Porsanger
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Finnmark Project

Commodities

Nickel-copper-PGE

An early stage magmatic nickel-copper-PGE sulphide generative program in the underexplored and prospective Karasjok Greenstone Belt, contiguous with the same age belt as Kevitsa and Sakatti

Kingsrose owns 100 percent of 291 new exploration licences in Finnmark County, northern Norway, totalling 2,736 square kilometres of early-stage nickel-copper-cobalt-PGE prospective ground across two mineral belts. During H12023, Kingsrose conducted a target generation exercise, which was fully funded by the BHP Xplor Program (see ASX announcement dated 18th January 2023). The exercise identified a total of 81 targets, which will be followed up with a systematic exploration work program.

Project Overview

Finnmark Project
Finnmark Project Exploration Licences and Simplified Geology


Kingsrose owns 100 percent of 291 new exploration licences in Finnmark County, Northern Norway, covering an area of 2,736km2, following a rigorous target generation exercise by Kingsrose.

  • 118 exploration licences for 1,094km2 covering a strike length of 90km in the Karasjok Greenstone Belt (Karasjok Project).
  • 173 exploration licences for 1,642km2 covering a strike length of 120km in the Kautokeino Greenstone Belt (Kautokeino Project).

Kingsrose is targeting magmatic nickel-copper-cobalt-PGE sulphide deposits in Palaeoproterozoic greenstone belts which are underexplored extensions of the Central Lapland Greenstone Belt in Finland, where Boliden’s Kevitsa nickel-copper-PGE mine, Anglo American’s Sakatti copper-nickel-PGE project, Agnico Eagle’s Kittilä gold mine and Rupert Resources’ recent Ikkari gold discovery are located.Kingsrose is in ongoing exclusive negotiations with BHP regarding future exploration of the Projects, and the Projects are subject to a Right of First Refusal in favour of BHP as described in Kingsrose ASX announcement dated 18th January 2023.The BHP Xplor funding enabled Kingrose to generate these new targets through reprocessing and interpreting regional geophysical data, acquisition and compilation of over 25,000 historical, archived geochemical data points, and leveraging industry and academic expertise to develop geological models and a mineral systems framework.81 targets have been generated and ranked, with work program design underway to systematically explore the region for magmatic nickel-copper-cobalt-PGE sulphide deposits.At the Virdnemuotki target, reconnaissance sampling returned high-grade copper, palladium, gold and silver from gabbro-hosted sulphide-quartz veins. Such a metal association hosted in a mafic intrusion may represent a late stage, fractionated magmatic sulphide or remobilisation of magmatic sulphide by hydrothermal fluids. Rock chip results include:

  • 6.48% Cu, 0.28 g/t Pd, 2.02 g/t Au, 63.3 g/t Ag (Sample 003612)
  • 1.41% Cu, 2.02 g/t Pd, 0.76 g/t Au, 5.5 g/t Ag (Sample 003613)
  • o 8.48% Cu, 2.48 g/t Pd, 1.03 g/t Au, 19.2 g/t Ag (Sample 003614)

Location and Property Description

The towns of Lakselv and Alta provide access to local airports, shipping and basic services and amenities and are located at the northern end of the project area. The exploration licences can generally be reached by main road, ATV trails and footpaths which cross parts of the licence areas. Some areas are more remote and will require fly camps to support exploration. Several power lines are located within the exploration licence area. The area is typified by rocky hills, moorland and forested, shallow but steep sided gullies dissected by a network of streams, ponds and lakes. 

Mineral Tenure and Permits

A Special Permit is required for invasive exploration work in Finnmark County, including drilling, according to Article 18 of the Mining act. 

At Porsanger Kingsrose has completed baseline habitat and cultural surveys at the Karenhaugen prospect and in January 2024 was awarded a drill permit with certain conditions as announced on the 9th of January 2024. 

For future drilling of new targets additional special permits will be required. The special permit may be refused if the consideration of Sami interests goes against the application being granted. When an application for a special permit is being reviewed, a significant emphasis is placed the on the consideration of Sami measures are requested for the potential impacts. For this purpose, statements on application are requested from the Sami parliament, local reindeer herding district and the Finnmark Estate (FeFo), which is the organisation responsible for the management of majority of land area within Finnmark.

At Kingsrose, we consider proactive and open dialogue with all our stakeholders and local communities a priority. We have started discussion with the local community and local reindeer herding district in advance of any investigations taking place in the area. 

Geology and Mineralisation

The Palaeoproterozoic Karasjok and Kautokeino belts developed during a protracted, multi-phase rifting event between 2.5-1.98 billion years ago (Ga) and comprise a supracrustal volcano-sedimentary stratigraphic pile metamorphosed to greenschist and amphibolite facies during the Svecofennian Orogeny. Geochronological work suggests the Karasjok and Kautokeino belts are an extension of the Central Lapland Greenstone Belt in Finland. Regionally, there are five major magmatic events occurring at 2.44 Ga, 2.20 Ga, 2.15 Ga, 2.05 Ga and 1.98 Ga, all of which are documented in Finnmark. Major magmatic sulphide systems are associated with three of these events in the northern Fennoscandian Shield:

  • 2.44 Ga layered intrusions containing reef and contact-type PGE-nickel-copper deposits, such as at Penikat and Suhanko in Finland.
  • 2.05 Ga mafic-ultramafic intrusions hosting magmatic nickel-copper-PGE deposits, such as Sakatti and Kevitsa. Two intrusions in the Karasjok Belt, Gallujavri and Porsvann, have been dated at 2.05 Ga and each contain disseminated PGE-copper-nickel bearing sulphide mineralisation.
  • 1.98 Ga komatiites hosting magmatic nickel-copper deposits, such as the giant Pechenga camp in the Kola Peninsula of Russia.

