Kuniko Ltd (ASX:KNI) has received record assay results with the strongest Cobalt grades at the Middagshvile Target at the Skuterud Cobalt Project in Norway.
Drill hole assays from hole KNI_MDV011 at the Middagshvile target have yielded significantly elevated cobalt grades in a newly discovered shallow and broad high-grade mineralized zone of 6.2m @0.43% Cobalt from 25.2m downhole.
Highlights
Significant results in the zone reveal it consists of two mineralized zones, separated by only 2.2m:
o 3.0m @0.52% Co from 25.2m; and
o 1.0m @1.08% Co from 30.4m.
▪ Assay results represent record high cobalt grades encountered to date at the Skuterud Cobalt Project, both in terms of broader intervals and individual assays.
▪ The drilling programme has demonstrated the remarkable potential of this new near-surface target zone which has so far been intersected by four drill holes with assays still pending for 3.
▪ The new high-grade shallow zone is currently unconstrained both along strike and at depth.
▪ A deeper mineralized interval is also identified with 2.3m @0.07% Co and 0.33% Cu from 207.5m downhole.
▪ Previous drilling at the Middagshvile target intersected cobalt mineralization in eight of eight drill holes resulting in intercepts ranging from 2.0m to 11.1m and grades ranging from 0.07% to 0.10%, including an interval of 1.0m @0.34% Co.
“The drill core from hole drill hole KNI_MDV011 was immediately visually exciting with the clear sparkling cobalt minerals seen in thick bands,” CEO, Antony Beckmand, said.
“Also very significant was the new and near surface zone of cobalt mineralization being identified, adding to the deeper zone of cobalt and copper mineralization which was speared in the maiden drilling programme last year.
“The extraordinary high-grade results at a shallow depth are a potential game-changer, illustrating the Skuterud Cobalt Project has not yet revealed all its secrets and the area remains very prospective for new discoveries of cobalt minerals.
“Cobalt continues to be listed as a critical raw material for the European Union, while in March 2023, the European Commission announced Critical Raw Materials: ensuring secure and sustainable supply chains for EU’s green and digital future. The announcement adopted into regulation clear benchmarks for European domestic capacities along the strategic raw material supply chain and to diversify EU supply by 2030.
“These benchmarks include at least 10% of EU raw material consumption is to be extracted from the EU’s own extraction capacity, while limiting reliance on any single third country to a maximum of 65% of the EU’s annual consumption of each strategic raw material. These regulations represent a clear call to action for securing and diversifying supply chains of critical raw materials, while fundamentally promoting European domestic sources of supply.
“With the world’s supply of cobalt dominated by the DRC, Europe now demands alternative, domestic, and ethically sourced critical raw materials. These policies are and will fuel European battery manufacturers and electric vehicle OEMs to respond by competing for security of critical raw materials for their supply chains.
“Against this backdrop, the emerging potential of the Skuterud Cobalt Project, along with the nearby the Ertelien Nickel Project, which has high grade nickel and reputable cobalt grades, puts Kuniko in a front running position for the development of its projects aiming to become a supplier of critical battery minerals into Europe.”
For further information please visit: https://kuniko.eu/
