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FinnAust Mining (LSE:FAM), an exploration company with several highly prospective projects in Finland, has said that drilling has commenced at its Hammaslahti Copper Project in southern Finland.
The initiation of drilling at Hammaslahti represents the beginning of a near continuous 10,300m 11 month rolling drilling campaign across three high-priority copper-gold and nickel-copper-PGE projects; namely Hammaslahti, Outokumpu and Enonkoski. FinnAust Mining is fully funded to complete this programme and is exploring for high-grade magmatic and VMS-style mineral deposits.
FinnAust Mining’s Executive Director, Alastair Clayton said, “Since the transaction was approved by shareholders on 29 November 2013 we have initiated and completed a detailed slingram ground-based geophysical survey at Hammaslahti to determine the exact drill hole locations for the programme. Having spent several days reviewing the results with our team of geologists and geophysicists in Finland I am pleased to announce we have commenced drilling. We look forward to updating shareholders systematically and periodically as results come to hand.”
In a statement the company said that its primary focus of exploration is a portfolio of assets in Finland. Three high-priority target areas have already been identified, Hammaslahti, Outokumpu and Enonkoski, which are prospective for Volcanogenic Massive Sulphide (‘VMS’), high-grade magmatic sulphide nickel-copper and Outokumpu type copper deposits.
The assets are located in one of the “world’s most prolific geological belts, which hosts multiple high grade mines including the world famous Outokumpu copper mine, which reportedly produced a total of approximately 42 million tonnes of ore at average grades of 3.1% copper, 1.0% zinc, 0.2% cobalt and 0.1% nickel between 1913 and 1988. A defined 10,300m drill programme is underway”.
FinnAust Mining also holds an 80% interest in the previously producing 33 km sq Mitterberg Copper Project in Austria, which the Company are currently evaluating in order to determine the best plan for future development.
