CategoriesCompany insightsNovember 12, 2021

We’re very pleased to announce the acquisition of Element-46 and their ‘green energy metals’ PGE-Nickel-Copper projects in Finland and Norway, a pivotal step in our discovery focused strategy.

A dedicated and experienced team with a track record of success. Our team have played key roles throughout the exploration, development and production stages of a number of signification deposits globally.

Michael Andrews

Non-Executive Chairman

John Carlile

Non-Executive Director

Fabian Baker 

Managing Director

Kingsrose Mining Limited is an ASX listed (ASX: KRM) discovery focused exploration company with 100% interest in two PGE-Ni-Cu Nordic Projects: the Penikat Project in Finland, and the Porsanger Project in Norway.

Our vision

A discovery focused exploration company with commitment to technical excellence, disciplined project delivery, exemplary environmental social and governance standards and shareholder and stakeholder engagement.

The Company is focused on exploration for minerals that are critical to decarbonisation and new energy technologies in Europe, in line with the aims of the EU Green Deal. Sustainable and responsible operations, as well as high standards of sustainability are integral to the strategy and potential of Kingsrose.

Sustainability considerations are embedded in our organisation and at all stages of our project lifecycle. Our sustainability aims are to be recognised as a leading ESG conscious mineral exploration company,  a good partner to communities and national governments and raising the bar above meeting compliance requirements. At present, Kingsrose owns and operates three international mineral exploration projects:

• • Kingsrose owns 100% of the Penikat exploration project in Finland, through its 100% owned subsidiary Kingsrose Exploration Oy
  • Kingsrose owns 100% of the Porsanger exploration project in Norway, through its 100% owned subsidiary Kingsrose Exploration AS 
  • Kingsrose holds an an 85% interest in PT Natarang Mining, the holder of a 4^th generation Contract of Work with the Government of the Republic of Indonesia*

*Mining operations at Way Linggo ceased in September 2020 and the mining sites and mineral processing facilities have since been rehabilitated and placed into care and maintenance. This includes ongoing environmental monitoring. The Company entered in a Process Deed dated 1^st July 2022 with PT Kreasi Cemerlang Lestari (PTCKL) for the potential acquisition by PTKCL or its related body of the Way Linggo gold project, via the sale of the entire issued capital of Natarang Offshore Pty Ltd. Kingsrose has no plans for future exploration or extractive work at Way Linggo, with the exception of environmental monitoring, general administrative and care and maintenance activities, prior to the potential sale to PTKCL or other parties.

The Company’s future focus is exploration of the Penikat and Porsanger projects in Finland and Norway, respectively. Exploration involves data collection of geological, geotechnical and environmental properties through geological mapping and geophysical surveying, as well as environmental assessments through species and habitat surveys.

Location and Property Description

Mineral Tenure and Permits

Geology

The project is located on the Trans Sumatra Fault zone which hosts several multi-million ounce gold deposits, and the licence holding remains highly prospective with several targets identified for follow up exploration work:

• Exploration since mining ceased in 2020 has defined an additional mineral resource of 1.4 Mt at 5.4 g/t gold for 240koz gold at Talang Santo and the resource remains open down plunge.
• In addition to the near-mine resource expansion potential, several earlier stage, near surface vein targets with little recent exploration work have been identified. These represent excellent exploration targets with similar vein characteristics, geochemistry and alteration to the mined vein structures at Talang Santo and Way Linggo.

History  Geology & mineralisation

The deposits of the Way Linggo Project are located on the prolifically mineralised Trans-Sumatran Fault fore-arc to intra-arc, which is part of the Pacific Rim of Fire. The project is classified as low sulphidation epithermal quartz vein gold-silver deposits, and the area is considered highly prospective for this type of mineralisation with several multi-million ounce deposits located on the Trans-Sumatran fault to the north and south.

The project is located over a zone of structural complexity at the northern end of the Semangka Graben where pull-apart basins, fault splays and dilational jogs occur related to the Trans-Sumatran Fault Zone. The Trans-Sumatran Fault is a major dextral strike slip fault within the Sunda-Banda Volcanic Arc. All significant gold deposits known on the island of Sumatra are related to this structure.

Other significant gold deposits in Sumatra and West Java is similar structural settings are Martabe (5.90Moz Au), Pongkor (3.6Moz Au), Lebong Tandai (1.4Moz Au) and Lebong Donok (1.3Moz Au).

For further information please see link to pdf provided.  Exploration

The Way Linggo project holds exploration potential, with the broader project area remaining prospective and under-explored for additional gold deposits. The renewed exploration team has commenced a systematic and disciplined exploration program to be implemented over the course of 2021 to develop a pipeline of drill targets aimed at delineating a near term production target.

Priority targets are the focus of ongoing exploration with the aim of generating drill targets and include:

• Talang Cluster – vein swarm located immediately south of Talang Santo mine, with limited drilling but large scale pathfinder element anomaly and high level epithermal vein textures over an area of 1000 m by 600 m
• Way Linggo Area – 2.4 km long structural feature with outcropping epithermal veins and stockworks, located between the Way Linggo mine and the Semung Kecil prospect. The target displays a linear magnetic low and adjacent resistivity high, with strong gold in soil anomalies at the NW and SE parts. No exploration work has been conducted in the central part of the anomaly.
• Rowo Rejo Corridor – The Rowo Rejo area displays potential for a concealed vein system located under young sedimentary and volcanic cover units:
  • Mineralised epithermal vein clasts in basal conglomerate are observed adjacent to a large dilational structure, which is concealed beneath young cover.
  • Outcropping silica sinter material indicates nearby presence of hydrothermal system.
  • Strong but localised gold in soil anomaly at Talang Tebat has not been drilled.

For further information please see link to pdf provided.  Resource table

Kingsrose Mining announced an updated mineral resource at Talang Santo and Way Linggo as below, on 10^th August 2021 and 18 September 2020 respectively. For further information please click here.

Competent Persons Statement 

The information in this report that relates to the Mineral Resource Estimates is based on and fairly represents information compiled under the supervision of Mr Bill Rayson, who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Rayson is a consultant to the Company and is an employee of “The Trustee For TES Trust”. Mr Rayson has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”. Mr Rayson consents to the inclusion in this report of the matter based on his information in the form and context in which it appears.

Further information that relates to the Mineral Resource Estimate of the Talang Santo deposit is available in the report entitled “Talang Santo Resource Update” dated 30 June 2021 and is available to view on the Company’s website (www.kingsrosemining.com.au).
Further information that relates to the Mineral Resource Estimate of the Way Linggo deposit is available in the report entitled “Way Linggo Resource Update” dated 18 September 2018 and is available to view on the Company’s website (www.kingsrosemining.com.au).

The information presented that relates to the Exploration Targets and Exploration Results is based on information compiled under the supervision of Dr Michael Andrews, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Dr Andrews has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”. Dr Andrews is a Director and Substantial Shareholder of Kingsrose Mining Limited. Dr Andrews consents to the inclusion in this report of the matter based on his information in the form and context in which it appears.

• 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