Kuniko Limited Reveals High-Grade Copper-Zinc Assay Results from Vågå Project
KNI (KNI) Share Update September 2024 Wednesday 18th
Kuniko Limited Announces Promising Copper-Zinc Assay Results from Vågå Project
Kuniko Limited (ASX: KNI) has announced promising initial assay results from its Vågå Project in Trøndelag, Norway, highlighting significant potential for high-grade copper and zinc mineralization.
Instant Summary:
- Field mapping and sampling in seven localities at Vågå Project returned high-grade copper and zinc assays.
- Tesskrokan target identified with substantial size potential and outcropping mineralization grading up to 3.03% Cu.
- Rustgruve samples revealed grades of up to 5.53% Cu and 8.59% Zn.
- Next steps include magnetic and EM surveying to define high-confidence drill targets.
Field Mapping and Sampling Campaign
Kuniko Limited conducted a field mapping and sampling campaign in August 2024 at its Vågå Project in Trøndelag, Norway. The campaign covered seven greenfield and brownfield localities, returning several high-grade copper and zinc assays. These results indicate significant exploration potential for the project.
Tesskrokan Target
One of the key highlights of the campaign was the identification of a promising hydrothermal alteration system at Tesskrokan, characteristic of Volcanogenic Massive Sulphide (VMS) deposits. The system shows substantial size potential with outcropping mineralization grading up to 3.03% Cu. The target extends across an approximate 1.5 km strike length, based on regional aeromagnetics.
Intense hydrothermal alteration at the western end of the Tesskrokan system forms a highly prospective target for VMS-style mineralization.
Rustgruve and Åsoren Mines
Samples from Rustgruve, one of Norway's oldest mines, revealed significant grades of up to 5.53% Cu and 8.59% Zn, confirming the fertile mineralization potential of the Vågå VMS deposits. Reconnaissance around the Åsoren Mine uncovered previously unknown historic mine workings to the north, suggesting the presence of several mineralized horizons within the ophiolite sequence that are open along strike.
Next Steps in Exploration
The next steps for exploration work at Vågå will prioritize further work on the Tesskrokan target. This includes a magnetic and EM surveying program to define high-confidence drill targets along the prospective horizon.
The announcement of high-grade copper and zinc assay results is likely to positively impact Kuniko Limited's stock price as it demonstrates the potential for significant mineral deposits at the Vågå Project. The identification of promising targets like Tesskrokan and Rustgruve enhances the project's attractiveness to investors.
Investor Reaction:
Analysts are expected to react positively to the news, given the high-grade assay results and the substantial exploration potential indicated by the fieldwork. The commitment to further exploration and the identification of high-confidence drill targets are likely to bolster investor confidence.
Conclusion:
Investors should keep an eye on Kuniko Limited's ongoing exploration activities at the Vågå Project. The promising assay results and the planned next steps in exploration could lead to significant discoveries, making it a potentially lucrative investment opportunity. Stay tuned for further updates from Kuniko Limited.