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- Kingsrose Mining (KRM) has released an exploration target for its Penikar PGE-nickel-copper project in Finland
- The exploration target sits between 21 and 32 million tonnes at four to 7.4 g/t 6E (platinum, palladium, rhodium, iridium, ruthenium and gold) for 2.8 to 7.7 million ounces 6E
- This reportedly ranks Penikat as one of the highest grade PGE exploration projects globally
- Kingsrose is currently working towards the grant of relevant exploration licences and permits to conduct a major diamond drilling program as soon as the permitting process is complete
- Shares in KRM are trading steady at 5.9 cents as of 12:57 pm AEST
Kingsrose Mining (KRM) has released the results of its exploration target for its Penikat platinum group element (PGE)-nickel-copper project in Finland.
The exploration target is between 21 and 32 million tonnes at four to 7.4 grams per tonne (g/t) 6E (platinum, palladium, rhodium, iridium, ruthenium and gold), for 2.8 to 7.7 million ounces 6E.
Kingsrose stated the potential quantity and grade of the PGE mineralisation at Penikat is conceptual in nature and there has been insufficient exploration to estimate a mineral resource.
However, the exploration target ranks Penikat as one of the highest grade PGE exploration projects in the world.
Managing Director Fabian Baker said it is the company’s vision to develop Penikat as a low impact, highly sustainable underground operation, and there is a clear plan to advance the project.
“We have the opportunity to define a large and high-grade deposit that could deliver a domestic supply of critical metals in-line with the goals of the EU Action Plan on critical raw materials.
“The continuous nature of mineralisation and widespread historical drilling data at Penikat gives us the confidence in the potential to define mineral resources within the bounds of and possibly exceeding that indicated by this exploration target.”
Mineralisation occured from surface and estimation of the exploration target was limited to 500 metres depth, however regional seismic data and geological interpretations suggest potential to at least a one-kilometre depth.
Further, the high palladium and rhodium content suggest a high 6E basket price at current spot prices.
The exploration target was prepared by Head of Department Mineral Resources Jeremy Whitley who has 33 years of experience in mineral resource estimation and mine geology.
Kingsrose is working towards being granted relevant exploration licences and permits to conduct diamond drilling at the project.
An initial program of 15,000 to 20,000 metres is planned to commence in December 2023, as soon as the permitting process is complete.
Shares in KRM were trading steady at 5.9 cents as of 12:57 pm AEST.
