TIDMKEN
RNS Number : 5166U
Kendrick Resources PLC
29 March 2023
29 March 2023
Kendrick Resources Plc
("Kendrick" or the "Company")
Airijoki Project Soil Geochemical Characterisation - Additional
Targets
Kendrick Resources Plc (LSE: KEN), a mineral exploration and
development company with vanadium, nickel and copper projects in
Scandinavia is pleased to provide shareholders with an update on a
geochemical characterisation and targeting study recently completed
on soil samples collected over its northern Airijoki licenses in
Sweden.
An Ionic Leach soil sampling programme was completed late last
year to cover licence numbers 100 -104 to test for other metals in
this vanadium-rich environment, the analysis of which has now been
received and reviewed by the Company. Historic wide-spaced soil
geochemistry had indicated the presence of copper mineralisation
and the most recent study has highlighted the prospectivity of the
Airijoki Project with the addition of copper-nickel- cobalt - gold
- palladium anomalies and targets over and above the existing
vanadium mineral resource and potential vanadium extensions.
Highlights
-- Four new exploration targets identified outside the main Vanadium trend.
-- New targets are anomalous for copper, nickel, cobalt, gold,
and palladium and are coincident with underlying airborne
geophysical anomalism.
-- Two of the copper, Nickel, cobalt, gold, palladium targets
have been prioritised for immediate follow-up once weather
permits.
-- Two targets have estimated minimum strike lengths of approximately 2km and 1km.
-- The Airijoki licences remain highly prospective for vanadium.
Chairman of Kendrick Resources Colin Bird said "The discovery of
other targets for copper, gold, nickel, cobalt, and palladium
within the suite of Airijoki licences is very encouraging
particularly as the Project remains highly prospective for
vanadium. Geophysics has proven successful at defining economic
grades of vanadium mineralisation as evidenced by the 40Mt of
Mineral Resource reported to date and, we have a number of
kilometres of additional geophysical targets that will be drilled
later this Year. The potential for the discovery of other metals
raises the profile of the Airijoki project and offers scope for the
future recovery of valuable by-products to complement vanadium
production. We look forward to providing further updates and
notifying shareholders of the commencement of drilling".
Background to Geochemical Survey
A geochemical soil sampling programme was initiated on the back
of an observation that in the assays from the drilling of the
vanadium resource at Airijoki, a number of other metals at elevated
concentrations were observed to occur at random in the drill core
and hence the need to explore the wider Airijoki area for other
potential mineral occurrences.
A geochemical sampling programme was carried out on four of
Airijoki licenses in 2022 (license numbers 100, 101, 102 and 103),
as a direct follow up and southern extension to the soil and rock
sampling carried out in October 2021 on the Airijoki license number
200.
The geochemical soil sampling programme was carried out with
profile lines roughly orientated northwest-southeast with a nominal
profile spacing of 250 metres for the 100 licence, which covers the
existing Vanadium JORC resource at Airijoki and 400m profile line
spacing for the other licenses, which are at an earlier stage of
exploration.
A total of 523 samples were collected in 2022 and with the 128
samples collected in 2021 a total of 651 soil samples were analysed
at ALS Pitea using their ionic leach method that is designed to
enhance the most subtle labile geochemical anomalies for a wide
range of commodities.
A geochemical characterisation and targeting study on these
assayed samples identified six different elemental assemblages that
were considered as being anomalous. Of the six assemblages, two
were considered to be false anomalies that did not conform to known
geological/geophysical features.
Figure: Airijoki Licences with Ionic Leach soil sampling results
indicating Cu-Ni-Co and Au-pd anomalies and targets.
The known vanadium resource at Airijoki was not picked up by
this study as vanadium is closely associated with magnetite, which
is a resistant mineral that does not weather as easily and hence
does not appear to have left an obvious geochemical signature is
the soil samples assayed.
Out of the remaining four anomalies, a Cu-Ni-Co-Mg assemblage
that is also high in Au & Pd, orientated northwest-southeast,
was identified in two areas (2km and 1km long respectively) and is
considered to be a priority for follow up exploratory work.
The Airijoki Project
The Airijoki Project lies within the Vittangi Greenstone Group
(VGG) of northern Sweden, in relative proximity to established
infrastructure as well as several significant mines (i.e. Kiruna,
Svapparvaara, Leveäniemi and Mertainen) and other new energy
mineral projects (i.e. Talga Group's Vittangi graphite project).
Geologically the Project is centred on a laterally continuous,
northeast trending gabbroic (locally termed diabase) intrusion
which hosts vanadium-magnetite mineralisation along with lesser
base metal (predominantly copper mineralisation).
Airijoki is currently supported by an Inferred Mineral Resource
comprising 44.3 Mt at an in-situ grade of 0.4% V(2) O(5) ,
containing 5.9 Mt of magnetite averaging 1.7% V(2) O(5) (in
magnetite concentrate) for 100,800 t of contained V(2) O(5) based
on a 13.3% mass recovery of magnetite concentrate and a 0.7% V(2)
O(5) cut-off grade, on a 100% equity basis (and net attributable
basis).
Subsequent Davis Tube Recovery (DTR) and low-intensity magnetic
separation (LIMS) test work indicated that vanadium magnetite
concentrates grading over 2% V(2) O(5) and more than 65% Fe are
possible at mass recoveries over 20% from the vanadium
mineralisation at Airijoki. Overall, vanadium recoveries in excess
of 70% can be achieved using a relatively coarse grind size of 355
um and using LIMS without the need for further treatment.
Conceptual studies completed in 2019 envisage that Airijoki will
be developed by bulk open pit mining techniques from four open pits
using standard drill and blast, load/haul and crusher feed/magnetic
separation to produce a vanadium magnetite concentrate. The
conceptual techno-economic studies demonstrated the Project has the
potential to be financially robust. Further metallurgical test
work, extensional and infill drilling and optimisation studies are
warranted at Airijoki prior to more advanced techno-economic
analysis.
Demand for Vanadium
Technological advances are expected to positively influence the
demand for vanadium. Principally used as an alloy in steel and
aluminium production, its' ability to make materials stronger and
lighter offers important benefits particularly for
weight-to-strength ratio, an important consideration particularly
for EVs'. Vanadium pentoxide is also an important component in
REDOX flow batteries used for energy storage associated with solar
and wind farms. With the projected increased use of vanadium in EV
batteries, demand for the metal is expected to grow.
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
For additional information please contact:
Kendrick Resources Plc: Tel: +44 203 961 6086
Chairman Colin Bird
Novum Securities Tel: +44 7399 9400
Financial Adviser David Coffman / George Duxberry
Joint Broker Jon Bellis
Shard Capital Partners LLP Tel: +44 207 186 9952
Joint Broker Damon Heath / Isabella Pierre
Qualified Person:
The technical information contained in this announcement has
been reviewed, verified, and approved by Colin Bird, CC.ENG, FIMMM,
South African and UK Certified Mine Manager and Director of
Kendrick Resources plc, with more than 40 years' experience mainly
in hard rock mining.
About Kendrick Resources Plc
Kendrick Resources Plc is a mineral exploration and development
company with projects primarily based across Scandinavia. The
principal of its business is to explore the opportunities within
the natural resources sector with a focus on battery, base, and
precious metals including but not limited to vanadium and nickel.
In doing so, the Company is looking to build a long-term energy
metals business in Scandinavia which delivers energy metals to
Europe to help enable its renewable energy transformation by
building a top tier energy metals production business.
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