VANCOUVER, Sept. 26, 2018 /CNW/ - Boreal Metals Corporation ("Boreal" or the "Company") (TSXV:BMX) is pleased to announce the commencement of a 1,000 metre exploratory diamond drill program at its Burfjord copper-gold project in Norway. The Burfjord Copper-Gold Project is host to numerous high-grade veins with associated copper-rich envelopes developed across a large, 4 by 6 kilometre area and represents an attractive exploration drilling target with bulk tonnage mining potential.
"We are highly optimistic that the current drill program will deliver widespread copper mineralization as observed on surface by our geological team. With some luck, the Burfjord project will bear economic zones that can excite our shareholders," stated Karl Antonius, President and CEO. "Discovering significant mineralization in the subsurface at Burfjord represents an exciting near-term growth opportunity for the Company."
Only limited exploration has taken place in the modern era and only one prospect area has been drill tested to date. The best historical drill intercept consists of 7 metres @ 3.6% copper1, and was obtained from the Cedarsgruve (mine) area in the northern portion of the claim block.
Source: NGU Deposit Factsheet, Deposit Area 1943-010, 1997. Boreal's property reviews have confirmed the geologic setting and occurrence of mineralization on the Project, and considers the historic exploration data to be relevant as reported in public disclosures and government reports.
Overview of the Burfjord Project
The Burfjord Copper-Gold Project, located in the Kåfjord Copper Belt near Alta, Norway is highly prospective for Iron Oxide Copper Gold (IOCG) and Sediment Hosted Copper mineral deposits which contribute significantly to copper production globally.
High-grade copper-gold veins at Burfjord (Figure 1) are surrounded by envelopes or disseminations of copper mineralization extending tens to hundreds of metres laterally into the host rocks. Boreal believes this mineralization represents an attractive bulk tonnage exploration drilling target. Copper bearing veins in the area are dominated by ferroan carbonate and iron-oxide minerals (magnetite and hematite), but also contain the economically important minerals chalcopyrite, bornite and chalcocite in addition to cobalt-rich pyrite as generally coarse-grained (often 0.5 centimetre to multi-centimetre scale) disseminations in the veins. Discreet zones of cobalt and nickel mineralization are also present on the property.
The Burfjord project is comprised of six exploration licenses totaling 5,500 hectares in the Kåfjord Copper Belt. Copper mineralization was mined in the Burfjord area during the nineteenth century, with over 30 historic mines and prospects developed along the flanks of a prominent 4 x 6 kilometre fold (anticline) consisting of interbedded sedimentary and volcanic rocks. Many of the rocks in the anticline are intensely hydrothermally altered and contain sulphide mineralization.
About Boreal Metals Corporation
Boreal is a mineral exploration company focused on the discovery of Zinc, Copper, Silver, Gold, Cobalt and Nickel 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. The Company is led by an experienced management team and technical team, with successful track records in mineral discovery, mining development and financing.
Daniel MacNeil, P.Geo, a Qualified Person as defined by National Instrument 43-101, has read and approved all technical and scientific information related to the Burfjord project contained in this news release. Mr. MacNeil is Vice President Exploration for Boreal.
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 +1.604.922.8810 or [email protected]