As a result, Kingsrose has to date earned a 51% interest in the Råna Project by incurring AUS$3 million of expenditure, and drilling at least 5000 m, on the project. Metals One’s Råna Project ownership now stands at 39%, with the balance being held by Global Energy Metals Corporation.
Kingsrose has also successfully completed its recent drilling programme at the Råna Project. A total of 706 m was drilled over three drill holes. Drill core samples have been dispatched to the analysis laboratory and will be announced by Kingsrose and the company in due course.
Kingsrose has also announced its intention to proceed to earn the third milestone interest, which equates to a 65% interest in the Råna Project, by incurring a further AUS$4 million of expenditure on the Råna Project.
Jonathan Owen, Chief Executive Officer of Metals One, commented:
“We’re delighted that Kingsrose has achieved its Second Completion milestone – a strong endorsement of its commitment to the project. Kingsrose’s continued investment has ensured drill work has been able to occur on schedule and we look forward to analysing the results of the recent core drilling programme which will help inform next steps for the project.”
