Kuniko Limited - Positive Assay Results from Ertelien Project - 24 September 2024
KNI (KNI) Share Update September 2024 Monday 23rd
Kuniko Limited Announces Positive Assay Results from Ertelien Drilling
Kuniko Limited (ASX: KNI) has announced encouraging assay results from its recent drilling program at the Ertelien Nickel-Copper-Cobalt Project in Norway, highlighting significant growth potential for the current Mineral Resource Estimate (MRE).
Instant Summary:
- 1,200 meters of disseminated sulphide mineralization identified.
- High-grade intersections include 0.47% NiEq over 6.3 meters.
- Shallow mineralization of 0.22% NiEq over 48.5 meters.
- High copper grades up to 1.52% Cu.
- Update to the Ertelien MRE expected early Q4 2024.
Assay Results and Drilling Program
Kuniko Limited has received new assay results from its 3,794-meter drilling program at the Ertelien Nickel-Copper-Cobalt Project. The results indicate both high-grade and extensive disseminated sulphide mineralization, which could significantly expand the current Mineral Resource Estimate (MRE).
Key assay highlights include shallow mineralization from drillhole KNI_ER007 with 0.22% NiEq over 48.5 meters, including high-grade zones of 0.87% NiEq and 1.81% NiEq. High-grade mineralization was also found in drillholes KNI_ER011 and KNI_ER012, with intersections of 0.47% NiEq over 6.3 meters and 0.49% NiEq over 2.7 meters, respectively.
Drillhole KNI_ER008b demonstrated an extensive interval of 301.2 meters at an average grade of 0.16% NiEq, starting from 102.2 meters downhole. Historic re-sampling also revealed significant intercepts, including 80.6 meters at 0.18% NiEq and 40.9 meters at 0.18% NiEq from drillholes ER2006-18 and ER2006-23.
Geological Insights
The mineralization style at Ertelien shares similarities with the world-class Voisey's Bay Ni-Cu deposits, characterized by massive and semi-massive sulphide veins near the gabbro-gneiss contact. Disseminated mineralization is found at shallower depths, with increasing sulphide abundance downhole.
Kuniko's channel sampling campaign in 2024 further confirmed additional disseminated mineralization potential, enhancing the resource model for the upcoming MRE update.
Future Prospects
An update to the Ertelien MRE is in progress and is anticipated to be completed early in Q4 2024. Kuniko's CEO, Antony Beckmand, expressed confidence in the project's potential, aligning with the company's strategy to expand known resources.
The positive assay results from Ertelien are likely to boost investor confidence in Kuniko Limited. The identification of high-grade and extensive disseminated sulphide mineralization suggests significant growth potential for the current MRE. This could positively impact Kuniko's stock price as investors anticipate an increase in resource estimates and future production capabilities.
Investor Reaction:
Analysts are expected to react positively to the assay results, noting the potential for resource expansion and the high-grade intersections. The project's similarities to Voisey's Bay deposits add further credibility to its potential. However, investors will be keenly awaiting the final MRE update in Q4 2024 for a more comprehensive assessment.
Conclusion:
Investors should keep an eye on Kuniko Limited's upcoming MRE update and consider the long-term growth potential of the Ertelien project. The company's commitment to ethical sourcing and a net zero carbon footprint further enhances its appeal in the growing battery metals market.