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- Kuniko (KNI) halts trading after confirming cobalt mineralisation at its Skuterud cobalt project in Norway
- So far, the company has completed the drilling of five holes with zones of sulphide and cobalt mineralisation intersected, defining a mineralised zone open to depth
- As a result, the company has extended drilling to approximately 3000 metres and will continue drilling until around mid-July
- Further drilling plans will be defined upon consolidation of drilling results, structural geological data and geological mapping
- Shares in Kuniko were up 40.4 per cent, trading at 80 cents before the trading halt
Norwegian battery metals explorer Kuniko (KNI) has halted trade after it confirmed cobalt mineralisation at its Skuterud cobalt project in Norway.
The maiden drill program commenced on May 2 with seven holes, for 2800 metres, planned to evaluate three highly prospective targets north of the historic Skuterud Cobalt mine.
So far, the company has completed the drilling of five holes with zones of sulphide and cobalt mineralisation intersected, defining a mineralised zone open to depth.
As a result, the company has extended drilling to approximately 3000 metres and will continue drilling until around mid-July.
Logging of the drill core is occurring in parallel with the drilling while laboratory assay results are expected around September.
CEO Antony Beckmand expressed his delight at the prospectivity for cobalt mineralisation at Skuterud.
“While we have further work ahead in assaying the drill core and modelling the geology, the occurrence of visible cobalt mineralisation is very encouraging and assuring that our continued efforts will unlock the potential of this important cobalt project,” he said.
“Our strategy remains on target for the responsible development of ethical sources of net-zero carbon battery metals from Europe, for Europe.”
The company has confirmed further drilling plans will be defined upon consolidation of drilling results, structural geological data and geological mapping.
Shares in Kuniko were up 40.4 per cent, trading at 80 cents before the trading halt.
