VANCOUVER, Jan. 23, 2019 /CNW/ - Boreal Metals Corp.
("Boreal" or the
"Company") (TSXV:BMX) is pleased to announce
the completion of the 1,620.8 metre diamond drill program at its
100% owned Gumsberg project located in the prolific Bergslagen
Mining District in southern Sweden
(Figure 1). Boreal completed nine additional diamond drill
holes in the vicinity of the past producing Östra Silverberg
Mine. Diamond drilling tested prospective stratigraphy that
is spatially separated from the historical mined orebody.
Assay results from this program are expected imminently.
"The Östra Silverberg Mine area contains high-grade precious
metal enriched base metal mineralization," stated President and
CEO Karl Antonius. "We look
forward to the results from this round of drilling which follows up
the high-grade zinc, silver, and lead intercepts from Boreal's
2017-2018 drill program. Arctic Drilling did a great job in
completing the program ahead of schedule and under budget."
The strategically situated Gumsberg project consists of six
exploration licenses in the Bergslagen Mining District of southern
Sweden totaling over 18,300
hectares, where multiple zones of VMS style mineralization occur.
The VMS mineralization at Gumsberg was mined from the 13th
century through the early 1900s, with over 30 historic mines
present on the property, most notably the Östra Silverberg Mine
which was the largest silver mine in Sweden between 1250 and 1590. Despite
its long-lived production history, relatively little modern
exploration has taken place on the project. New geologic
interpretations, geophysical surveys and reconnaissance drilling
have led to the identification of multiple new exploration targets
near the historic workings.
Burfjord Project Update
Samples from the recently completed drill program at Boreal's
Burfjord copper and gold project in northern Norway (see Boreal News Release dated
December 3, 2018), have been received
at the lab and are in queue for analysis. Due to the
project's remote location in northern Norway, the core samples were first shipped to
the Norwegian Geological Survey's facilities in Løkken,
Norway for cutting and sample
preparation. The samples were then imported to Sweden and shipped to the ALS Laboratories
facilities in Malå, Sweden for
further processing and analyses. Boreal is expecting assay results
in February.
|
Notes to Figure
1
|
|
Mineralization hosted
on the Falun, Saxerget and Garpenberg properties is not necessarily
representative or indicative of the mineralization hosted on the
Company's Gumsberg property.
|
|
1
Grade-Tonnage information obtained from Mineral deposits and
metallogeny of Fennoscandia, Geological Survey paper of Finland,
Special Paper 53. Pasi Eilu Editor. 401 p.
2012.
|
|
2 Garpenberg has a proven resource of
19.7 Mt @ 96 g/t Ag, 0.3 g/t Au, 0.04% Cu, 1.6% Pb, and 3.8% Zn and
a probable resource of 56.7 Mt @ 99 g/t Ag, 0.3 g/t Au, 0.05% Cu,
1.4% Pb, and 2.9% Zn (Boliden 2016 Annual Report:
http://www.boliden.com/investor-relations/reports-and-presentations/annual-reports/)
|
|
3 Kampmann, T.C., Jansson, N.F.,
Stephens, M.B., Majka, J., and Lasskogen, L., 2017.
Systematics of Hydrothermal Alteration at the Falun Base Metal
Sulfide Deposit and Implications for Ore Genesis and Exploration,
Bergslagen Ore District, Fennoscandian Shield, Sweden.
Economic Geology V. 112, pp 1111-1152.
|
|
Approximately 28 to
35 million metric tons (Mt) of ore were produced from the Falun
Mine at grades ranging between 0.5 to 5% Zn, 0.1 to 1.7% Pb, 0.7 to
4% Cu, 13 to 35 g/t Ag, and 0.5 to 4 g/t Au, varying between
different mineralization types.
|
Qualified Person
Daniel MacNeil, P.Geo, a
Qualified Person as defined by National Instrument 43-101, has read
and approved all technical and scientific information contained in
this news release. Mr. MacNeil is Vice President Exploration
for Boreal Metals Corp.
About Boreal Metals Corp.
Boreal is a mineral exploration company focused on the discovery
of zinc, copper, silver, gold and cobalt deposits in exceptional,
historical mining project areas spanning Sweden and Norway. The Company aims to
discover new economic mineral deposits in known mining districts
that have seen little or no modern exploration techniques.
The Company is led by an experienced management team and technical
team, with successful track records in mineral discovery, mining
development and financing.
On behalf of Boreal Metals Corp.
Karl Antonius, President
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed
"forward‐looking statements". Forward‐looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although Boreal believes
the expectations expressed in such forward‐looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance, are subject to risks and uncertainties, and
actual results or realities may differ materially from those in the
forward‐looking statements. Such material risks and
uncertainties include, but are not limited to, Boreal's ability to
raise sufficient capital to fund its obligations under its property
option agreements, to maintain its mineral tenures and concessions
in good standing, to explore and develop its projects, to repay its
debt and for general working capital purposes; changes in economic
conditions or financial markets; the ability of Boreal to obtain
the necessary permits and consents required to explore, drill and
develop the projects and if obtained, to obtain such permits and
consents in a timely fashion relative to Boreal plans and business
objectives for the projects; the general ability of Boreal to drill
test its projects and find mineral resources; if any mineral
resources are discovered or acquired, the Company's ability to
monetize any such mineral resources; and changes in environmental
and other laws or regulations that could have an impact on the
Company's operations. Forward‐looking statements are based on the
reasonable beliefs, estimates and opinions of Boreal management on
the date the statements are made. Except as required by law, Boreal
undertakes no obligation to update these forward‐looking statements
in the event that management's beliefs, estimates or opinions, or
other factors, should change.
SOURCE Boreal Metals