ASX-listed Kingsrose Mining is advancing exploration in northern Norway under its alliance with BHP, with the major mining company electing to terminate its Central Finland alliance to focus efforts on the Finnmark region.

BHP has exceeded its initial $5-million funding commitment, contributing $5.84-million across the two alliances to date. The senior miner has elected to terminate the Central Finland Alliance, having contributed $2-million to the effort, while continuing its support for the Finnmark Alliance, where funding to date totals $3.84-million.

“During the past year we achieved one of the largest generative exploration programs globally,” said Kingsrose MD Fabian Baker. “It is a rare opportunity to explore entire mineral belts from first principles; we are grateful to BHP for supporting these efforts financially and with the support and expertise of their multidisciplinary teams.”

In its second year, the Finnmark Alliance will benefit from a $3.5-million budget to complete a play-scale prospectivity assessment across the region, which Kingsrose and BHP believe holds potential for globally significant copper/nickel/platinum group element (PGE) sulphide deposits. The programme includes airborne gravity gradiometry and helicopter electromagnetic surveys, followed by field mapping during the European summer. The data will be used to identify camps or clusters of mafic-ultramafic intrusions for follow-up and eventual drill targeting.

To expand its footprint in the Karasjok greenstone belt, Kingsrose has entered into an option agreement with EMX Royalty to acquire the Gallujavri project, a 16-km trend of mafic-ultramafic intrusions hosting disseminated nickel, copper, and PGE mineralisation.

Under the agreement, Kingsrose will make a $38 000 initial payment, followed by staged payments and work commitments over four years, with an option exercise payment of $150 000 and a 1% net smelter return royalty.

Meanwhile, Kingsrose retains full ownership of the Central Finland exploration tenure, including the Jakon project recently acquired from Rio Tinto Exploration Finland. Historical drilling at Jakon intersected significant sulphide nickel/copper/cobalt mineralisation. The company is evaluating options to advance the project.

Kingsrose believes its significant landholding in an underexplored mineral belt of Finland represents a compelling opportunity for other mining companies currently active in, or seeking to enter, the region to investigate joint venture opportunities with Kingsrose, particularly amid a notable increase in industry interest across Central Finland.