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ASX-listed explorer Kingsrose Mining has struck a deal with Scandinavian Resource Holdings and Global Energy Metals Corporation for the staged investment into the Råna nickel/copper/cobalt project, in Norway.

Under the terms of the agreement, Kingsrose could earn up to a 75% interest in the project by spending a total of A$15-million over an eight-year period on the brownfields project. The earn-in would happen over four stages.

“Råna is a very exciting nickel-copper-cobalt sulphide exploration project which complements Kingsrose’s growing critical metals portfolio in the Nordics,” said MD Fabian Baker.

“Exploration outside of the mine site is very immature, in that modern models of magmatic sulphide deposit formation and exploration techniques have not been applied. Kingsrose sees excellent potential for the discovery of additional high-grade massive sulphide bodies through exploration of the whole intrusive system, with a particular focus on basal and ‘offset’ styles of mineralisation which are common in these settings but have not been explored for historically.

“We have a focussed exploration program planned to rapidly advance our understanding of the geology and generate targets for drilling later in 2023.”

 Baker said that this transaction was testament to Kingrose’s merger and acquisition strategy in a market where high-quality nickel sulphide projects are difficult to come by.

“Nickel is essential in the electrification required to achieve a low carbon future and Europe needs to secure a sustainable domestic supply. With additional funds from the sale of Way Linggo, Kingsrose looks forward to advancing Råna alongside Penikat and Porsanger while continuing the search for additional assets to support Europe’s green energy transition.”

Kingrose was recently selected to participate in mining major BHP’s Xplor programme, and will receive up to $500 000 in cash payments from BHP, as well as access to a network of internal and external experts, to assist in exploration work in Finland and Norway.