Proactive Investors - Metals One PLC (LON:MET1) said its partner, Kingsrose Mining, has delivered encouraging data from a magnetotelluric geophysical survey (MT) at the Rånbogen prospect in Norway - one of three priority prospects at the Råna Project.
Using natural variations in electric and magnetic fields to help locate minerals, the survey identified four conductive zones suggesting potential for nickel-copper-cobalt mineralisation over a strike length of 1.8km.
Three were found within the Råna intrusion's pyroxenite and peridotite lithologies, which are typically resistive, suggesting a higher probability of sulphide mineralisation.
The fourth, located at the base of the intrusion, was seen as a promising area for massive sulphides.
Historical rock chip sampling has shown a strong correlation with the identified conductive anomalies, especially where they reached the surface.
Notably, a previous drill at the 'Rånbogen 02' target reported grades of 0.53% nickel, 0.12% copper, and 0.05% cobalt over 17.5m from 101m depth.
Within this intercept, a section of 2.5m showed higher grades of 1.13% nickel, 0.24% copper, and 0.10% cobalt, as detailed in Kingsrose's announcement from January 2023.
Kingsrose is currently conducting ground-based and downhole electromagnetic surveys at Rånbogen to refine drill targeting.
In early August, drilling equipment will be relocated from the Bruvann Mine area to Rånbogen to further investigate these conductive targets.
Metals One chief executive Jonathan Owen told investors: "Utilising modern geophysical techniques never previously deployed on the area, our partner Kingsrose has identified highly conductive zones which demonstrate potential for massive nickel-copper-cobalt sulphide mineralisation, further supporting that the Råna intrusion is highly prospective for a significant nickel deposit.
"These surveys, together with the ground-based and downhole EM [electromagnetic] surveys currently underway at the prospect, will help inform a drilling programme at Rånbogen designed to test, and hopefully realise, the potential of the Rånbogen Block to host nickel-copper-cobalt deposits."
The company is a battery metal specialist focused on Norway and Finland.