Early signs BHP’s investment in Kingsrose is paying off for both parties

With the support of BHP’s expertise, exploration at the Finmark project is already delivering encouraging critical mineral results.

Kingsrose Mining has received the results of one of the largest-scale generative exploration programs in Europe, funded by BHP. Pic: Getty Images

Special report: Scandinavian-based explorer Kingsrose Mining is applying mineral systems analysis of two mineral belts in Norway and Finland to identify the most prospective areas for discovery of polymetallic copper-nickel-PGE massive sulphides. 

• Kingsrose completes 5067 line km airborne gravity gradiometry survey at Finmark 
• Results from the survey include high-grade copper in polymetallic copper-gold-PGE sulphide veins
• Exploration also yielded impressive results at the Central Finland alliance 

In May last year the company kicked off one of the largest scale generative exploration programs in Europe under alliances funded by BHP, with US$2.7m of the combined US$5m expenditure having been spent on activities to date. 

At the Finmark alliance in Norway, a 5067 line km airborne gravity gradiometric survey was completed in 2024, with results delivering high-grade copper in polymetallic copper-gold-PGE sulphide veins. 

Kingsrose Mining (ASX:KRM) says these veins may be spatially related to and used as vectors towards deeper magmatic sulphide accumulations. Other stand out results include: 

• 29.7% copper, 1.1g/t gold, 53g/t silver, 0.54g/t palladium and 0.02g/t platinum from the Porsanger area; and 
• 4.4% copper, 1.8g/t gold, 0.50g/t palladium and 0.06g/t platinum from the Virdnechokka area. 

KRM is looking to begin regional-scale helicopter electromagnetic surveys across the Central Finland alliance area in late February to hunt for conductive bodies spatially associated with intrusions which may represent massive sulphide mineralisation. 

These combined datasets will be used to generate follow up targets for field work in summer 2025.

BHP alliance and Xplor program 

KRM’s alliance with BHP was made possible through its participation in BHP’s Xplor program, which sees the major sole fund up to US$20 million ($31m) over up to four years for belt-scale base metal targets in Norway and Finland.

Should this work identify a ‘defined project’, BHP will then have the right to earn up to 75% in two stages by sole funding up US$36m over seven years from the start of an earn-in phase.

“I believe BHP recognised the opportunity Kingsrose presented, a large-scale generative exploration story spanning nearly 4000 square kilometres,” Kingsrose MD Fabian Baker said.

“We then spent the next six months working closely together, allowing BHP to gain a deep understanding of how Kingsrose operates.

“I feel BHP valued our technical expertise, our ability to drive forward a large-scale opportunity like this, and our commitment to responsible exploration practices.”

‘Long-term prospects for discovery’ 

Meanwhile at the Central Finland alliance, 4980 line kilometres of drone and ground magnetic surveys were carried out in the Haapajarvi reservation, along with 795 soil samples and 87 rock chip samples. 

Newly discovered zones of outcropping mineralisation were identified at the Rehula target, which returned 0.46% copper, 110ppm cobalt and 0.03g/t palladium. 

Baker said KRM is delighted with the progress of exploration and continued support from BHP for the alliances. 

“Systematic exploration using advanced geophysical and geochemical techniques is already returning highly encouraging results, which is a testament to the prospective nature of the mineral belts we are exploring for critical minerals copper, nickel and PGEs,” he said. 

“With an equally strong and dedicated approach to social and environmental values, we believe the long-term prospects for discovery in these underexplored regions on Europe’s doorstep are high.” 

Exploration work continues 

At the Central Finland alliance, work continues with age dating, geochemistry and physical property data collection of known intrusions planned to identify prospective camps of intrusions. 

KRM also continues to engage with Indigenous Peoples on the Finmark alliance, holding public meetings with Kautokeino, Karasjok and Porsanger municipalities. 

Additionally, Kingsrose has carried out biodiversity and cultural heritage surveys and regional baseline water surveys to inform discussions with stakeholders.

This article was developed in collaboration with Kingsrose Mining, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Early signs BHP’s investment in Kingsrose is paying off for both parties