Kingsrose earns 51% in Råna, Norway
Mineral exploration company Kingsrose Mining has earned a 51% interest in the Råna nickel/copper/cobalt project, in Norway, by incurring $3-million of expenditure and drilling more than 5 000 m.
In accordance with the transaction implementation agreement, Kingsrose has issued Metals One, the nominee of Scandinavian Resources, with one-million fully paid ordinary shares in the company as part of consideration for the earn-in.
Kingsrose has also successfully completed its recent drilling programme at Råna, with a total of 706 m drilled over three drill holes. Drill core samples have been dispatched to the analysis laboratory.
“We have successfully applied modern exploration techniques and interpretation to the Råna project, which has demonstrated a large and prospective project for the discovery of high-grade sulphide nickel/copper/cobalt mineralisation,” commented Kingsrose MD Fabian Baker.
The company intends to proceed to earn the third milestone interest, which equates to a 65% interest in the Råna project, by incurring a further $4-million of expenditure before July 24, 2028, being the sunset date for the third milestone.
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