Project Overview
- The Penikat Project is a high-grade PGE-nickel-copper-gold deposit located in western Finland.
- Penikat is located in central Finland, close to the west coast and the port of Kemi and along strike from the operational Kemi Chrome Mine.
- Penikat is one of the world’s highest grade Platinum Group Element (PGE) exploration projects outside of South Africa and Russia. Mineralisation is rich in palladium, platinum and contains significant rhodium and iridium with elevated nickel and copper concentrations.
- Mineralisation occurs from surface as three tabular reefs within the Penikat layered intrusion, analogous to mineralisation in the Bushveld Complex, South Africa and the Stillwater Complex, Montana, USA.
- Historical exploration has shown mineralisation to occur over a cumulative strike length of 23 kilometres within Kingsrose’s mineral tenure, however the average depth of historical drilling is only 43 metres.
- Analogous deposits extend to >1 kilometre down dip. At Penikat, rare deeper historical holes and historical seismic data indicate mineralisation extends to at least 1 kilometre below surface.
- An Exploration Target in accordance with the JORC Code was estimated by Kingsrose following extensive relogging and resampling, yielding a range of 21 to 32 Mt at 4.0 to 7.4 g/t 6E (the sum of platinum, palladium, gold, rhodium, iridium and ruthenium) for 2.8 to 7.7 Moz 6E. The potential quantity and grade of the PGE mineralisation at Penikat is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
- The Company is in the process of applying for exploration licences to permit drilling. Whilst the governing authority cannot commit to a granting date, the Company expects to be drilling at Penikat by Q4 2023 to Q1 2024.
Penikat project scenery
Location and Property Description
Mineral Tenure and Permits
Geology and Mineralisation
Exploration Target
