The Conversation (0)
Nordic Nickel Limited’s (“Nordic Nickel” or “the Company”) (ASX: NNL) flagship 100%-owned Pulju Nickel Project is located in the Central Lapland Greenstone Belt (CLGB), 50km north of Kittilä in Finland, with access to world-class infrastructure, grid power, a national highway, international airport and, importantly, Europe’s only two nickel smelters.
HIGHLIGHTS
- Final assay results from 2023 drilling campaign returned additional extensive zones of disseminated nickel sulphides containing numerous higher-grade zones, with significant results including:
- HOT016 – strongest nickel mineralisation reported to date at Hotinvaara:
- 91.7m @ 0.22% Ni from 1.6m;
- 164.15m @ 0.20% Ni from 216m; and
- 26.4m @ 0.59% Ni from 412.6m
- 41.1m @ 0.25% Ni from 296.9m (incl. 0.45m @ 2.4% Ni, 0.11% Co) and 100m @ 0.21% Ni from 353m (incl. 0.55m @ 1.17% Ni, 0.05% Co) (HOT026)
- 184m @ 0.21% Ni from 34m (HOT018)
- 195m @ 0.21% Ni from 10m and 107.9m @ 0.17% Ni from 330m (HOT021)
- 141.75m @ 0.22% Ni from 35.85m (incl. 2m @ 0.80% Ni, 0.04% Co) (HOT023)
- 125.7m @ 0.19% Ni from 152.3m and 54.25m @ 0.22% Ni from 319.55m (incl.
- 5.8m @ 0.57% Ni) (HOT028)
- 99.1m @ 0.22% Ni from 4.7m (HOT027).
- HOT016 – strongest nickel mineralisation reported to date at Hotinvaara:
- Results confirm significant mineralisation outside the current Mineral Resource Estimate (“MRE”), with an updated MRE due in Q1 2024.
- Successful share placement completed, raising $2.05M to advance ongoing exploration and project development activities.
- Highly prospective Holtinvaara Exploration Licence (EL) at the Pulju Project granted without objection. The EL lies 5km NE of the Hotinvaara EL.
- Finland operational team strengthened with appointment of Vern Langdale as Country Manager and Pekka Tuomela as Sustainability & ESG Manager.
- Cash of $2.9m as of 31 December 2023.
PULJU NICKEL PROJECT
The known nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks with high-grade, massive sulphide lenses and veins enveloped by very large, lower grade disseminated nickel sulphide near-surface. The disseminated nickel at Pulju is widespread and indicates the presence of a vast nickel-rich system, as indicated by the near-surface maiden JORC (2012) Mineral Resource Estimate (MRE) for the Hotinvaara deposit of 133.6Mt @ 0.21% Ni, 0.01% Co1 and the drill assay results from the maiden drilling campaign.
During the December 2023 Quarter, final results were received from the Company’s 2023 diamond drilling program at Hotinvaara, which was designed to:
- Evaluate the scale of the broader, district-scale disseminated nickel system;
- Target extensions of the near-surface mineralisation for an updated MRE; and
- Test multiple EM conductors for potential accumulations of high-grade massive sulphides.
Pulju is located 195km from Boliden’s Kevitsa Ni-Cu-Au-PGE mine and 9.5Mtpa processing plant in Sodankylä, Finland. Kevitsa provides feed for the 19ktpa Harjavalta smelter, which is located approximately 950km to the south and processes concentrate from Kevitsa’s low-grade disseminated nickel sulphide ore (Mineral Resource Estimate Ni grade ~0.21%). Europe’s only other smelter is Terrafame’s 37ktpa Sotkamo smelter, located 560km south-east of Pulju.
Figure 1: Location of Pulju Nickel Project and Europe’s entire nickel smelting and refining capacity.
Management Comment
Commenting on the December Quarterly, Nordic Nickel Managing Director, Todd Ross, said: “The final quarter of 2023 delivered positive progress for Nordic Nickel on a number of fronts, with final assays from our maiden drilling program at the flagship Pulju Nickel Project in Finland confirming outstanding potential to significantly grow the Hotinvaara Mineral Resource.
“We are currently finalising the updated Mineral Resource Estimate, which is expected to be announced later this quarter.
“Results announced during the December Quarter included some of the best drilling results from Pulju to date, with hole 16 returning 26.4m @ 0.59% Ni from outside the existing Resource area. Together with our technical consultants, we are analysing this and other holes to determine vectors to potential accumulations of higher grade mineralisation which could prove to be a game-changer for the Pulju Project.
“In parallel with the completion of the updated Resource, the Nordic Nickel team is also well advanced with planning our 2024 exploration campaign, which will kick-off later in the March Quarter, once we have completed a detailed evaluation of all the data from the 2023 program.
“Based on our 2023 drilling results, we are currently finalising a detailed structural model of the mineralisation at Pulju, which will assist with targeting our next round of drilling with the aim of delivering a major breakthrough discovery in this exciting nickel district.
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.
NNL:AU
Nordic Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
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.
Exploring district-scale nickel asset in Finland to support growing demand
Nordic Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects