Global Energy Metals JV Partner Kingsrose Mining Reports Diamond Drilling Confirms Presence of High-Grade Massive Sulphide Mineralisation

Highlights

• 2.5 metres at 1.00 % Ni, 0.14% Cu and 0.08 % Co from 172.91 metres (Hole 23BRU001), including 1.0 metre at 1.94 % Ni, 0.18% Cu and 0.18 % Co from 173.91 metres.

  • This intercept is located 20 metres southwest and along strike from an historical massive sulphide drill intercept, located 70 metres south of the inferred position of historical underground workings.

• 50.0 metres at 0.43 % Ni, 0.10% Cu and 0.02 % Co from 470.6 metres (Hole 23BRU003).

  • This intercept is located 20 metres down dip from broad zones of mineralisation identified in historical drilling and underground mining, which is open and undrilled to the west and down dip.

• Drillhole 23BRU002 was abandoned at 245.9 metres and before reaching the intended target due to excessive deviation.

*All intercepts are reported as down hole lengths and not true thicknesses.

Mitchell Smith, CEO and Director commented:

"We are pleased to report results from initial diamond drill work, including the interception of massive sulphide nickel-copper-cobalt mineralisation at Bruvann, one of the key targets of the exploration program at the Råna Project in Norway.

Drilling results confirm that mineralisation at Bruvann remains open along strike from existing mine infrastructure with encouraging high grade nickel sulphides with substantial widths of mineralisation.

We look forward to updating shareholders on further diamond drilling being conducted and funded by Kingsrose at the project as they continue to test a number of targets identified by the recent geophysical and geological studies."

Discussion of Results

For further details regarding the Råna Project and the analytical results for the first two holes totalling 776 metres of the planned 5,000 metres drill program, including significant results from these holes along with images and maps, please refer to Kingsrose's September 4, 2023 ASX announcement on their website https://www.kingsrose.com/documents/2023.09.04_KRM-Reports-Drill-Intercepts-at-Bruvann-Rana-Nickel-Project.pdf.

Results are discussed below, where both holes were designed to test along strike from known mineralisation whilst also providing stations to conduct downhole EM surveys. These holes were drilled prior to completion of the ground based geophysical surveys and were based on geological interpretation from existing mapping and historical drill data. The results will be used to further inform the geophysical data interpretations and generation of follow up drill targets.

Hole 23BRU001

Drill hole 23BRU001 was designed to test an area 20 metres southwest and along strike from a high-grade mineralised zone identified from a review of historical drill data, adjacent to underground mine infrastructure where there is no recorded historical mining activity. The hole intercepted disseminated pyrrhotite-chalcopyrite mineralisation hosted in norite from 162.4 metres, with a one-metre thick cross-cutting vein type massive sulphide zone within a raft of gneiss wall rock from 173.9 metres. Vein hosted massive sulphide mineralisation comprises pyrrhotite, pentlandite, chalcopyrite and a rare silver coloured, metallic mineral tentatively identified as skutterudite (nickel, cobalt and arsenic bearing sulphide).

The mineralised zone intercepted in 23BRU001 remains open to the east, west and down dip, and a downhole electromagnetic survey of the hole identified a strong off-hole conductor along strike to the west.

Hole 23BRU003

Drill hole 23BRU003 was designed to test an area along strike and down plunge from mineralisation identified from a review of historical drill data at the western extent of the Bruvann Mine. The hole intercepted disseminated, blebby and net-textured pyrrhotite-chalcopyrite mineralisation from 470.6 metres. This mineralisation is hosted within peridotite and is located where expected based on the geological interpretation and provides an important vector for future drill planning. The mineralised zone is cross-cut by rare, millimetre scale sulphide veinlets composed of pyrrhotite and pentlandite.

A combination of ground-based EM and downhole EM data from this hole identified an off-hole, mid-time anomaly over 200 metres to the west and along strike from the mineralised zone intercepted in 23BRU003.

Kingsrose Mining Limited

Kingsrose is a leading sustainability-conscious and technically proficient mineral exploration company listed on the ASX. The Company has a discovery-focused strategy, targeting the acquisition and exploration of critical mineral deposits having Tier-1 potential, that has resulted in the acquisition of, or joint venture into, the Råna nickel-copper-cobalt, Penikat PGE and Porsanger PGE-nickel-copper projects in Finland and Norway. Additionally, Kingsrose has been selected for the first cohort of the BHP Xplor exploration accelerator program which commenced in January 2023.

Qualified Person
Mr. Paul Sarjeant, P. Geo., a Director and shareholder is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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