VANCOUVER, Sept. 12, 2018 /CNW/ - Boreal Metals Corporation ("Boreal" or the "Company") (TSXV:BMX) is pleased to announce that the Company has engaged Arctic Drilling AB ("Arctic Drilling") to conduct exploratory diamond drilling at Burfjord in Norway. Boreal is mobilizing to commence a 1,000 meter reconnaissance drill program in late September and will test a variety of shallow drill targets across the property position. The drill targets include multiple zones highlighted by Induced Polarization geophysical surveys completed by Boreal in late 2017 (see Boreal News Release dated January 4, 2018). Widespread copper-gold mineralization is seen in surface exposures in each target area and Boreal is excited to be the first to drill test these targets.
"We are pleased to be working with Arctic Drilling on our Burfjord Copper-Gold Project in Norway," stated Karl Antonius, President and CEO. "Arctic Drilling has extensive experience drilling in the region and has developed a strong working relationship with the local community and stakeholders."
Overview of the Burfjord Project
The Burfjord project is comprised of six exploration licenses totaling 5,500 hectares in the Kåfjord copper belt near Alta, Norway. 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 kilometer fold (anticline) consisting of interbedded sedimentary and volcanic rocks. Many of the rocks in the anticline are intensely hydrothermally altered and contain sulphide mineralization.
Mineralization occurs as high-grade copper-gold bodies that were historically mined at high cut off grades (>3% copper). Boreal has recognized significant volumes of bulk tonnage potential copper-gold mineralization developed in stockwork vein arrays throughout the property position which the Company believes have economic potential (Figure 2). Veins in the area are dominated by carbonate and iron-oxide minerals (magnetite and hematite), but also contain chalcopyrite, bornite and chalcocite in addition to cobalt-rich pyrite as generally coarse-grained (often 0.5 centimeter to multi-centimeter scale) disseminations in the veins. Discreet zones of cobalt and nickel mineralization are also present on the property.
Only limited exploration has taken place in the modern era and only one prospect area has been drill tested to date. The best historic drill intercept consists of 7 meters @ 3.6% copper from the Cedarsgruve Mine area in the northern portion of the claim block1.
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 Metals Corporation.
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 Corporation 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 Corporation'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 Corporation 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 Corporation's plans and business objectives for the projects; the general ability of Boreal Metals Corporation 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 Corporation's management on the date the statements are made. Except as required by law, Boreal Metals Corporation undertakes no obligation to update these forward‐looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
1 Norges Geologiske Undersøkelse (NGU), 1997; Malmdatabasen, Forekomstområde 1943 – 010, Navn på forekomstområde: Cedars gruve. Note that Boreal has not performed sufficient work to verify the published drill data, which are reported as published and have not been confirmed.
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].