Business Wire

Publication of Mineral Resource Estimate for Storeknuten in the H ø yland Exploration Area

Share

Norge Mining plc, the Anglo-Norwegian mineral exploration company focused on the Bjerkreim Exploration Project in southwest Norway, announces publication of a Mineral Resource Estimate for the Storeknuten Deposit in the Høyland Exploration Area. The data confirms Storeknuten as the Company’s second world-class discovery in the Bjerkreim Exploration Project.

The Storeknuten Mineral Resource covers an area of about 400,000 sq m, which represents approximately 15% of the Høyland Exploration Area.

Publication of the Storeknuten Mineral Resource Estimate follows publication in February this year of the maiden Mineral Resource Estimate at Øygrei, a world-class deposit of 1.55 billion tonnes which is currently being extended and upgraded.

Highlights

  • Maiden Mineral Resource Estimate reported for Storeknuten of 240 million tonnes, containing mean grades of 2.36% phosphorus pentoxide, 4.71% titanium dioxide and 0.07% vanadium pentoxide.
  • Storeknuten is the Company’s second world-class resource of EU Critical Raw Materials, defined as materials of strategic importance for the European economy that the EU currently imports.
  • The Mineral Resource Estimate at Storeknuten was prepared according to the JORC2 reporting standard by SRK Exploration Services Ltd (SRK), part of the SRK Group, which is an independent international mining, exploration and environmental consultant.
  • The Storeknuten Mineral Resource Estimate is summarised below:

Mineral Resource Classification

Tonnes
(millions)

P2O5 Grade
(%)

TiO2 Grade
(%)

V2O5 Grade
(%)

Inferred

240.0

2.36

4.71

0.07

Total

240.0

2.36

4.71

0.07

  • The higher phosphate grade of this deposit opens up potential opportunities for alternative mining and processing scenarios.
  • Exploration work at Storeknuten is ongoing firstly to extend the resource and then in due course to improve confidence in the estimate with the aim of upgrading a portion of the resource to the Indicated category.

John Vergopoulos, Chief Executive Officer of Norge Mining, said:

“This Mineral Resource Estimate confirms Storeknuten as our second world-class deposit, further highlighting the potential of the Bjerkreim Exploration Project as a whole. In addition to 240 million tonnes of Inferred Mineral Resource at Storeknuten, SRK has also reported a very substantial Exploration Target of between 1.4 and 2.0 billion tonnes."

“Given the constraints of Covid-19 on exploration work at Storeknuten during the past year, I am particularly pleased by this initial Mineral Resource Estimate."

“Together with Øygrei, whose world-class status was established earlier this year, we now have a total Mineral Resource Estimate at Bjerkreim of 1.79 billion tonnes and an Exploration Target of between 2.4 and 4.0 billion tonnes, all containing vanadium, titanium and phosphate."

“These three minerals are on the EU’s list of Critical Raw Materials, giving Norway a major opportunity to play a pivotal strategic role in the future supply of these materials."

“Exploration work is ongoing to upgrade and extend the resource at both Storeknuten and Øygrei. We also continue to drill in other areas and expect to announce further data in the coming months.”

An executive summary of the Storeknuten Mineral Resource Estimate is available at the Company’s website: www.norgemining.com

Background to the Bjerkreim Exploration Project

The Bjerkreim Exploration Project is located in southwest Norway in the large Bjerkreim-Sokndal Layered Intrusion, which has been widely studied by the Norway Geological Survey (NGU) and other researchers. Norge Mining is focusing on the Bjerkreim Lobe of this intrusion, which forms a large synclinal trough structure. This trough extends at outcrop for some 20km northwest-southeast and up to 10km northeast-southwest. It is known to extend for several kilometres in depth.

The mineralisation consists of primary magmatic mineral assemblages in which vanadium-bearing magnetite, ilmenite (titanium) and apatite (phosphate) represent the minerals of interest. Vanadium, titanium and phosphate are all on the EU’s list of Critical Raw Materials, defined as materials of strategic importance for the European economy that the EU currently imports.

Through its Norwegian subsidiary Norge Mineraler AS, Norge Mining has 46 exploration licences in southwest Norway, totalling more than 400 sq km. The Company has conducted extensive ongoing exploration work at Bjerkreim, including channel sampling, aerial surveys and shallow and deep drilling. In total, more than 30,000m of drilling has now been completed.

Storeknuten forms part of the Høyland Exploration Area in the Bjerkreim Exploration Project. It covers an area of 1,150m by 350m and is located 4.5km southwest from the Company’s Øygrei Deposit.

