Kuniko Limited - Quarterly Report – June 2023
27.07.2023 – Kuniko Limited (“Kuniko” or “the Company”) presents its Quarterly Report for the period ending 30 June 2023.
Highlights:
- Stellantis Equity Investment Offtake Term Sheet: Stellantis, a world leading automaker, invests €5 million (A$7.8 million) in Kuniko, acquiring a 19.99% shareholding and securing a 35% future production offtake of nickel and cobalt sulphate from Kuniko's Norwegian projects for nine years.
- Norwegian Government's Fast Track Mining Initiative: Launch of fast-track initiative for critical minerals mining permits enhances security and sustainability, strengthening cooperation with the EU while reducing reliance on non-European supply chains.
- Cobalt Discoveries: Skuterud drill core assays confirm robust cobalt mineralisation at the Middagshvile target, with an exceptional high-grade cobalt discovery near the surface (including an impressive intercept of 6.2 meters @ 0.43% Co from 25.2 m with 1.0 meter @ 1.08% Co from 30.4 m). These findings emphasise the significance of the new mineralised horizon. The observed continuity of mineralisation extends the Middagshvile mineralised horizon along strike for approximately 550 meters, with potential still open along strike and at depth, enhancing overall license prospectivity.
- Nickel Exploration: Maiden diamond drilling program at the Ertelien Nickel Project delivers significant intersections, including 25.1m @ 1.14% Ni, 1.20% Cu, 0.07% Co, and 0.165 g/t Au. Downhole geophysics planned to target continuation of mineralisation using historical drillholes.
- Copper Prospects:
Undal-Nyberget: Initial assays show consistency with logging observations revealing potential for additional mineral styles. Loupe EM surveys successfully delineate new high priority conductor targets along strike of the Nyberget mine with upcoming surveys targeting other highly prospective responses. Vågå Project: Assay results from Åsoren mine samples demonstrate highly encouraging grades of high-grade zinc, copper, and cobalt mineralisation. Fløttum and Gullvåg Projects: Historical data and initial reconnaissance samples suggest significant high-grade copper and zinc potential.
- Exploration:
James Bay: Initial reconnaissance fieldwork completed at Fraser and Mia North projects with assay results pending. Nemaska South exploration planned for completion during August. Sweden: Kuniko engaged McKnight Resources AB for early-stage exploration, completing initial reconnaissance fieldwork on possible lithium- bearing outcrops and pegmatite bodies.
Antony Beckmand, CEO, commented:
“Achievements during the quarter demonstrated significant progress, exciting discoveries and excellent results coming from our exploration projects. The results from the second drilling campaign at the Skuterud project have been highly encouraging, particularly with the discovery of a new high-grade cobalt zone near the surface which reinforces our confidence in the potential of the Middagshvile target. Moreover, our nickel project continues to show promise, with high-grade assay results showcasing the prospectivity of Ertelien and fuelling our optimism for future developments. Similarly, recent exploration work at our copper projects is demonstrating signs of prospectivity with new targets identified, making us optimistic for unlocking upside potential.
Furthermore, the strategic investment from Stellantis, a leading automaker, underscores confidence in our vision and supports the development of our Norwegian battery metals projects. Additionally, the Norwegian government's fast track mining initiative for critical minerals demonstrates a strong commitment to sustainability and paves the way for potential benefits as our projects advance through various stages of development.
Our team's dedication and expertise continue to drive us forward, and we will strive to capitalise on these recent positive developments as we strive to become a key player in the European battery metals sector.”
Highlights
- Developing Copper, Nickel, Cobalt, Lithium and other battery metals projects
- Ethical Sourcing ensured.
- 100% commitment to target a net ZERO CARBON footprint.
- Operations in Norway, where 98% of electricity comes from RENEWABLE sources.
Corporate Directory
Kuniko Limited
ACN 619 314 055
Chief Executive Officer
Antony Beckmand
Chairman
Gavin Rezos
Non-Executive Director
Brendan Borg
Non-Executive Director
Maja McGuire
Non-Executive Director
Birgit Liodden
Company Secretaries
Joel Ives, Marshall Lee
Website: www.kuniko.eu
E-Mail: info@kuniko.eu
Twitter: @KunikoLtd
LinkedIn: KunikoLimited
Facebook: Kuniko-limited
Address:
Level 28, AMP Tower, 140 St Georges Terrace
Perth WA 6000
Tel: +61 8 6364 5095
Link to the complete original press release: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02690524-6A1160099?access_token=83ff96335c2d45a094df02a206a39ff4