 percent.
- An experienced management team with a track record and deep expertise in the natural resources industry leads the company.
Key Projects
Pulju Nickel Project
The company’s 100-percent-owned flagship Pulju project covers 240 square kilometers of land in Finland's Central Lapland Greenstone Belt. Nordic Nickel has completed a maiden diamond drilling campaign with 15,423 meters completed since the beginning of 2023.
Project Highlights:
- Prolific Resource Estimate with Expansion Potential: Since the maiden resource was released Nordic Nickel has completed an additional 15,432-meter drill campaign which has substantially expanded the areas of known mineralization and will see a much larger mineral resource estimate. Additionally, the company remains focused on targetting Sakatti-style analogues of high-grade massive sulphides.
- Promising Geology: The regional geology of the project is amenable to rich nickel deposits. The presence of ultramafic rocks mirrors the Sakatti and Kevitsa deposits. The project contains a 35-kilometer continuous prospective strike with considerable blue-sky potential as exploration continues.
- Significant Assay Results: Nordic Nickel completed 28 diamond drill holes for 15,432 meters as part of its maiden drilling program. Assays have returned extensive zones of nickel sulphide mineralisation, including zones of higher-grade massive stringer sulphides.
- Updated Mineral Resource Estimate for Hotinvaara: Updated MRE for the newly granted Hotinvaara exploration licence comprises 418 Mt grading 0.21 percent nickel, 0.01 percent cobalt and 53 ppm copper for 862,800 tons of contained nickel, 40,000 tons of contained cobalt and 22,100 tons of contained copper.
Maaninkajoki 3 (MJ3) Nickel Project
Nordic Resources' MJ3 Project covers 30 square kilometers of exploration licenses. The asset is subject to an earn-in agreement, which gives the company the right to acquire up to 75 percent of the project over two stages. The project is highly prospective for both intrusive-hosted and komatiite-hosted nickel sulphide mineralization.
Management Team
Todd Ross - Non-executive Chairman
Todd Ross has over 26 years of experience in finance, derivatives and corporate advisory within the natural resources sector. He is the former managing director and head of Western Australia for BNP Paribas. Ross is a specialist in project and acquisition financings across a range of commodities across multiple jurisdictions. His previous roles include senior positions at BNP Paribas, Westpac, Royal Bank of Canada, CBA and Oakvale Capital. Ross holds a Bachelor of Business from Edith Cowan University and a Graduate Diploma in Applied Finance & Investment from FINSIA.
Marcello Cardaci - Non-executive Director
Marcello Cardaci is the former partner of Gilbert & Tobin’s Corporate Advisory Group. He has 26 years’ experience advising public and private equity fundraisings, M&A and divestment. Cardaci has extensive experience in capital raisings, takeovers, schemes of arrangements and joint ventures. His current directorships include ASX-listed Altamin Limited and Manhattan Corporation Ltd. Cardaci holds law degrees (BJuris, LLB) and commerce (BCom).
Robert Wrixon - Executive Director
Robert has over 22 years of experience in corporate strategy, mining M&A and mineral exploration. He is the director of Starboard Global Ltd, private equity and incubation of projects in the metals and mining sector. His current directorships include Rafaella Resources, Emmerson PLC. Wrixon holds a PhD in mineral engineering from the University of California, Berkeley.
Juho Haverinen - Non-executive Director
Juho Haverinen has over ten years of experience in planning and overseeing mineral exploration in Finland and is currently head of exploration for Magnus Minerals Oy. He has significant experience in Finland with exploration joint ventures with major multinational mining companies and is a member of the board of the Finnish Mining Association (FinnMin) and a board member of Magnus Minerals Oy. Haverinen holds BSc and MSc geology degrees from the University of Helsinki.
Aaron Bertolatti - Company Secretary and CFO
Aaron Bertolatti is a qualified chartered accountant and company secretary with over 15 years of experience. He has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance. He was previously CFO of Highfield Resources Ltd and American Pacific Borates.
Vern Langdale - Country Manager, Finland
Vern Langdale is a mining veteran with 38 years of experience across various roles in mining projects and mines from many countries. He studied mining engineering at the Camborne School of Mines in Cornwall, England and started his career working in gold mines in the Goldfields of Australia. Langdale has been involved with building and commissioning mines often in challenging and remote locations in China, Indonesia and Saudi Arabia. In 2018, he moved to Finland with Nordic Gold. Langdale worked as director of operations for Endomines AB at its US and Finnish operations, where he provided support in the re-start of its mining operations. He was also mine manager at the Nordic Gold in Finland. He was the project manager for Jac Rijk Al Rushaid in Saudi Arabia, where he coordinated the work of a multi-lingual and multi-national workforce for the largest gold mining project of the Ma’aden Gold Group.
Pekka Tuomela - Sustainability & ESG Manager, Finland
Pekka Tuomela has a master of science in geology from the University of Oulu, Finland and an impressive career spanning over 20 years in exploration and mining projects in Finland and internationally, at all project phases. Tuomela has a solid understanding of the Finnish environmental and mining permitting regime, mining ESIAs and associated ESG/CSR sustainability practices including stakeholder communication. In addition, he advises on mineral intelligence and mineral economics policy and strategy matters.
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