Vancouver, British Columbia– from the maiden drilling program at the high grade polymetallic Tomtebo Property located in the Bergslagen Mining District in south-central Sweden.
Holes TOM21-013 to -016 were drilled below open pits where copper sulphides were historically extracted at the Gårdsgruvans zone in the southwest portion of the historic Tomtebo Mine.
In this type of volcanogenic system, mostly copper and some gold are precipitated in the hot cores of the feeder conduits, whereas zinc, lead, silver and the rest of the gold are carried further upwards in the conduit system, where at lower temperature, and just below the sea floor, they deposit Zn-Pb-Ag-Cu-Au veins and massive sulphide mineralization.
Holes TOM21-013 to -016 encountered textures that are characteristic of dense glassy volcanic rocks, especially felsic lavas and shallow intrusive domes, and suggest that the copper-rich feeder zones are hosted at least partly by a lava dome or shallow intrusive dome.
Other parts of several drill holes encountered massive coarsely clastic rocks that are probably pumice-rich deposits from explosive eruptions, and banded rocks that are interpreted as altered stratified felsic volcanic ash.
We have now concluded our maiden Spring 2021 drill program at Tomtebo totaling 5,611 m in 22 holes, which has been a great success on a number of different levels.
A second zone of similar style disseminated sulphide mineralization started at 185.0 m with strong copper stringer/vein-style mineralization between 194.0 to 196.5 m.
Traces of chalcopyrite were observed from 96.0 to 104.0 m, and disseminated sulphides abruptly stopped after 110.0 m until the end of hole depth of 287.3 m.
Historic hole TOM69001 drilled horizontally from the -200 m exploration drift, indicated disseminated Cu-mineralization with missing assays at the end of the hole, which was a second target.
All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company.
Sample pulps were sent to ALS Geochemistry in Ireland values of copper >1%; values of zinc >1%; values of lead >1%; and values of silver >100 g/t using the high-grade material ICP-AES analytical package values of zinc >30%; values of lead >20% using the high precision analysis of base metal ores AAS analytical package .
District considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company’s current and future exploration work includes verification of the historical data through drilling.
The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.
Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district.
Forward-looking statements in this news release relating to the Company include, among other things, statements relating to the Company’s planned exploration activities, including its drill target strategy and next steps for the Tomtebo Property; the company’s interpretations and expectations about the mineralization of the Tomtebo mine; the Company’s belief that the numerous gravity high anomalies identified at the historic Tomtebo Mine provide immense expansion potential; the Company’s belief that the modeled gravity high anomalies at the historic Tomtebo Mine could correspond with polymetallic and/or iron sulphide mineralization, or a mafic unit; and the Company’s belief that the gravity high anomaly located one kilometer to the northeast of the Tomtebo Mine represents a potential grassroots discovery opportunity with a modeled tonnage that compares with the historic production tonnage from the historic Falun Mine.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: the reliability of historic data regarding the Tomtebo Property; the Company’s ability to raise sufficient capital to finance planned exploration ; the Company’s limited operating history; the Company’s negative operating cash flow and dependence on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and approvals, technical issues, potential delays, unexpected events and management’s capacity to execute and implement its future plans; the Company’s ability to identify any mineral resources and mineral reserves; the substantial expenditures required to establish mineral reserves through drilling and the estimation of mineral reserves or mineral resources; the Company’s dependence on one material project, the Tomtebo Property; the uncertainty of estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company’s share price; the unlikelihood that shareholders will receive dividends from the Company; potential future acquisitions and joint ventures; infrastructure risks; fluctuations in demand for, and prices of gold, silver and copper; fluctuations in foreign currency exchange rates; legal proceedings and the enforceability of judgments; going concern risk; risks related to the Company’s information technology systems and cyber-security risks; and risk related to the outbreak of epidemics or pandemics or other health crises, including the recent outbreak of COVID-19.