Metals One announces conditional acquisition of Finland copper projects
Published by Jess Watts,
Editorial Assistant
Global Mining Review,
Subject to completion of the Transaction, which is conditional upon the satisfaction of various conditions including the execution of a sale and purchase agreement (SPA) and completion of the equity fundraise announced on 31 January 2025, Metals One will obtain 100% ownership of both projects, increasing its exposure to copper.
Hammaslahti Copper-Zinc Project
The Hammaslahti Copper-Zinc Project is prospective for VMS mineralisation and contains the historical Hammaslahti mine which produced over 7 Mt at an average grade of 1.16% copper, 1.55% zinc, 0.59 g/t gold, and 5.2 g/t silver between 1973 and 1986.
Drilling by 80 Mile Plc (80M) identified previously unknown extensions to the Hammaslahti mine mineralisation with multiple intersections of high-grade massive sulphides. Examples of this extensional mineralisation include 3.4 m at 11.5% copper and 3 ppm gold.
The most recent diamond drilling programme in 2023 was successful in intersecting sulphide mineralisation in each of the eight holes drilled with one occurrence at only 75 m depth. Drillhole HAM0008 returned a significant intersection of 5.7 m of mineralisation grading 2.99% copper-equivalent (CuEq), including 2.1 m at 6.31% CuEq.
Reinterpretations of the geophysical and geological data by 80M show significant potential for new mineralisation which Metals One intends to test with a follow-up drill programme later this year.
Outokumpu Copper Project
The Outokumpu Copper Project covers most of the northeast-southwest trending Outokumpu Copper Belt, which has produced several high-grade copper mines, including the world famous Outokumpu Copper mine which produced 28.5 Mt at 3.8% Cu between 1908 and 1988. Six drill-ready targets have been identified by 80M, which the company believes have good potential for hosting high grade copper along strike from, and immediately adjacent to, the former operating mines.
Metals One intends to undertake higher-resolution geophysical surveys of the targets this year in preparation for a future drill programme.
Jonathan Owen, CEO of Metals One, commented:
“The strong demand and tightening supply dynamics in the copper markets have created an opportunity for Metals One as we already have boots on the ground in Finland and the ability to advance these projects efficiently, and in the near-term, allowing 80 Mile Plc to focus on its other activities.
With financing now in place, Metals One is in a position to acquire and progress previously screened projects such as these, and apply the resources needed to bring them to fruition.
Read the article online at: https://www.globalminingreview.com/mining/20032025/metals-one-announces-conditional-acquisition-of-finland-copper-projects/
You might also like
The progress and promise of hybrids in mining
Decarbonising mining is challenging. While electric and hydrogen solutions show promise, they are still in development and not yet reliable for heavy equipment in demanding environments due to tough conditions and varying infrastructure across regions.
