Zak Mir talks to Jonathan Owen, CEO of Metals One, which is advancing strategic minerals projects in Finland and Norway after they announced that re-assaying of historical diamond core drillholes from the Black Schist Project Paltamo P1 target in Finland has identified high-grade nickel-copper-cobalt-zinc mineralisation across two intersections within a black schist sequence.
Results further demonstrate the strength of the Company’s project pipeline and support Metals One’s longer‐term ambition of defining a 200 Mt resource at the Black Schist Project, where the current resource stands at 57.1 Mt Ni-Cu-Co-Zn over the R1 and P5 areas.
Key points covered:
- Recent Findings: The company announced high-grade nickel, copper, cobalt, and zinc mineralization results from the Black Schist Project’s P1 target in Finland. This reinforces Metals One’s goal of increasing the resource from 57 million tons to 200 million tons.
- Project Goals: While the 200-million-ton target is ambitious, Owen explains that the company quickly doubled its initial resource from 28 million tons to over 57 million tons within 12 months of listing. The company’s long-term goal is to reach 200 million tons, but ongoing economic assessments will determine the true economic viability of the project.
- Future Outlook: The company is waiting for results from its Norway project and a preliminary economic assessment for the Finland projects, which will provide critical information on the economics and break-even points of the operations
- High-Grade Mineralization Discovery: Metals One recently discovered high-grade nickel, copper, cobalt, and zinc mineralization at the P1 target in Finland. This is part of their broader Black Schist Project. This discovery has reduced the exploration risk for the company significantly and supports their long-term goal of expanding the resource base to 200 million tons.
- Resource Expansion Plans: Metals One has been able to double its resource size from 28 million tons to 57 million tons shortly after listing, with plans to reach a 200 million ton resource. Jonathan Owen highlights that this larger target provides a positive market perception and sentiment. However, the actual economic viability of reaching such a target will be determined by an ongoing scoping study.
- Scoping Study and Economic Assessment: The company is conducting a preliminary economic assessment of the Finland project, carried out by Ward L Armstrong International mining consultancy. This assessment, expected to conclude in December, will clarify the project’s economic feasibility, providing metrics like break-even points, capital expenditure (capex), and net present value (NPV). This study will help determine the true value of the 57-million-ton resource and whether it is a viable asset on its own, with the 200-million-ton target acting as an added bonus.
- Upcoming Assays and Norway Project: Owen also mentions that they are awaiting assay results from their Norway project, where a joint venture with Kings Rose Mining is ongoing. This project has seen significant progress over the summer, and the results are expected soon.
- Positive Momentum: Overall, the company has experienced a strong year with positive news flow. The termination of the Guns Farm-in Agreement has boosted confidence among the company’s directors, and the doubling of resources over the summer adds to the momentum.
- In summary, Metals One is strategically positioned with strong ongoing projects in Finland and Norway, aiming to grow its resources and solidify the economic value of its mining operations through upcoming studies and assessments.
About Metals One
Metals One is developing strategic metals projects in Finland (Black Schist Project) and Norway (Råna Project), with approximately £9 million of exploration carry exposure through a farm-in agreement. Metals One is aiming to help meet the significant demand for strategic minerals by defining resources on the doorstep of Europe’s major electric vehicle OEMs and battery manufacturers. Metals One’s Black Schist Project in Finland, totalling 706 km2 across three licence areas, has a total Inferred Resource of 57.1 Mt nickel-copper-cobalt-zinc and is located adjacent to one of Europe’s largest strategic minerals producers, Terrafame. Metals One’s fully carried Råna Project in Norway covers 18.14 km² across three contiguous exploration licences, with significant opportunity for exploration of the Råna intrusion, and proven potential for massive sulphide nickel-cobalt-copper mineralisation.
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