Gunsynd PLC Investee Company Update - Aberdeen Minerals Ltd

RNS Number : 0314L

Gunsynd PLC

05 November 2024

 

Gunsynd PLC

("Gunsynd" or the "Company")

Investee Company Update - Aberdeen Minerals Ltd

 

Gunsynd Plc (AIM: GUN) notes the recent announcement by its investee company Aberdeen Minerals Ltd ("Aberdeen Minerals"), a private UK company exploring for Nickel-Copper-Cobalt deposits in North East Scotland.

Aberdeen Minerals has successfully completed its summer drilling campaign at the Arthrath Project in Aberdeenshire, Scotland, where it is exploring for bedrock deposits of nickel, copper and cobalt. These metals are strategically important raw materials critical to an energy transition in Scotland and the UK.

• Drilling has revealed a sulphide "trap" feature, containing a build-up in sulphide minerals in a floor zone of the mafic intrusion.

• This classic setting for nickel-copper rich massive sulphides is located within a previously untested area of the Arthrath deposit at only 170-250 vertical metres.

• Extensive intersections of net-textured sulphides with localised massive sulphide lenses form the basis for the next round of geophysics and drilling at Arthrath. Between July and October 2024, 2,682 metres of core drilling were completed across seven boreholes ranging in length from 243 metres to 510 metres.

The purpose of the drilling was to test the company's model for metal rich, "conduit-related" massive sulphide bodies beneath the shallow levels of the historically drilled Arthrath deposit. This involved drilling deeper into the Arthrath geology than any previous work at the project, and using borehole electromagnetic (BHEM) geophysical surveys to test the surrounding rocks for electrically conductive sulphides.

Updated geological modelling is currently in progress by the company's consultants, and assay results from sampling are due to be received later in Q4 2024. Follow-up work is anticipated to comprise detailed geophysical surveys to delineate the extents of the sulphide trap zone and other targets emerging from the 2024 drilling, ahead of the next round of drilling due to commence in February/March 2025.

Gunsynd holds 2,000,000 ordinary shares in Aberdeen Minerals which were acquired for £150,000.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

The Directors of the Company are responsible for the release of this announcement.

 

For further information, please contact:

Gunsynd plc Hamish Harris/ Peter Ruse	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

 

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