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Boreal Metals Completes Acquisitions of Swedish Nickel-Copper-Cobalt Projects

Mining News - Published on Tue, 22 May 2018

Image Source: CNW
Boreal Metals Corp announced that the completion of the acquisition of the Mjövattnet and Njuggträskliden nickel, copper, and cobalt project from EMX Royalty Corporation. Pursuant to the terms of the purchase and sale, Boreal has issued to EMX 2,020,202 common shares of Boreal Energy Metals Corp, a subsidiary of Boreal. This acquisition brings EMX’s equity ownership in BEMC to 9.9%. EMX will have the right to maintain its 9.9% interest, at no additional cost to EMX, until BEMC has raised CDN 3,000,000 in equity. Thereafter, EMX will have the right to participate pro-rata in future financings at its own cost to maintain its 9.9% interest in BEMC. The TSX Venture Exchange has approved the transfer of the Mjövattnet and Njuggträskliden exploration licences from EMX to BEMC, subject to customary final filings.

Mr Karl Antonius, President and CEO stated that “Boreal is continuing to build its excellent foundation of base and energy metals exploration projects in Scandinavia.” Mr Antonius said that “The acquisition of Mjövattnet and Njuggträskliden deliver significant benefits to Boreal’s shareholders and partners. Both projects have excellent upside potential for additional discoveries of nickel, copper and cobalt, as well as, PGE and gold. There are clear next steps in terms of exploration plans, and these nickel-rich projects provide nice compliments to the cobalt-rich Modum and Guldgruvan projects in Boreal’s portfolio.”

Mjövattnet and Njuggträskliden Highlights
The 9,000 hectare Njuggsträskliden and 6,400 hectare Mjövattnet licenses cover multiple drill defined zones of nickel-rich sulfide mineralization. The Projects were recognized during a nationwide reconnaissance exploration program for nickel conducted between 1968 and 1984 by the Swedish Geological Survey and other government entities. This led to the discovery of nickel mineralization at Mjövattnet in 1971, followed by the discovery of Njuggträskliden in 1974. More than 80 nickel occurrences wer identified during the reconnaissance programs, with state funded drill programs defining multiple historic mineral resources.

Over the course of 20 years, several hundred holes were drilled on the Projects, intersecting both disseminated and massive styles of nickel-copper-cobalt sulfide mineralization associated with a suite of Proterozoic-aged mafic and ultramafic intrusions. The mineralization remains open at depth, and possibly along strike in several cases. More recent work included geophysical surveys and limited re-sampling of historic drill core for platinum group elements and gold. These elements are shown to be enriched at Njuggträskliden and Mjövattnet, but their distribution is not well understood at present, and represents additional upside potential.

The Projects are accessible year-round, with infrastructure including paved roads, water and power, as well as skilled labour in nearby municipalities.

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Posted By : Rabi Wangkhem on Tue, 22 May 2018
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