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Kingsrose Mining Limited (ASX: KRM) (Kingsrose or Company) is pleased to provide a progress update on the Finnmark (Norway) and Central Finland exploration alliances with BHP (Alliances).
HIGHLIGHTS
- In May 2024 Kingsrose commenced one of the largest scale generative exploration programs in Europe, under Alliances funded by BHP (Figures 1 and 2, see ASX announcement dated 22 May 2024).
- With the support of BHP’s generative exploration expertise, Kingsrose is applying mineral systems analysis of the mineral belts to identify the most prospective areas for discovery of polymetallic copper- nickel-PGE massive sulphide.
- US$2.7 million of the combined US$5.0 million committed expenditure for Year 1 of the ‘Project Generation Phase’ of the Alliances has been spent on exploration activities to 31 December 2024.
Finnmark Alliance
- A 5,067 line km airborne gravity gradiometry survey was completed in 2024 (Figure 1) along with 554 soil samples and 208 rockchip samples.
- High-grade copper in polymetallic copper-gold-PGE sulphide veins was discovered by Kingsrose in the Porsanger and Virdnechokka areas (Figure 1). These veins may be spatially related to, and used as vectors towards, deeper magmatic sulphide accumulations. Highlight results include:
- 29.7 % Cu, 1.1 g/t Au, 53 g/t Ag, 0.54 g/t Pd, 0.02 g/t Pt, Porsanger (Sample 14398, Plate 1)
- 4.4 % Cu, 1.8 g/t Au, 0.50 g/t Pd, 0.06 g/t Pt, Virdnechokka (Sample 14508, Plate 2)
- Regional-scale helicopter-borne EM surveys will commence in late February to explore for conductive bodies spatially associated with intrusions which may represent massive sulphide mineralisation.
- These combined datasets will be used to generate follow up targets for field work in summer 2025.
Central Finland Alliance
- 4,980 line km of drone and ground magnetic surveys were completed in the Haapajarvi reservation, along with 795 soil samples and 87 rockchip samples (Haapajarvi and Suonenjoki) (Figure 2).
- Newly discovered zones of outcropping mineralisation were identified at the Rehula target (Figure 2), including:
- 0.46% Cu, 110 ppm Co, 0.03 g/t Pd, Rehula (Sample 13616).
Fabian Baker, Managing Director, commented "We are delighted with both the progress of our exploration programs and continued support from BHP for the Alliances. Systematic exploration using advanced geophysical and geochemical techniques is already returning highly encouraging results which is a testament to the prospective nature of the mineral belts we are exploring for critical minerals copper, nickel and PGEs. With an equally strong and dedicated approach to social and environmental values, we believe the long-term prospects for discovery in these underexplored regions on Europe’s doorstep are high."
Plate 1: Chalcocite-bornite-quartz vein hosted in amphibolite. 29.7% Cu, 0.01% Ni, 1.1 g/t Au, 53 g/t Ag, 0.54 g/t Pd, 0.02 g/t Pt. Porsanger area, sample 14398.
Plate 2: Chalcopyrite-quartz vein hosted in paragneiss. 4.4% Cu, 0.01% Ni, 1.8 g/t Au, 0.50 g/t Pd,0.06 g/t Pt. Virdnechokka area, sample 14508.
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