Kuniko Limited announced exceptional Cobalt Mineralisation Drill Intersection and New Shallow Mineralised Horizon observed at Skuterud. Highlights: Skuterud Cobalt Project: Drilling at the Skuterud Cobalt Project is progressing, with 6 holes completed to date for a total of 1,779 metres. The priority of the drill programme has been around the Middagshvile target where previous drilling by Kuniko delivered cobalt mineralisation in 8 of 8 drill holes and defined a mineralised zone of 450 metres, open along strike and at depth.

A new shallow mineralised horizon has been intersected in four drill holes (KNI_MDV011 - KNI_MDV014), with a fifth drill hole (KNI_MDV010) also having intercepts with visually identifiable cobalt minerals. A visually significant intersection of the new cobalt-mineralised zone is seen in drillhole KNI_MDV011, with plentiful visible cobalt minerals, likely identified to be cobaltite. Drilling has defined a new zone of 6.8 meters from 24.2 meters depth (KNI_MDV011), with field observations by geologists identifying a general sulphide content of 1-2%.

Localised foliation-parallel and sometimes vein-hosted bands of strong cobaltite mineralisation have been observed in the zone, demonstrating the potential for high concentrations of cobalt minerals at the Middagshvile target. To date, drilling at Middagshvile has defined a geologically coherent system that now extends for around 520 metres along strike between the historical Middagshvile workings in the south and KNI_MDV008 at the current northern end of drilling coverage. Two additional drillholes from a pad constructed to the north of KNI_MDV008 are planned, and with the potential to extend this system by up to another 200 metres along strike.

Skuterud Cobalt: Project: The Middagshvile Co-Cu target is a brownfield exploration prospect on the highly prospective, wholly owned, Skuterud Cobalt Project, in central-southern Norway, north-west of Oslo. Drilling Progress Kuniko's drilling programme at Skuterud is well underway, with the Middagshvile target the priority of an anticipated 2,500 m campaign in up to 10 diamond drillholes. As at the date of this release, 6 holes from 2 pads have been completed for a total of 1,779.2 metres, testing potential continuous mineralisation interpreted by the maiden drilling programme of 2022 (across approximately 300m distance between KNI_MDV001-KNI_MDV007 and KNI_MDV008) and targeting both previously untested SkyTEM and downhole electromagnetic (DHEM) Maxwell plate `conductor' models.

During the drilling programme, a new shallow mineralized horizon was intersected. It is considered that the horizon likely corresponds to small historical mine workings south of the KNI_MDV011 drill collar, that was targeted and missed by a previous explorer, Berkut. An additional 2 drill holes are to be drilled from a third pad testing extension of northernmost SkyTEM Maxwell plate and potential continuation of main mineralized horizon.

Drilling in the shallow horizon has yielded an intersection of a strongly mineralised zone in drill hole KNI_MDV011 in the near-surface position described above. Visual logging of drill core by Kuniko's geologists has defined a zone of 6.8 meters starting from 24.2 meters depth, which was observed to have a general sulphide content of 1-2 % (mainly pyrrhotite with minor chalcopyrite). Importantly, localised foliation-parallel and sometimes vein-hosted bands of strong cobaltite mineralisation have been observed.