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Ertelien PROJECT

KEY FACTS

23.3Mt

Inferred Mineral Resource (JORC)

49.7 kt of
contained Ni

37.3 kt Cu and 3.3 kt Co

10 sq kms

exclusive exploration
license area

~19,500 metres

core drilled

OVERVIEW

Ertelien is located in southern Norway in Ringerike Municipality northwest of Oslo. Ertelien is Kuniko’s main target within the Ringerike license and is the Company’s most advanced project.Ertelien hosts an historic mine site that operated between 1849 and 1920 over 290 Kt of ore, with suggested grades from mine production records of 1% Ni and 0.8% Cu.

The geological setting of Ertelien shares similarities with the Tier 1 Ni-Cu deposits in Voisey’s Bay Labrador, Canada and demonstrate grades comparable to Boliden’s Kevitsa Ni-Cu mining operation in Finland. In April 2024, Kuniko completed a JORC (2012) Mineral Resource Estimate (MRE) for Ertelien  with Inferred Resource of 23.26 Mt @ 0.31% NiEq with 0.21% Ni, 0.16% Cu and 0.014% Co. The MRE demonstrates that the Ertelien intrusion has potential for hosting substantial nickel, copper and cobalt resources in both disseminated and high-grade resources. The deposit is a multi-commodity resource with positive correlation between nickel, copper and cobalt and a commodity mix of  55% Ni, 41% Cu and 4% Co. 17 Mt of total resources are located within 250m from surface and can potentially be suitable for an open pit operation

Kuniko is putting full speed on developing Ertelien through drilling, geophysical surveys and metallurgical testing in the months to come. The focus on Ertelien will be coupled with exploration across the Ringerike district with geophysical surveys, sampling and mapping to identify additional targets for future drilling.

There is a strong political push in the EU and Norway to increase production of sustainable critical metals. The Critical Raw Material Act, adopted by the European Parliament in December 2023, has set ambitious targets to achieve 10% domestic supply of critical raw materials by 2030 to increase resilience of European industry and decrease dependency of sourcing outside of the EU. Means to achieve these targets includes among others, speeding up permitting process to maximum 2 years for strategic critical raw material projects. All potential products from Ertelien are defined as strategic and critical for the EU. With Norway’s strong environmental stewardship and plentiful availability of renewable clean energy, Ertelien has the potential to become world leading in sustainability and net-zero carbon emissions.

Location of Kuniko’s Ringerike Copper-Nickel-Cobalt Project and the site of the Ertelien deposit.
Outlined on this project map are key intrusions and trends prospective for nickel mineralisation.

Coordinate System: WGS84 UTM Zone 32N

3D View of the Ertelien mineralised domains and modelled footwall contact of the intrusion. Shown in green are the planned drillholes for the 24’ drilling campaign, with the depths of target intersections circled.

Coordinate System: WGS84 UTM Zone 32N

GEOLOGY & MINERALISATION

The Ertelien deposit is an orthomagmatic Ni-Cu-Co sulphide system akin to globally recognised mines like Voisey’s Bay. Emplaced during a period of geological connection between Labrador and Southern Norway, the deposit is hosted within the Ertelien Intrusion, featuring gabbronorites, troctolites, and ultramafics intruding into older gneissic country rock.

The mineralisation is dominated by pyrrhotite and chalcopyrite with associated pentlandite and exhibits both low-grade disseminated and high-grade massive sulphide zones. Three mineralised domains have been identified at Ertelien. Two high grade massive to semi-massive sulphide structures has been identified, as well as a large lower grade disseminated halo that envelopes the high-grade domain within the intrusion.

The Ertelien MRE contains an Inferred Mineral Resource of 23.26 Mt @ 0.31% NiEq (0.21% Ni, 0.16% Cu and 0.014% Co) for 49.7 kt of contained Ni, 37.3 kt Cu and 3.3 kt Co. Table 1 gives a summary of the MRE results showing grade, tonnage and contained metal for different mineralised domains. MRE in accordance with the JORC Code (2012) by Competent Person Adam Wheeler. A cut-off level of 0.15% NiEq cut-off formed basis for resource reporting

EXPLORATION

Exploration activities

  • Previous license holder, Blackstone Ventures Inc.,  conducted exploration campaigns between 2006-2008 and included 66 drillholes of 16,941 m.
  • Kuniko’s drill campaign in March ’23 included 5 drillholes of 1,367 m with significant intersections:
    • 25.1m @ 1.14% Ni, 1.20% Cu, and 0.165 g/t Au
    • including 2.5 m @ 2.09% Ni and 5.1 m @ 1.81% Ni
  • Exploration activities carried out by Kuniko includes:
    • Logging/sampling of 3,180 m of historical diamond drill core
    • Re-sampling of 1,120 m of historical core
    • Down hole electromagnetic (EM) Surveys
    • Parameter logging of historic drillholes

 

  • Expansion drilling commenced in April 2024 with a planned 8 diamond drill holes totalling 4,000 m targeting extensions to known mineralisation.
  • Ground electromagnetic geophysical surveys have been completed, to explore continuation of high-grade mineralisation.
  • Assaying commenced of previously unsampled historic drill core with visual disseminated sulphides to potentially add significant volumes of disseminated resource outside current modelled domain.

Map of the Ertelien Project, showing the layout of planned and existing drillholes.
The section line A-A’ shows the orientation  of the oblique long section presented in the next figure.

Coordinate System: WGS84 UTM Zone 32N

Oblique Long section of the Ertelien project, where the planned drill program is expected to pierce the target (yellow circles).

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Contact Information - Australia

Level 28, AMP Tower 140 St Georges Terrace, Perth WA 6000

ABN: 99 619 314 055

Phone:
+61 8 6364 5095

Email:
info@kuniko.eu

Contact Information - Norway

Level 4, Schweigaards gate 14, 0185 Oslo, Norway

Org. nr. 927 303 663

Phone:
+47 4010 3555

Email:
post@kuniko.eu

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