- Norwegian battery metals explorer Kuniko (KNI) begins drilling at the Skuterud cobalt project in Norway on schedule
- This maiden drill program will consist of seven holes to evaluate three highly prospective targets
- Drilling will be carried out by local contractor Norse Diamond Drilling and is expected to be completed in June
- Kuniko will fund the drilling from an $8 million placement which was announced to the market yesterday
- Shares in Kuniko are up a slight 0.45 per cent on the market and are trading at $1.13
Norwegian battery metals explorer Kuniko (KNI) has begun drilling at the Skuterud cobalt project in Norway on schedule.
This maiden drill program will consist of seven holes, for 2800 metres, to evaluate three highly prospective targets.
All three of the targets are located by the presence of conductive anomalies at depth with two copper-cobalt mineralisation targets within the ‘fahlband’ trend where historical mining has taken place.
Drilling will be carried out by local contractor Norse Diamond Drilling and is expected to be completed in June.
“The exploration work completed by Kuniko at the Skuterud Cobalt Project, including
airborne and downhole geophysics, has provided a potentially high value opportunity
and we are excited to have successfully launched the drilling program as planned to test
the initial three strong targets,” CEO Antony Beckmand said.
“In parallel with the drilling, our exploration team will be in the field from this week across
the Skuterud license area, aiming to develop further targets with additional geochemical
rock and soil sampling.”
Kuniko will fund the drilling program from an $8 million placement which was announced to the market yesterday.
The funds will be raised via the issue of eight million shares to institutional, sophisticated and professional investors at $1 each.
Kuniko said the money will also go towards field exploration at its Ringerike copper-nickel-cobalt project and rock sampling of an unexplored pegmatite field at its Nord Helgeland technology metals project.
Shares in Kuniko were up a slight 0.45 per cent on the market and were trading at $1.13 at 1:32 pm AEST.