Kingsrose cracks open another zone of Norwegian nickel

Kingsrose intercepts broad intervals of mineralisation showing high nickel tenor
Company says prospectivity is clear for polymetallic sulphide mineralisation
KRM is weighing up further discovery potential against current nickel conditions

Special Report: Kingsrose has struck another zone of new nickel-copper and a discovery to add to its Norwegian Råna project.

The Kingsrose Mining (ASX:KRM) campaign testing a prior-undrilled zone of outcropping massive sulphide has intercepted broad intervals of mineralisation demonstrating high nickel tenors up to 1.6% nickel 0.2% copper and 0.15% cobalt.

Two of the three holes into the Rånbogen prospect struck the disseminated to net-textured sulphide mineralisation, with one intercepting two zones of mineralisation.

The holes came 600m northwest of a massive sulphide zone intercepted last year, and exploration has continued to demonstrate mineralising processes occurring in multiple stacked zones throughout the 10km diameter Råna intrusion.

“The 2024 drilling program has again discovered a new zone of broad near-surface mineralisation associated with a large-scale conductive geophysical anomaly,” Kingsrose head of exploration Andrew Tunningley said.

“Coupled with the reconnaissance program results announced September 16, 2024, it remains clear that Råna is prospective for polymetallic base metal sulphide mineralisation within a large-scale intrusive system.

“And we consider this project to remain underexplored.”

Reported drill holes, geology, MT conductive anomalies, modelled EM plates and rock chips at project’s Rånbogen prospect, with latest holes labelled in bold. Pic: KRM

European nickel

While Kingsrose believes its work so far has pointed towards a large and fertile space for discovery at Råna, the current nickel market will limit its plans for exploration in 2025.

The glut of Indonesian supply has taken some incentive out of nickel, but there remains scepticism other industries are dead, and European companies face a quandary over their green credentials or a cheap, but environmentally dubious source.

A European Critical Raw Materials Act looking to ensure the EU’s sustainable supply and import dependency is another cause for optimism.

Norway has held the crown of world’s biggest nickel producer before, with Råna itself past producing both nickel and olivine from 1989 to 2001.

Fellow Australian Kuniko (ASX:KNI) at least looks to be forging ahead on its Norwegian nickel ambitions with a new resource and belief there’s a spot in the European supply chain to be claimed.

Kingsrose has other assets in Norway and over the border in Finland but will have some thinking to do about how best to advance Råna in current nickel conditions against its promise of discovery.

This article was developed in collaboration with Kingsrose Mining, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.