- Kuniko (KNI) shares dip into the red despite the company progressing important exploration work at its Norway copper and cobalt projects
- The battery metals business kicks off an airborne geophysical survey at the Skuterud, Vangrøfta, and Undal Projects
- This follows some field exploration work in the area during which Kuniko collected 714 soil samples from Skuterand and 488 soil samples from Vangrøfta
- The company says it will integrate the new geochemical and geological data with historical data to outline exploration targets at the projects
- Shares in Kuniko opened green but have since retreated 3.02 per cent into the red to trade at $2.25 each as of 10:44 am AEST
Kuniko (KNI) shares have dipped into the red this morning despite the company progressing important exploration work at its Norway copper and cobalt projects.
The battery metals business told investors this morning that it has kicked off an airborne geophysical survey at the Skuterud, Vangrøfta, and Undal Projects after completing early-stage field exploration work in the area.
The airborne survey began this month, designed to gather magnetic, electromagnetic (EM), and radiometric data from across the projects.
The data from the survey, which Kuniko said it expected to receive in October, be integrated with historical data to help outline exploration targets at the projects.
New geochemical and geological data will also contribute to the exploration targeting, with a comprehensive evaluation of the project areas and a detailed plan of exploration and drilling work slated for 2022.
Recently-appointed CEO Antony Beckmand said it will release the results of its geophysical and geochemical work over September and October this year.
“The launch of the airborne geophysics program is a milestone for Kuniko as we commence delivering on our commitment to apply modern exploration methods to historical battery metals resources at our project sites,” Mr Beckmand said.
“The data and information we can gather from this work, in combination with the historical data set, will be of great benefit in evaluating the potential of some of our key project areas.”
Kuniko completed a soil and rock sampling program at the Skuterud Cobalt Project in August after having collected 714 soil samples.
The company then kicked off a geochemical sampling program at the Vangrøfta Copper Project, focussing on historical mineral occurrences known as Fredrick IV, Flatskarvåsen, and Vangrøfta Skjerp.
Kuniko said during this Vangrøfta fieldwork, it observed visible pyrite-arsenopyrite and minor chalcopyrite mineralisation in waste dumps in some key areas. All up, the company collected 488 soil samples from Vangrøfta.
Shares in Kuniko opened green but have since retreated 3.02 per cent into the red to trade at $2.25 each as of 10:44 am AEST. The company has a $123 million market cap.