VANCOUVER, Dec. 1, 2017 /CNW/ - Boreal Metals Corp. ("Boreal" or the "Company") is pleased to announce that exploration drilling is underway at its 100% owned Gumsberg license property located in the prolific Bergslagen Mining District in southern Sweden (Figure 1). Boreal plans to conduct 2,500 meters of diamond drilling across three prospective high grade volcanogenic massive sulphide ("VMS") mineral trends including Östrasilvberg, Vallberget-Loberget and Gumsgruvan. Each of these silver-zinc-lead trends contain historical drilling from the 1930s and 1970s (Table 1) and mining activities that can be traced to medieval times.
"Boreal has successfully advanced three high grade mineralized trends within the 18,300 hectare Gumsberg land position to the drill testing phase," stated President and CEO Karl Antonius. "We are excited to see the results of the 2017 Drill Program given the high grades intercepted on the property by EMX Royalty Corp. in 2016".
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 Östrasilverberg 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 by EMX Royalty Corp. have led to the identification of multiple exploration targets, near the historic workings.
About Boreal Metals Corp.
Boreal is a mineral exploration company focused on the discovery of Zinc, Copper, Silver and Gold deposits in four 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.
Figure 1: The Gumsberg License is in the highly prospective Bergslagen District of southern Sweden. The nearby mines and deposits in the region provide geologic context for Boreal's Projects, but this is not necessarily indicative that the Project hosts similar mineralization.
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.
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.
Note: 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.
5.7m @ 6.5% Zn, 0.1%Pb, 3.2 g/t Ag
3.8m @ 17.9% Zn, 6.9% Pb, 68.9 g/t Ag
4.6m @ 7.01% Zn, 0.9% Pb, 13.8 g/t Ag
3.0m @9.2% Zn, 3.0% Pb, 12 g/t Ag
1.46m @ 20.7% Zn, 0.2% Pb
9.8m @ 22.9% Zn, 0.7% Pb
3.35m @ 7.3% Zn, 0.2% Pb
0.77m @ 30.7% Zn, 7% Pb
2.6m @ 3.5% Zn, 0% Pb
1.38m @ 3.5% Zn, 1.8% Pb
2.67m @ 10.3% Zn, 5.3% Pb
1.03m @ 34.3% Zn, 22.7% Pb
1.5m @ 24.3% Zn, 15.7% Pb
1.44m @ 17.2% Zn, 0.1% Pb
3.75m @ 17.1% Zn, 1.9% Pb
Table 1. Selected high grade historical drill intercepts from the Gumsberg Project. Boreal has not performed sufficient work to verify the published drill data reported in this table. These historically reported data should not be relied upon until they can be confirmed. However, the drill-delineated mineralization as reported in various public documents available online and from the SGU (Swedish Geological Survey) is considered relevant.
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.
On behalf of Boreal Metals Corporation
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 Metals Corp. 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 Metals Corp.'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 Metals Corp. 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 Metals Corp.'s plans and business objectives for the projects; the general ability of Boreal Metals Corp. 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 Metals Corp.'s management on the date the statements are made. Except as required by law, Boreal Metals Corp. 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
For further information: on Boreal please visit the Company website at www.borealmetals.com or contact Alexandra Woodyer Sherron at +1.604.218.5030 or [email protected]