VANCOUVER, May 16, 2019 /CNW/ - Boreal Metals Corp.
("Boreal" or the "Company") (TSXV:BMX) is pleased to
announce that the Gumsberg No. 1 Exploration Permit has been
extended an additional four years to January
21, 2023. The Gumsberg No. 1 permit hosts the newly
discovered "South Zone" silver-zinc-lead mineralization at Östra
Silvberg where Boreal intercepted 12.60 metres of 6.73% zinc, 18.53
g/t silver and 1.99% lead in 2018 and 10.94 metres of 17.00% zinc,
and 656.70 g/t silver with 8.52% lead and 0.8 g/t gold in 2017 (see
Figure 1).
"The renewal of the exploration permit is a direct result of
the drill testing, where a new high-grade mineralized deposit has
been discovered," stated Patricio
Varas, Chief Executive Officer. "We look forward to
further drill testing at Östra Silvberg to continue to expand the
new discovery, as well as future testing of other prospective
targets on the property."
The Gumsberg No. 1 permit has been valid for six years (Figure
1). According to the Swedish Bergsstaten, exploration permits
are subject to a sixth-year renewal where a sufficient volume
of mineralization must be defined and approved by the Swedish
Bergsstaten. Upon approval by the Bergsstaten, exploration
permits can be extended or converted to exploitation
licenses. In this case, the exploration permit was granted an
additional four-year extension as Boreal continues to define and
expand new zones of mineralization on the property.
Overview of the Gumsberg Project
The strategically situated Gumsberg project consists of seven
distinct project target areas in the Bergslagen Mining District of
southern Sweden totaling over
18,300 hectares, where multiple zones of VMS and related styles of
mineralization have been identified. Precious and base metal
mineralization at Gumsberg was mined from the thirteenth century
through the early nineteenth century, with over 30 historic mines
present on the property, most notably the Östra Silvberg mine,
which was the largest silver mine in Sweden between 1250 and 1590.
About Boreal Metals Corp.
Boreal is a mineral exploration company focused on the discovery
of zinc, copper, silver, and gold 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.
Qualified Person
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 Gumsberg project contained in this news release. Mr.
MacNeil is Vice President Exploration for Boreal Metals Corp.
On behalf of Boreal Metals Corp.
Patricio Varas, Chief Executive
Officer
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
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