KUNIKO LIMITED (ASX: KNI)
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Assay results show high-grade cobalt mineralization in both shallow and deeper targets at Skuterud's Middagshvile. Extended strike length confirms continuity of mineralization and potential for higher-grade zones. Field reconnaissance activities support understanding of the main Fahlband zone's characteristics and offer exploration upside for discovering new cobalt mineralization.
Kuniko Limited has settled a strategic investment of A$7.8m (€5m) through a subscription agreement with Stellantis N.V. Kuniko focuses on copper, nickel, and cobalt projects in Scandinavia, with interests in lithium prospects in Canada. The company has key assets in Norway and Canada, including cobalt and battery metals projects.
Stellantis, a leading automaker, has established a strategic partnership with Kuniko through a €5 million investment. This makes Stellantis a major shareholder with a 19.99% stake, aiding the growth of the European battery metals sector. The parties have agreed on an offtake term sheet, where Stellantis secures a 35% future production offtake of nickel sulphate and cobalt sulphate from Kuniko's Norwegian projects for a period of 9 years. The funds from the equity investment will be used to progress Kuniko's battery metals exploration projects in Norway. This will facilitate Kuniko's further growth in other top-tier jurisdictions.
Norwegian Government launches Fast Track Mining Initiative for Critical Minerals to enhance security, sustainability, and reduce reliance on non-European supply chains. Strategy includes expedited extraction, geophysical mapping, environmental considerations, and a potential Norwegian state mineral fund for investment. Initiative aligns with and supports the European Commission's Critical Raw Materials Act and aims to strengthen cooperation with the EU and European countries.
Kuniko completes first stage exploration at Fraser and Mia North projects in James Bay, Quebec, Canada. Company expresses support for Canadian wildfire relief efforts and gratitude to first responders. First phase of exploration on Nemaska South to commence in August, second stage at Fraser and Mia North pending assay results.
New shallow mineralized cobalt zone discovered at Middagshvile site with record-breaking grades and significant mineralization. Assay results from drilling program confirm continuation of cobalt mineralization and potential high-grade "payshoot" in deeper zone. Further exploration in Middagshvile area during Q2-Q3 field season will focus on identifying structural and lithological controls on high-grade payshoots.
Kuniko commences field exploration activities at three promising lithium projects in the globally desirable and rapidly emerging lithium district of James Bay, Quebec, Canada. The projects consist of the Fraser, Mia North, and Nemaska South Lithium Projects, all situated within a prolific lithium-rich region known for its potential to host significant mineral resources. A two-stage exploration program is now underway, with reputable Canadian exploration services provider, Axiom Exploration Group Ltd., undertaking field exploration activities across Kuniko's projects.
All four drillholes from the maiden drilling campaign at the Ertelien Ni-Cu-Co Project confirmed the presence of Nickel, Copper, and Cobalt mineralization. Drillhole KNI_ER001 had a significant intercept of 25.1 m @ 1.14% Ni, 1.20% Cu, 0.07% Co, and 0.25 g/t 3E from 281.5 m downhole, while the remaining three drillholes also yielded significant results. High-grade results were reported from this project, as well as high-grade cobalt results from a second drill program at Kuniko's nearby Skuterud Cobalt Project in Norway.
Assay results from drilling at the Middagshvile target display elevated cobalt grades in a newly discovered shallow and broad high-grade mineralized zone. Record high cobalt grades encountered at Skuterud Cobalt Project, with remarkable potential for the new near-surface target zone. Assays are pending for remaining drill holes, and additional results are due in May '23, showcasing the prospectivity of the Skuterud license area for undiscovered mineralization zones.
Drilling at Undal-Nyberget Copper Project intersects sulphide mineralisation within two zones - West (210 m) and Middle (128 m) strike lengths. 8 holes were drilled, testing three geophysical conductor targets; West and Middle targets correlate well with distinct sulphide mineralisation styles. CEO Antony Beckmand states that the initial drilling results demonstrate the success of their exploration strategy, and the company awaits further assay results.
Ertelien Nickel Project's maiden drill program yields high-grade assay results for Nickel, Copper, and Cobalt, 25.1 m interval @ 1.14% Ni, 1.20% Cu, and 0.07% Co. Significant by-product platinum group element and gold mineralization associated with nickel-cobalt and copper enriched zones, with individual assays reporting up to 0.75 g/t Au, 0.28 g/t Pt, and 0.16 g/t Pd. Planned activities to progress towards a maiden JORC resources estimate include downhole geophysics, relogging and assaying historical drill core, additional drilling, and updating geological models and resource modeling.
Drilling ongoing at Skuterud Cobalt Project with 6 holes completed for over 1700 meters New shallow cobalt-mineralized horizon intersected in four drill holes, potential for high concentrations of cobalt minerals Drilling has defined a geologically coherent system extending for around 520 metres, two additional drill holes planned for further extension
Kuniko's successful completion of maiden diamond drill programme at Ertelien Nickel Project Drilling underway at Undal-Nyberget Copper Project, with up to 11 holes planned Continued progress at Skuterud Cobalt Project, with 5 drillholes complete and a 6th in progress
Three lithium projects acquired in James Bay, Quebec, Canada Geology offers potential for large-scale lithium discoveries Exploration to commence in Q2’23 with a focus on prospecting, mapping, and pegmatite sampling
Multiple mineralised intercepts with massive sulphides observed in maiden and additional drill holes. Massive and disseminated sulphide mineralisation observed in Kuniko's twin hole and drill hole. Drill core from first Ertelien drill hole logged, sampled and dispatched for assay analysis, targeting first assay results within Mar.’23.
Significant mineralised intervals in diamond drill core with greater than 90% massive sulphides. Assay results confirm high grade Nickel-Copper-Cobalt mineralisation from historical drill core at Ertelien and nearby Langedalen Prospect. Intercepts include 28.1 metres @ 1.34% Nickel, 1.19% Copper, 0.07% Cobalt and 0.14 g/t Gold from 280.5 m (ER2006 -06B) and 1.9 metres @ 0.64% Nickel, 0.16% Copper and 3.81 g/t Gold, including 0.94 metres @ 1.14% Nickel, 0.19% Copper, 0.0.
Kuniko has launched diamond drilling programmes spanning its three highest priority projects in Norway for Copper, Nickel and Cobalt. The drilling programme at the Ertelien Nickel Project commences today, as planned on schedule. This campaign is focussed on verifying key historical drill intercepts close to the Ertelien Nickel Mine. This phase of planned drilling at Skuterud will consist of 2,500 metres spread across approximately ten diamond drillholes, designed to test the continuity of the mineralisation.