Capella Initiates Scout Drilling at the Kjøli Copper-Cobalt Project, Norway
Capella Initiates Scout Drilling at the
Kjøli Copper-Cobalt Project, Norway
VANCOUVER, BC, Jan. 23, 2023 /CNW/ - Capella Minerals Ltd
(TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) ("Capella" or the
"Company") is pleased to announce that a scout diamond drill
program has been initiated at the Company's 100%-owned Kjøli
copper-cobalt-zinc massive sulfide ("VMS") project in Trøndelag
province, central Norway.
The Kjøli project is located in the northern portion of the former Røros
copper mining district, and 20km NE of Capella's advanced
exploration-stage Hessjøgruva copper-cobalt-zinc project (Figure 1).
The Kjøli project contains two former copper mines - Kjøli and
Killingdal - in addition to numerous VMS occurrences along
interpreted regional-scale thrust corridors.
Highlights
• A scout diamond drill program has been initiated at the
Company's high-grade Kjøli copper-cobalt-zinc project in central
Norway. The 1,250m program will provide for initial drill testing of
the Kjøli Deeps, Kjøli Mine Extension, and Guldalsgruva areas.
The drilling will be accompanied by downhole electromagnetic
(DHEM) and surface-loop electromagnetic (SLEM) surveys
designed to identify potential buried massive sulfide bodies in the
immediate vicinity of the drill holes.
• The Kjøli Deeps target is a large (>2km in length) coincident
gravity and electromagnetic (Turam) anomaly, a highly
favourable combination for VMS deposits. The main target lies
approximately 250m below surface, with the adjacent
Tjornvollmyran copper occurrence (Figure 2) interpreted to
represent a distal expression of the Kjøli Deeps target.
Figure 1. Location of the Kjøli Deeps and Kjøli Mine targets, in
addition to section line for Figure 2.
• Scout drilling in the Kjøli Mine and Guldalsgruva areas will focus
on potential down-dip extensions to the former copper mining
operation and geophysical anomalies (gravity, magnetic, and
electromagnetic) associated with known copper occurrences,
respectively.
• Host rocks to the high-grade VMS-style mineralization in the Kjøli
district are dominantly Cambo-Silurian-age metasediments of the
Røsjø Formation.
• Norwegian contractor Arctic Drilling AS will undertake the drill
program using a track-mounted Diamec U6 rig (Figure 3).
Eric Roth, Capella's President and CEO, commented: "We are excited
to be starting our 2023 exploration program in Norway with a scout
drill program at the Kjøli project. Our main focus will be an initial test of
the Kjøli Deeps target, which has never been drilled and where we
have both geological and geophysical indicators of a buried VMS
deposit. First assays from this scout drill program are currently
anticipated to become available by early April.
In addition, Capella will work towards funding further drilling at the
advanced-exploration stage Hessjøgruva VMS project and a maiden
drill program at Åmot (Løkken) commencing late Q2, 2023. So we
expect to see a lot of activity on our Norwegian portfolio over the
coming 6 months. I look forward to keeping the market updated on
progress at all of our Norwegian copper projects".
Figure 2. Schematic section through the Kjøli Deeps target area and
proposed holes. Section view looking towards the north.
Figure 3. Track-mounted diamond drill rig arriving on location at Kjøli
Deeps.
Qualified Persons and Disclosure Statement
The technical information in this news release relating to the Kjøli
project has been prepared in accordance with Canadian regulatory
requirements set out in NI 43-101, and approved by Eric Roth, the
Company's President & CEO, a Director, and a Qualified Person
under NI 43-101. Mr. Roth holds a Ph.D. in Economic Geology from
the University of Western Australia, is a Fellow of the Australian
Institute of Mining and Metallurgy (AusIMM) and is a Fellow of the
Society of Economic Geologists (SEG). Mr. Roth has 30 years of
experience in international minerals exploration and mining project
evaluation.
On Behalf of the Board of Capella Minerals Ltd.
"Eric Roth"
____________________
Eric Roth, Ph.D., FAusIMM
President & CEO
About Capella Minerals Ltd
Capella is engaged in the acquisition, exploration, and development of
quality mineral resource properties in favourable jurisdictions with a
focus on European base and battery metals projects.
In Norway, the Company's focus is on: i) the advanced exploration-
stage Hessjøgruva copper-cobalt project and the adjacent
Kongensgruve and Kjøli projects in the northern Røros mining district,
Trøndelag province, ii) the discovery of satellite high-grade copper-
cobalt deposits around the past-producing Løkken copper mine,
Trøndelag province, and iii) the discovery of new copper-cobalt
deposits in the former Vaddas-Birtavarre mining district of northern
Norway.
In Finland, the Company's focus is on the discovery of lithium and
rare-earth element deposits at both its Perho reservation and a
recently acquired, 100%-owned portfolio of reservations located in
Central Finland. In addition, the Company is currently permitting
exploring the Katajavaara-Aakenus gold-copper project in the Central
Lapland Greenstone Belt together with JV partner Cullen Resources
Ltd (ASX: CUL).
The Company also retains exposure to exploration success in
precious metals projects through its active Canadian Joint Ventures
with Prospector Metals Corp (TSXV: PPP) at Savant (Ontario) and
Yamana Gold Inc. at Domain (Manitoba). The Company also retains a
residual interest (subject to an option to purchase agreement with
Austral Gold Ltd) in the Sierra Blanca gold-silver divestiture in Santa
Cruz, Argentina.
Cautionary Notes and Forward-looking Statements
This news release contains forward-looking information within the
meaning of applicable securities legislation. Forward-looking
information is typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate and similar expressions, or are
those, which, by their nature, refer to future events. Such statements
include, without limitation, statements regarding the future results of
operations, performance and achievements of Capella, including the
timing, completion of and results from the exploration and drill
programs described in this release. Although the Company believes
that such statements are reasonable, it can give no assurances that
such expectations will prove to be correct. All such forward-looking
information is based on certain assumptions and analyses made by
Capella in light of their experience and perception of historical trends,
current conditions and expected future developments, as well as other
factors management believes are appropriate in the circumstances.
This information, however, is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
information. Important factors that could cause actual results to differ
from this forward-looking information include those described under
the heading "Risks and Uncertainties" in Capella's most recently filed
MD&A. Capella does not intend, and expressly disclaims any
obligation to, update or revise the forward-looking information
contained in this news release, except as required by law. Readers
are cautioned not to place undue reliance on forward-looking
information.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
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SOURCE Capella Minerals Limited
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For further information: Capella Contacts; Eric Roth, Email:
[email protected]; Karen Davies, +1.604.314.2662
CO: Capella Minerals Limited
CNW 09:00e 23-JAN-23