A JORC resource report may not sound intriguing to an untrained ear. But its latest findings are extremely encouraging and exciting for the Eigersund region and for us, our investors and end customers – as we develop a new integrated value chain for responsibly produced European Critical Raw Materials (CRMs). Put simply, it shows what we have under the ground, how much and importantly, how pure it is.
Huge rise
The JORC Code has informed our latest Mineral Resource statement, and we can now say that the overall resource of our Bjerkreim Exploration Project is more than 4.5 billion tonnes. While our Eigersund Project (Storeknuten) deposit specifically now totals 3.17 billion tonnes – of phosphate, titanium, iron ore and vanadium. This is a substantial increase from the 1.94 billion tonnes reported in October 2023, further underlining the global significance of the discovery.
- Bjerkreim Exploration Project: 4.5 billion tonnes overall
- Storeknuten deposit of phosphate, titanium, iron ore and vanadium: 3.17 billion tonnes
Decoding the JORC code
Demystifying industry jargon, the JORC Code is essentially the standard for measuring the size of in-ground mineral deposits – like the ones we have discovered in southwest Norway. Our reporting standard uses the terms and definitions of the JORC2 Code (2012) – originally an Australasian measuring code, and since used as a guide for reporting standards in the UK, Ireland and Europe. Above all, it gives our investors and their advisers all the information they would reasonably require for the purpose of making a balanced judgement regarding the results and estimates being reported.
Indicated and inferred categories
And the latest results are substantial. At Storeknuten, we have 948 million tonnes in the ‘Indicated Mineral Resource’ category and 2.220 billion tonnes in the ‘Inferred’ category – an increase of 63% in total resource tonnage and 137% in Indicated tonnage, compared to October 2023. Given the consistency of our ore bodies, the indicated tonnage is deemed sufficient to plan our operations.
“Given the consistency in the underlying geology and mineralisation, we are confident that the Indicated Mineral Resource represents a solid basis for ongoing technical studies, without the need to pursue a Measured classification. We are particularly pleased by the notable improvement in the phosphate grade at Storeknuten, which is a result of incorporation of higher-grade material in the Mineral Resource. Consequently, we are targeting a P205 grade in the order of 3.5% for the first 10 years of production as part of the ongoing pre-feasibility study. The PFS is now moving close to completion as we continue to deliver our strategy to become a European supply source of EU Critical Raw Materials.”
John Vergopoulos, Chairman
Significance of findings
Beyond the sheer quantities of EU Critical Raw Material deposits we have exploration rights to, the quality is significant. Take phosphate, for example. Phosphate rock is a finite resource – and a vital ingredient in fertilisers that help crops grow. Significant deposits of phosphate rock have previously only been found in a select few countries – such as China, Morocco, Western Sahara and Algeria.
The difference in Norway is the purity, similar to the quality found in the Kola Peninsula in Russia. This is called igneous phosphate, and this represents 5% of the world’s supply. The higher the purity grade, the more valuable it is to certain end markets and the more friendly it is to the planet. Greater purity cuts out laborious midstream procedures to get rid of impurities, making it highly suitable for high-end applications, such as batteries. Purer grades, therefore, minimise energy-intensive, polluting phases of production that are otherwise needed.
Additional motivation
This latest news is not only important for our investors and end markets – it’s also additional motivation for our teams. They are the driving force behind this extraordinary and unique venture, as we help industries and governments overcome the challenges of supply security and carbon net zero.
