Highlights:
- Storjuktan project: continue detailed property-wide
geochemical survey by collecting ~38,000 glacial till samples to
cover remaining 23,000 hectares of project; full property 25,000 ha
UAV magnetic geophysical survey (50 m
spaced lines).
- Paubäcken project: BoT drilling on Brokojan
target (~100 holes) and following up on best BoT drill result to
date, 5.01 g/t Au, at Aida target
- Klippen project: BoT drilling (~120 holes)
- BoT drilling programs will set up for diamond drilling on
priority targets later this year
VANCOUVER, BC, July 22,
2024 /CNW/ - First Nordic Metals
Corp. (the "Company" or "FNM") (TSXV: FNM)
(OTCQB: FNMCF) (Frankfurt: HEG0) is pleased to announce that its
summer / fall exploration program on its 100%-owned projects on the
Gold Line belt is underway in northern Sweden. Major parts of this program are a
25,000-hectare ("ha") magnetic geophysical survey and
regional-scale surface exploration program on its 100%-owned
Storjuktan Project, and top-of-bedrock (base-of-till) ("BoT")
drilling programs to test kilometric till anomalies at its
100%-owned Paubäcken and Klippen projects. The region is covered by
glacial till and BoT drilling is well recognized as the main method
for zoning in on the best diamond drilling targets in these
terrains.
Taj Singh, First Nordic
President and CEO comments: "It's an exciting time for
FNM, with our Gold Line belt exploration program underway at
multiple high potential projects. Paubäcken already has three
kilometric targets and Storjuktan is emerging very well with our
recent discovery of the +5 km Nippas target. We are also very
excited to begin work on our Klippen project, which hosts a
cohesive +5 km gold and pathfinder glacial till anomaly. BoT
drilling is a proven tool for exploration in the Nordics and was
instrumental in our successful diamond drilling discovery at the
Aida target on the Paubäcken project. We are focused on making
discoveries at our Gold Line projects to advance what we believe is
Europe's next major gold
belt."
Storjuktan Project Program
A detailed property-wide geochemical survey was initiated in
2023 in which FNM discovered a cohesive 5 km gold pathfinder
glacial till anomaly at the Nippas target. Exploration planned for
summer / fall 2024 includes a continuation of this survey and will
include the collection of up to 38,000
B-Horizon (subsoil) glacial till samples (see Figure 1 in
Appendix). The survey is designed to cover the remaining 23,000 ha
of the 25,000 ha project area. A high-density sample spacing is
used (15 meter ("m") x 75 m sample
spacing) to identify anomalous areas. All samples are screened
using XRF analysis (x-ray fluorescence) for gold pathfinder
elements and samples from anomalous areas will be sent for gold
assay at an external laboratory.
The Company is also planning to fly an unmanned aerial vehicle
(UAV) magnetic geophysical survey over the entire 25,000 ha of the
Storjuktan project area. Radia Oy,
an industry leader in UAV magnetic surveys has been commissioned to
conduct the 5,517 line kilometer ("km") survey. The survey will be
flown on 50 m spaced lines at an
average height of 40 m. Following
completion of the survey, the data will be interpreted to map the
underlying geology and structural architecture of the Storjuktan
project area in detail.
Paubäcken Project Program
Exploration planned for summer / fall 2024 includes top of
bedrock drilling on the Brokojan target identified in the 2023
surface till sampling survey. The Brokojan target is defined by a
As-Cu-Zn-Mo (arsenic-copper-zinc-molybdenum) pathfinder element
till anomaly extending over 2.3 km by 1.0 km and is located just
northwest of the Harpsund gold and pathfinder anomaly. Collectively
the two targets now form a large, semi-continuous
southeast-northwest trending anomaly over a 5.5 km strike of the
Harpsund structural corridor. Up to 100 BoT drill holes are planned
as a phase-1 testing of the bedrock geochemistry of the Brokojan
target area (see Figure 2 in Appendix). FNM will likely also
continue BoT drilling on the Aida target to continue to confirm
gold mineralization on the 4 km corridor and to follow up on the
highest-grade BoT drill sample to date, 5.01 g/t Au (2024).
