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Publication of the mineral resource estimate for the Storeknuten deposit in the Høyland exploration area

0,07


  • The higher phosphate content of this deposit opens up potential opportunities for alternative mining and processing scenarios.

  • Exploration on the Storeknuten deposit is ongoing to expand the deposit and then, in due course, improve the reliability of the estimate with the aim of upgrading a portion of the resource to Indicated.

John Vergopoulos, CEO of Norge Mining, said:

“This mineral resource estimate confirms that Storeknuten is our second world class deposit; it highlights the potential of the Bjerkreim exploration project as a whole. In addition to the inferred mineral resources of 240 million tonnes in Storeknuten, SRK has also reported a very extensive exploration target of 1.4 to 2.0 billion tonnes.

Given the constraints Covid-19 placed on exploration work at Storeknuten over the past year, I am delighted with this first mineral resource estimate.

Together with the Øygrei deposit, whose world-class status was established earlier this year, we now have a total mineral resource estimate at the Bjerkreim project of 1.79 billion tonnes and an exploration target of 2.4 to 4.0 billion tonnes, each of which Vanadium, titanium and phosphate are included.

These three minerals are on the EU list of critical raw materials, which gives Norway an important opportunity to play a central strategic role in the future supply of these materials.

Exploration continues at both Storeknuten and Øygrei to expand and upgrade the resource. We are continuing to drill in other areas and expect to be able to provide more data in the coming months. "

A condensed mineral resource estimate for Storeknuten is available on the company's website: www.norgemining.com

Background information on the Bjerkreim exploration project

The Bjerkreim exploration project is located in southwest Norway in the large Bjerkreim-Sokndal strata intrusion, which has been extensively studied by the Norwegian Geological Survey and other researchers. Norge Mining is focused on the Bjerkreim area of ​​this intrusion, which forms a large synclinal trough structure. This trough extends at the outcrop for about 20 kilometers in a north-west-south-east and up to 10 kilometers in a north-east-south-west direction. We know that it extends for several kilometers even in the depths.

The mineralization consists of primary igneous mineral spectra, in which vanadium-containing magnetite, ilmenite (titanium) and apatite (phosphate) represent the economically important minerals. Vanadium, titanium and phosphate are on the EU list of critical raw materials. By definition, these are materials of strategic importance to the European economy that the EU is currently importing.

Norge Mining has 46 exploration licenses with a total area of ​​more than 400 km² through its Norwegian subsidiary Norge Mineraler AS in southwest Norway. The company is currently conducting extensive exploration work in the Bjerkreim area, including channel sampling, aerial surveying, and shallow and deep drilling. In total, boreholes with a total depth of more than 30,000 m have already been carried out.

Storeknuten is part of the Høyland exploration area, which is part of the Bjerkreim exploration project. The deposit covers an area of ​​1,150 by 350 meters and is 4.5 kilometers southwest of the Company's Øygrei deposit.

SRK Exploration Services Ltd (SRK), part of the SRK Group, an independent international mining, exploration and environmental consultancy, prepared the mineral resource estimate for Storeknuten. The Storeknuten diamond drilling program began in September 2020. The end of the observation period used to compile the resource estimate was March 1, 2021. The data used for the resource estimate was collected from 1,437 assayed samples from nine drill holes.

Storeknuten Mineral Resource Estimate

The following is a summary of SRK's first mineral resource estimate for the Storeknuten area of ​​the Bjerkreim exploration project, prepared in accordance with the reporting standard of the JORC Code:

Classification of mineral resources

metric tons

(Million)

P2O5 content

(%)

TiO2 content

(%)

V2O5 content

(%)

supposed

240,0

2,36

4,71

0,07

total

240,0

2,36

4,71

0,07

As with the Øygrei deposit, mineralization occurs in steeply sloping layers that are continuous both down dip and along strike. The majority of the reported mineral resource coincides with Zone B previously reported for Øygrei. It contains a small area of ​​Zone C, but not a new zone. As a result, the P2O5 levels are higher.

The designation of a mineral resource requires that there are reasonable prospects of potential economic exploitation. In this case, this requirement was met by limiting the reported tonnage to that which is in an open pit mine and assuming sales prices of $ 230 / t ilmenite, $ 97.75 / t phosphate and 9 , 2 USD / lb V2O5 optimized.

Exploration target for store knots

SRK has staked a Storeknuten exploration target which is also defined under the JORC Code and encompasses 1.4 to 2.0 billion tons of mineralization with grades similar to those previously reported (1.6 to 2.4% P2O5, 4.2 up to 5.0% TiO2 and 0.06 to 0.08% V2O5).

This exploration target is based on the assumed continuity of store knot mineralized layers at depth and to the northeast. Surface geology supports this continuity and the mineralization drilled to date remains open in these directions. It should be noted, however, that the exploration target's potential tonnage and grade estimates are conceptual, that there is insufficient exploration to estimate a mineral resource and that it is uncertain whether further exploration will result in an estimate of a mineral resource.

Next Steps

Exploration for Storeknuten continues on schedule with an extensive program of additional drilling to expand and upgrade the mineral resource and to obtain information for a scoping study. Drilling is expected to be completed later this year.

Exploration work at Øygrei and other locations on the Bjerkreim Exploration Project, including Skeipstad, is also ongoing. More than 13,000 meters of infill and geotechnical drilling are currently being carried out in the Øygrei area. One of the aims of this is to strengthen trust in the mineral resource and to be able to show larger quantities in the "Indicated" category.

1 In the context of this announcement, the term "world-class deposit" means a deposit of very large size that has the potential to offer great economic and strategic advantages.

2 The reporting standard for this declaration is the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves published by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia 2012), the so-called "JORC Code". The JORC Code is a reporting standard that has been aligned with the report template of the Committee for Mineral Reserves International Reporting Standards (“CRIRSCO”). It is an internationally recognized reporting standard that is used worldwide for market-related reporting and for financial investments.

The "competent specialist" 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 (Chartered Geologist) by a Recognized Professional Organization ("RPO"). The RPO concerned will appear on a list published from time to time by the Australian Stock Exchange. Dr. Armitage works full time at SRK Consulting (UK) Ltd. employed. He is a Director at the management consultancy firm SRK Exploration Services and has more than 35 years of experience in the mining and metals industries as well as extensive experience relevant to the type of mineralization and the type of deposit concerned and to the work he carries out, so that he is qualified as a competent specialist within the meaning of the JORC code. Dr. Armitage has been responsible for the identification of mineral resources and ore reserves on various properties internationally for the past 30 years.

About Norge Mining plc

Norge Mining plc is an Anglo-Norwegian extractive company that specializes in mineral exploration in Norway.

The company holds 46 exploration licenses totaling more than 400 square kilometers in southwestern Norway in an area known to contain deposits of vanadium, titanium, phosphate and gold. Norge Mining is currently conducting an exploration program to produce a resource estimate that builds on previous studies by the Norwegian Geological Service (NGU).

It is Norge Mining's stated goal to become a meaningful, sustainable and strategically important exploration and mining company with a focus on Norway.

The company was founded in November 2018, is headquartered in the UK and is owned by the wholly-owned Norwegian subsidiary Norge Mineraler AS.

More information is available at www.norgemining.com

The source language in which the original text is published is the official and authorized version. Translations will be included for a better understanding. Only the language version that was originally published is legally valid. You should therefore compare the translations with the original language version of the publication.

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