Resource Mining Corporation Limited (ASX:RMI) has received highly encouraging lithium and base metal assay results from field survey work undertaken to complete the due diligence program for the acquisition of the three Finland projects.
In addition, the company has executed a Share Swap Agreement (SSA) to acquire all the issued shares in Element92 Pte Ltd, which via Finland domiciled subsidiary, Element92 Suomi Oy, holds the exploration reservations for the three Finland projects.
“We are extremely pleased with the results from this initial field work undertaken as part of our due diligence and now that we have executed the Share Swap Agreement, we look forward to the next phases of exploration,” Executive Chairman, Asimwe Kabunga, said.
“We believe the three projects have shown there is the potential to discover economic resources of lithium and base metals, and we are working on the conversion of the reservation permits to exploration licences so we can commence drilling and other exploration activities across the projects.”
Due diligence field work
Following a desk review of the projects, Ruossakero Nickel Project in Northern Finland, Kola Lithium Project in Central Finland and Hirvikallio Lithium Project in Southern Finland by consultancy Skapto Consulting, field surveys were completed with 179 samples collected and forwarded for analysis to ALS Finland Oy.
Highlights of this work included:
• Kola project: High-grade lithium (Li) samples collected in areas throughout the project area (up to 2.4% Li2O), with glacial movement modelling indicating a large area of potential pegmatite source area within the central portion of the reservation, aligned with the known Keliber resources.
• Hirvikallio project: In situ rock chip samples returned assays of 3.9% Li2O, replicating extraordinary Li grade noted within historic drilling at Hirvikallio with numerous other pegmatites within the reservation containing anomalous Li values (up to 0.9% Li2O), higher than those recorded during previous exploration works.
• Ruossakero project: A series of anomalous Ni – Cu grades were recorded from grab samples taken within a small portion of this reservation, identifying significant areas of similar geology to the known Ruossakero Ni occurrence.
Field work has confirmed that all three projects provide significant opportunity for the location and potential resource development of numerous Lithium and Base Metal deposits. More detail on each project is provided below.
The projects are currently covered by two-year “exploration reservations”, valid to May 2024. These reservations allow completion of initial, non-invasive prospecting work, including mapping, outcrop sampling, soil sampling, and geophysics. The company has commenced the process for conversion of the three exploration reservations to exploration licences which will allow normal ground disturbing exploration activities such as drilling, pitting, or trenching upon conversion into exploration licences.
For further information please visit: https://resmin.com.au/