Kingsrose’s work program under the Xplor program has focused on detection of mafic-ultramafic intrusions with potential to host magmatic nickel-copper-cobalt-PGE deposits.

Prior to the BHP Xplor program Kingsrose acquired the Porsanger Project at the northern end of the Karasjok Belt in November 2021. The company completed EM geophysical surveys over known historical drilled PGE nickel drill targets and defined a strongly conductive EM plate at the Karenhaugen Project.

Porsanger was drilled in the 1990s by the Norwegian Geological survey as part of a copper exploration program. The historical drilling intercepted broad, low to moderate grade, palladium dominant PGE mineralisation with copper and rare nickel mineralisation in two small outcropping intrusions called Porsvann and Karenhaugen. No follow up exploration was conducted. Historical intercepts include:

  • 45 metres at 1.4 g/t 4E and 0.1 % Cu (0.9 g/t Pd, 0.4 g/t Pt, 0.04 g/t Rh and 0.06 g/t Au) from 65 metres (hole PV-01), including
    • 15 metres at 2.6 g/t 4E and 0.2 % Cu (1.8 g/t Pd, 0.7 g/t Pt, 0.08 g/t Rh, 0.09 g/t Au) from 90 metres
  • 75 metres at 0.9 g/t 4E and 0.1 % Cu (0.6 g/t Pd, 0.3 g/t Pt, 0.03 g/t Rh, 0.03 g/t Au) from 16 metres (PV-04) including
    • 1 metre at 6.9 g/t 4E, 0.5 % Cu and 0.1 % NiS (Nickel Sulphide) (5.1 g/t Pd, 1.5 g/t Pt, 0.15 g/t Rh, 0.23 g/t Au) from 34 metres

Kingsrose intends to explore the known mineralised intrusions for the occurrence of additional disseminated mineralisation as well as explore the potential for higher grade massive sulphide mineralisation which has never been targeted before in the region.

Exploration by Kingsrose to date has identified a 350m by 400m, shallow conductive body at Karenhaugen, immediately down dip from mineralised outcrop. A new zone of mineralised intrusives was identified in the SW part of the licence area.

Cross section at Karenhaugen
Cross section through Karenhaugen intrusion showing historical drill hole resampling intercepts and position of modelled FLEM conductor plate. Arrows indicate where the intrusion is open down dip.

Competent Person's Statement

The information in this report that relates to the Exploration Results at the Porsanger Project was first reported by the Company in compliance with the 2012 edition of the JORC Code in ASX announcements dated 11 October 2022, 25 August 2022 and 7 July 2022.

The information in this report that relates to the Exploration Results at the Karasjok and Kotalahti Belts were first reported by the Company in compliance with the 2012 edition of the JORC Code in ASX announcements dated 4 September 2023.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX releases referred to above and it further confirms that all material assumptions and technical parameters underpinning the exploration results and exploration target continue to apply and have not materially changed.

The information on this website that relates to Exploration Results is based on information compiled by Mr Andrew Tunningley, who is a Member and Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy and is Head of Exploration of Kingsrose Mining Limited. Mr Tunningley 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”. Mr Tunningley consents to the inclusion in this report of the matter based on his information in the form and context in which it appears.

Project Update

Stakeholder Engagement

We commenced engagement with key stakeholders and Sami rightsholders in February 2022 and have continued to maintain regular contact and to broaden our communication within the wider community. Our focus has been to meet, understand, and develop trust-based relationships.

Kingsrose is committed to operating in accordance with the principal of Free, Prior, Informed, Consent and building a framework for cooperation with Sami rightsholders on this basis. In order to support our engagement with Spierttagáisá (14A) Kingsrose has held several meetings and provided funding for Protect Sápmi to provide expert and independent advice to Spierttagáisá (14A). Kingsrose is working towards implementing a mutually agreed Process Agreement to recognise Spierttagáisá (14A) as rightsholders and formalise how decisions concerning our exploration will be made.

Additionally, Kingsrose is developing an Indigenous Peoples Policy, and we have received FPIC and cultural awareness training from Protect Sápmi.

Feeding the Reindeer February 2022
Feeding the Reindeer February 2022
Porsanger Public Meeting - February 2023
Porsanger Public Meeting - February 2023

Exploration Activities

Non-invasive geological mapping and sampling was carried-out during late-2021 and 2022. Based on this work, Kingsrose notified Sami rightsholders of its intention to complete a ground-based geophysical survey in February 2022. Spierttagáisá (14A) informed Kingsrose that due to challenging weather conditions, the area was required for emergency winter grazing. Kingsrose worked collaboratively to reschedule the proposed survey until after the reindeer calving season when the herd had moved to its summer pasture.

Ground-Based Geophysical Survey - February 2022
Ground-Based Geophysical Survey - February 2022

Kingsrose has received a special permit to conduct a small drilling program in the Karenhaugen area. In support of this application, Kingsrose provided funding for the Sámediggi (the Sami Parliament) to commission a Sami cultural heritage survey, and commissioned an independent biodiversity study. Sami rightsholders have informed Kingsrose and the authorities of their opposition to the drilling application in its current form. As such, Kingsrose intends to work collaboratively to complete an assessment of the potential impacts of drilling and develop mitigation measures in order to mutually agree how drilling can proceed.

As Kingsrose extends its exploration activities throughout Finnmark, the company is committed to continuing in this approach of proactive, transparent and respectful collaboration with all Sami rightsholders and local communities.

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Kingsrose Mining Limited is an ASX Listed (ASX : KRM) company focused on responsible mineral exploration & discovery

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