SRK Exploration Services Ltd (SRK), part of the SRK Group, an international mining, exploration and environmental consultant, has prepared the Mineral Resource Estimate at Storeknuten. The diamond drilling programme at Storeknuten began in September 2020 and the data cut-off used to produce the resource estimate was 1 March 2021. The data for resource estimation was derived from 1,437 assayed samples from 9 drill holes.

Storeknuten Mineral Resource Estimate

SRK’s maiden Mineral Resource Estimate for the Storeknuten area of the Bjerkreim Exploration Project, reported according to the JORC Code reporting standard, is summarised below:

Mineral Resource Classification

Tonnes
(millions)

P2O5 Grade
(%)

TiO2 Grade
(%)

V2O5 Grade
(%)

Inferred

240.0

2.36

4.71

0.07

Total

240.0

2.36

4.71

0.07

As is the case at Øygrei, the mineralisation occurs in steep dipping layers that are continuous down dip and along strike. The vast majority of the reported Mineral Resource correlates to the B Zone previously reported on at Øygrei and, while it does contain a small amount of C Zone, it does not contain any New Zone and consequently the P2O5 grades are higher.

In reporting a Mineral Resource, there is a requirement that there are reasonable prospects for eventual economic extraction. In this case, the requirement has been achieved by limiting the tonnage reported to that falling within an open pit which was optimised assuming selling prices of USD230/t of ilmenite, USD97.75/t of phosphate and USD9.2/lb of V2O5.

Storeknuten Exploration Target

SRK has delineated a Storeknuten Exploration Target, also as defined by the JORC Code, of between 1.4 and 2.0 billion tonnes of mineralisation with similar grades to that already reported (between 1.6 and 2.4% P2O5, 4.2 and 5.0% TiO2 and 0.06 and 0.08% V2O5).

This Exploration Target is based on the assumed continuity of the mineralised layers at Storeknuten at depth and to the northeast. Surface geology supports this continuity, and the mineralisation drilled to date remains open in these directions. It should however be noted that the Exploration Target potential tonnage and grade estimates are conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Next Steps

Exploration work at Storeknuten is ongoing with a substantial, planned programme of additional drilling to upgrade and extend the Mineral Resource and to provide information for a scoping study. The drilling work is expected to be completed this year.

Exploration work at Øygrei, and elsewhere in the Bjerkreim Exploration Project including Skeipstad, is also ongoing. At Øygrei more than 13,000m of infill and geotechnical drilling is underway, part of the aim of which is to increase confidence in the Mineral Resource and enable more to be reported in the Indicated category.

1 World-class deposit is used in the context of this announcement to mean a deposit of very large size with the potential to provide major economic and strategic benefits.

2 The reporting standard for this statement is the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” as published by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia” (the “JORC Code”). The JORC Code is a reporting code which has been aligned with the Committee for Mineral Reserves International Reporting Standards (“CRIRSCO”) reporting template and is an internationally recognised reporting standard that has been adopted worldwide for market-related reporting and financial investments.

The Competent Person who has overall responsibility for the Mineral Resource is Dr Mike Armitage, C.Eng, C. Geol, FGS, MIMM, PhD. Dr Armitage is a Chartered Geologist which is a Recognised Professional Organisation (“RPO”) included in a list promulgated by the Australian Securities Exchange (“ASX”) from time to time. He is a full time employee of SRK Consulting (UK) Ltd and a director of SRK Exploration Services, a corporate consultant and has over 35 years’ experience in the mining and metals industry and also has sufficient experience which 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 JORC Code. Dr Armitage has been responsible for the reporting of Mineral Resources and Ore Reserves on various properties internationally during the past 30 years.

About Norge Mining plc

Norge Mining plc is an Anglo-Norwegian natural resources company focused on mineral exploration in Norway.

The Company owns 46 exploration licences, totalling more than 400 square kilometres in south-west Norway in an area known to contain vanadium, titanium, phosphate and gold. Norge Mining is currently conducting a programme of exploration work to produce a resource estimate, building on earlier studies by the Norway Geological Survey (NGU).

Norge Mining’s ambition is to become a substantial, sustainable and strategically important exploration and mining business focused on Norway.

The Company was founded in November 2018, is headquartered in the UK and has a 100%-owned Norwegian subsidiary, Norge Mineraler AS.

