Resource Mining Corporation Oy confirms high-quality lithium in Finland; moves to acquire projects
Resource Mining Corporation Ltd (ASX:RMI) has moved swiftly to acquire three highly potential lithium and base metals projects in Finland after field work produced high-grade results, including nickel and copper.
The fieldwork was part of the due diligence work to acquire Element92 Pte Oy, which owns Element92 Suomi Oy, a Finnish company that owns exploration reserves for the Ruossakero nickel project in northern Finland, the Kola lithium project in central Finland, and the Hirvikallio Lithium project in southern Finland. Finland.
A share swap agreement has been entered into between RMC and Element92’s shareholder ROPA Investments (Gibraltar) Ltd, involving the issuance of 40 million RMI shares.
Mining veteran Andrew Nesbitt will start his new role as CEO of RMC on January 16.
“Very pleased”
Asimwe Kabunga, Managing Director of Resource Mining Corporation, said: “We are very satisfied with the results of the initial fieldwork carried out in connection with this due diligence and now that we have executed the share swap agreement, we look forward to the next stages of the investigation.
“We believe the three projects have demonstrated that lithium and base metal economic resources can be discovered, and we are working to convert the reservation permits to prospecting permits to begin drilling and other exploration activities on the projects.”
Showing potential
Skapto Consulting collected 179 samples from different parts of the projects and delivered them to ALS Finland Oy for analysis.
In particular, the Kuola project returned up to 2.4% Li2O through glacier motion modeling, which indicated a large area of potential pegmatite in the central part of the charge.
Other highlights included 3.9% Li2O from chip samples taken at Hirvikallio, and numerous other pegmatites on the reserve contain anomalous lithium values of up to 0.9% Li2O, which is higher than previous explorations.
In the Ruossakero project, a series of anomalous nickel-copper grades were recorded from stick samples taken from a small area, which identified significant areas with similar geology to the well-known Ruossakero nickel occurrence.
Very experienced
Incoming CEO Nesbitt is a qualified Mining Engineer, BSc (Eng) Mining and MBA with over 25 years experience in the natural resources industry.
He has worked in various production and technical positions at De Beers and Goldfields and conducted several feasibility studies around the world with the leading technical consulting group SRK.
Nesbitt is also a seasoned investor, having previously worked as a partner and portfolio manager at Craton Capital Pty Ltd, a global precious metals fund with over US$400 million in assets under management.
He brings to RMC a rich collection of experiences for advancing research activities and increasing the value of the company’s project portfolio covering Tanzania and Finland, as well as managing financial programs and supervising the listed company.
In progress
The Finnish projects are two-year “exploratory reservations” that are valid until May 2024.
These reservations allow for the completion of initial, non-invasive exploration work, including mapping, outcrop sampling, soil sampling and geophysics.
RMC has started the process of converting prospecting reservations into prospecting permits.