Klippen Project Program
The summer / fall Klippen exploration program is designed
to investigate bedrock sources of a +5 km by 500 m wide historic Au (gold), As, Cu and Zn
glacial till anomaly. The anomaly is oriented in the prominent ice
flow direction. The program will include up to 120 top of bedrock
drill holes and is designed to systematically test the bedrock
along a 2 km zone interpreted to be the most probable source of the
till anomaly based on interpretation of geophysical data and ice
flow direction (see Figure 3 in Appendix).
Program Budget
The cost of the summer / fall exploration program is estimated
at C$0.5M. The Company is funded to
carry out a diamond drilling program of 10,000-15,000 meters on its
Gold line belt projects and the plan is to begin this in Q4 2024 /
Q1 2025.
About the Storjuktan Project
The Storjuktan project is a large project strategically
positioned north of the Company's Barsele project [1]. It consists
of seven contiguous licenses covering 30,000 ha located in the
northern portion of the Gold Line belt. The Storjuktan project
contains over 60 km of the Gold Line structure. All mineralization
discovered to date shows a spatial relationship to this structural
corridor, occurring mainly on second- and third-order splay
structures.
About the Paubäcken Project
The Paubäcken project consists of three licenses totalling
17,097 ha on the Gold Line belt. The Gold Line belt is host to
several significant gold deposits, including the Company's nearby
resource-stage Barsele project [1], as well as the Svartliden mine
and Fäboliden development project (operated by Dragon Mining Ltd).
The Svartliden mine was in production from 2005 to 2015 and a total
of 3.18 million tonnes of material grading 4.1 g/t Au was processed
during its operation (http://www.dragonmining.com/svartliden).
Paubäcken is strategically positioned between Barsele and
Fäboliden, is a few hundred meters northeast of the Svartliden
mine, and features a regional shear zone with multiple untested
gold anomalies.
About the Klippen Project
The Klippen project is located in a southern extension of the
Gold Line belt in northern Sweden.
The geology consists of a sequence of inverted basin sediments and
mafic volcanic rocks intruded by small syn-kinematic granitic
intrusions within a broad, anastomosing high strain structural
corridor. These lithological sequences are highly prospective for
orogenic gold deposits and mineralization encountered to date is
mainly hosted within a highly strained and altered syn-kinematic
granodiorite measuring 5 km by 0.5 km. Gold mineralization mainly
occurs as sulphide veins consisting of pyrite, arsenopyrite,
chalcopyrite and pyrrhotite veins hosted within the highest strain
zones of the granodiorite and minorly within highly strained
sedimentary and volcanic units along the margins of the
granodiorite. Mineralization is associated with intense sericite,
carbonate, epidote and biotite hydrothermal alteration assemblages
extending laterally into wall rock.
About the Gold Line Belt Geology
The geology of the Gold Line belt consists of an inverted
volcano-sedimentary sequence intruded by small pre- to
syn-kinematic granitic intrusions within a broad, anastomosing high
strain structural corridor. Lithologies are regionally
metamorphosed to upper greenschist and amphibolite grade facies,
and gold mineralization is associated with intense sericite,
carbonate, biotite, and calc-silicate alteration assemblages and
sulphide minerals pyrite, arsenopyrite, and pyrrhotite. The
regional Gold Line structural corridor runs up the axis of the belt
with many jogs, splays, and zones of structural complexity that are
potential locations for dilation and deposition of gold bearing
fluids. These lithological sequences are deemed to be highly
prospective for orogenic gold deposits.
ABOUT FIRST NORDIC
The Company's flagship asset is the Barsele gold project,
located in Sweden and in a joint
venture with senior gold producer Agnico Eagle Mines Limited.
Immediately surrounding the Barsele project, FNM is the 100%-owner
of a district-scale license position of close to 100,000 hectares
on Gold Line Belt. Additionally, in northern Finland FNM is the
100%-owner of a district-scale position covering the entire Oijärvi
Greenstone Belt.
ON BEHALF OF THE BOARD OF DIRECTORS
Taj Singh, M.Eng, P.Eng, CPA
President & CEO, Director
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Qualified Person
Benjamin Gelber, P. Geo., Chief
Technical Director of the Company, is the Qualified Person as
defined in NI 43-101 and takes responsibility for the
technical disclosure contained within this news release.
References
[1] Technical Report and Mineral Resource Estimate for the
Barsele Property, 2020, InnovExplo
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APPENDIX
SOURCE First Nordic Metals Corp.