Kingrose Mining (ASX:KRM) reaches deal to acquire Råna project in Norway

• Kingrose Mining (KRM) looks to acquire brownfield Råna nickel-copper-cobalt project in Norway from Scandinavian Resource Holdings (SRH) and Global Energy Metals Corporation (GEMC)
• The staged investment is joined by the formation of a joint venture for the development and operation of the project
• Kingrose Mining MD Fabian Baker praised the completion of the deal, given the mine’s proven potential for the discovery of massive sulphide nickel-copper-cobalt mineralisation
• The company now turns it focus to three priority prospects, which include efforts at the Bruvann deposit and the Rånbogen prospect
• KRM shares last traded at 7.6 cents at 1:18pm AEDT

Kingsrose Mining (KRM) has struck a deal with Scandinavian Resource Holdings (SRH) and Global Energy Metals Corporation (GEMC) to acquire the brownfield Råna nickel-copper-cobalt project in Norway.

The staged investment to acquire the project is joined by the formation of a joint venture for the development and operation of the project.

Kingrose believes it is a great opportunity given the mine’s proven potential for the discovery of massive sulphide nickel-copper-cobalt mineralisation.

KRM Managing Director Fabian Baker said Råna is a very exciting project, which “complements Kingsrose’s growing critical metals portfolio in the Nordics”.

“Syn-orogenic mafic-ultramafic intrusions analogous to Råna host some of the highest-grade deposits globally, such as Nova-Bollinger and Kabanga,” he said.

Råna is under-explored using modern deposit models and exploration methods, with Kingrose setting its sights on three priority prospects where it will test for high-grade nickel-copper-cobalt sulphide mineralisation.

Kingrose’s three priority prospects include largely un-drilled massive sulphide mineralisation outcrops at surface over a 1.6 kilometre zone at the Rånbogen prospect, with historical rock chip samples showing up to 2.3 per cent nickel and 3.2 per cent copper.

Secondly, mineralisation at the past producing Bruvann Mine is open immediately along strike from mine workings and is adjacent to a less than one kilometre-long un-drilled conductive body which could host massive sulphide mineralisation.

The Bruvann deposit had previously revealed a small but high-grade (1 to 5 per cent nickel) massive sulphide core, highlighting the potential of it.

The third priority prospect, Arnes, remains prospective for the discovery of blind massive sulphide mineralisation toward the base of the conduit.

The staged investment agreement allows Kingrose to earn up to 75 per cent in the project over eight years, through staged expenditure of up to $15 million.

KRM shares last traded at 7.6 cents at 1:18pm AEDT.