For further information, please visit www.norgemining.com

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Buchanan Communications
Mark Court / James Husband
+44 (0) 20 7466 5000
norgemining@buchanan.uk.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Blue Yonder Announces Binding Agreement To Acquire One Network Enterprises for Approximately $839 Million To Create Multi-Enterprise Supply Chain Ecosystem29.3.2024 13:13:00 CET | Press release

Blue Yonder, a leader in digital supply chain transformations, continues its forward momentum to revolutionize the supply chain and has today announced the signing of an agreement to acquire One Network Enterprises (One Network) for approximately $839 million, subject to adjustments. One Network, provider of the Digital Supply Chain Network™, is known for its autonomous and resilience services and is a leading global provider of intelligent control towers. Upon completion, Blue Yonder will be well positioned to serve customers’ needs across planning, execution, commerce, and networks. “Supply chains have become more complex, and as more and more companies reduce risk by diversifying sourcing of products globally, there is an increased demand for the sharing of information and resources across the whole value chain. This, along with increased disruptions and geopolitical risks, have put the pressure on organizations to build more resilient and robust supply chains,” said Duncan Angove,

Dubai Electricity and Water Authority PJSC Shareholders Approve Payment of AED 3.1 Billion in Dividends29.3.2024 13:12:00 CET | Press release

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider and majority owner of the largest cooling services provider, which is listed on the Dubai Financial Market (DFM), reported that its shareholders have, in the general assembly held on March 28th, 2024, approved the payment of total dividend of AED 3.1 billion with a record date of April 8th, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240329162756/en/ Dubai Electricity and Water Authority PJSC shareholders approve payment of AED 3.1 billion in dividends (Photo: AETOSWire) General Assembly Details The meeting, chaired by HE Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by HE Saeed Mohammed Al Tayer, MD & CEO of DEWA and Members of the Board of Directors of DEWA as well as 85.9% of the shareholders. The assembly was held on Thursday (2

PAN Finance Names Libertex ‘Global CFD Broker of the Year’29.3.2024 06:25:00 CET | Press release

As the first quarter of 2024 draws to a close, Libertex is thrilled to announce its first accolade of the new year! The established global financial publication PAN Finance has determined Libertex to be the ‘CFD Broker of the Year – Global 2024’ following a rigorous evaluation process conducted by the publication's highly experienced editorial and research teams. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328235325/en/ (Graphic: Libertex) PAN Finance is a trusted source of global financial intelligence with an impressively wide readership across 150 countries. Its ecosystem includes a quarterly magazine, special reports, a news website, and various social media channels. As an organisation, PAN Finance is committed to providing concise, intelligent, and up-to-date news for a worldwide readership of specialists spanning the entire finance industry. The company's awards programme aims to serve as a true indicator of exc

Midea Group releases its first-ever ESG brand story with an unexpected VIP visit highlighting its commitment to sustainability.29.3.2024 02:39:00 CET | Press release

Midea Group: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328526418/en/ Background: Midea Group, a leading global technology group, recently released its 2023 Environmental, Social, and Governance (ESG) Report with ambitious sustainable development goals set for 2030. They include achieving over 500 megawatts of photovoltaic power generation, reducing greenhouse gas emission intensity (scopes 1 and 2) by 0.040, secure Energy Management System Certification for 50 factories, and achieve 100% carbon footprint accounting for major categories of smart home appliances. This is aligned with the Sustainable Development Report Standards of the Global Report Standards of the Global Reporting Initiative (GRI). The new report and campaign focuses on four dimensions: Protect the Blue Planet, Build a Harmonious Community, Practice 'Bring Great Innovations to Life', and Jointly Create the Prosperous Ecology. The campaign: Midea’s ESG

DC Secretary Announces Annual Determinations Committees Outcome28.3.2024 21:14:00 CET | Press release

DC Administration Services, Inc. has today announced the composition of five regional Determinations Committees (DCs), effective from April 27, 2024. Voting Dealers (for all regions): Voting Non-Dealers (for all regions): Bank of America N.A. Citadel LLC Barclays Bank plc Elliott Management Corporation BNP Paribas Pacific Investment Management Company LLC Citibank, N.A. Deutsche Bank AG Goldman Sachs International JPMorgan Chase Bank, N.A. Voting Dealer for the Americas, EMEA, AEJ, and Japan Determination Committees: Mizuho Securities Co., Ltd. The process for selecting DC members is specified in the DC rules. The DC rules, along with more information about the Determinations Committees and what they do can be found at the Determinations Committees website: https://www.cdsdeterminationscommittees.org/. View source version on businesswire.com: https://www.businesswire.com/news/home/20240328441002/en/Contact information Press Inquiries: Orlando Figueroa orlando.figueroa@citadelspv.com

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye