Capella Provides Scandinavian Project Portfolio Update
Capella Provides Scandinavian Project
Portfolio Update
VANCOUVER, BC, July 22, 2024 /CNW/ - Capella Minerals Ltd
(TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) ("Capella" or the
"Company") is pleased to provide the following update as we focus on
our Scandinavian project portfolio, following the regaining of a 100%
interest in its high-grade copper-cobalt-zinc projects in the Løkken and
Røros mining districts, central Norway, and including the drill-ready
targets at Åmot and Hessjøgruva (see Company News Release dated
July 19, 2024).
The Company's project portfolio was also streamlined during H1,
2024, with the divestiture of two non-core assets in the Americas (the
Savant project in Ontario, Canada, and the Sierra Blanca project in
Santa Cruz, Argentina), with discussions on strategic alternatives for
the Domain project in Manitoba, Canada, also underway with JV
partner Agnico Eagle Mines Ltd (TSX/NYSE: AEM). This provides the
Company with a clear focus on its Scandinavian projects going
forward.
Northern Finland Copper-Gold Project (70% Capella; 30% Cullen
Resources Ltd)
Capella's Northern Finland Copper-Gold Project consists of 5
exploration licenses ("EL's) with granted drill permits, and is located in
the world-class metallogenic province of the Central Lapland
Greenstone Belt ("CLGB") (Figure 1). The portfolio consists of the
priority Killero E and Killero W targets (former Anglo American plc
Base of Till – or "BoT" - copper-gold geochemical anomalies which
were never drill tested), Saattopora W (the interpreted western
extension of Outokumpu Oy's former Saattopora copper-gold mine),
and two conceptual gold and copper targets (Keisunselka and
Jolhikko)(see Company News Release dated December 5, 2023).
The Company's priority targets for drill testing are the Killero E and W
targets, in addition to the Saattopora W target. At Killero E and W, the
Company is planning to trial a drone-based electromagnetic ("EM")
survey over the main BoT copper-gold anomalies in late summer with
a view to better-defining sulfide-rich areas for priority drill testing
(Figure 2). A maiden core drilling program is then expected to be
undertaken when winter conditions again provide the frozen ground
necessary for impact-free access to the project area.
At Saattopora W, relogging and resampling of available drill core from
historical scout drilling was completed at the Finnish Geological
Survey's ("GTK") core storage facility in Loppi, southern Finland. This
relogging and resampling allowed for the characterization of both
alteration assemblages and metal concentrations (gold, copper,
together with the pathfinder element arsenic) lying adjacent to the
interpreted extensions to the main Saattopora deposit. These results
will be incorporated in to the Company's drill hole targeting program
for Saattopora W.
Both Jolhikko (interpreted gold and copper targets within a complex
deformation zone) and Keisunselka (interpreted gold targets hosted in
faulted mafic volcanic rocks) are conceptual targets with little or no
surface exposure. Accordingly, the Company expects to undertake
reconnaissance BoT sampling over these areas during the 2024/2025
winter season.
Figure 1. Key targets in the Northern Finland Copper-Gold project.
(CNW Group/Capella Minerals Limited)
Figure 1. Key targets in the Northern Finland Copper-Gold project.
Figure 2. Base of Till copper-gold anomalies at Killero overlain on
drone magnetic survey data. (CNW Group/Capella Minerals Limited)
Figure 2. Base of Till copper-gold anomalies at Killero overlain on
drone magnetic survey data.
Norwegian Copper-Cobalt-Zinc VMS assets (100% Capella)
Capella's focus in central Norway is on the discovery of high-grade
copper-rich massive sulfide ("VMS") deposits in the former copper
mining districts of Løkken and Røros. At Løkken, exploration activities
undertaken by the Company have identified 5 priority target areas
located in the immediately vicinity of the former Løkken mine (past
production of 24MT @ 2.3% copper and 1.8% zinc1 and which closed
in 1986 due to low metal prices)(Figure 3; see also Company News
Release dated December 13, 2022). These targets include the
previously-undrilled Åmot target, which is located approximately 5km
E of the former Løkken mine operations and is defined by coincident
ground magnetic, airborne EM, and soil geochemical anomalies (all
favourable indicators for VMS deposits). The Company interprets the
Åmot target from geophysical data to lie approximately 150m vertically
below surface.
Figure 3. Key targets at the Løkken copper-cobalt-zinc project. Areas
of completed ground magnetic surveys and soil grids are also
indicated. (CNW Group/Capella Minerals Limited)
Figure 3. Key targets at the Løkken copper-cobalt-zinc project. Areas
of completed ground magnetic surveys and soil grids are also
indicated.
At the advanced exploration-stage Hessjøgruva copper-cobalt-zinc
project, located in the northern Røros district, permits are currently in
hand for a 4,000m / 8 hole drill program at the Hessjøgruva A Lens.
This proposed drill program consists of both infill and step-out drilling
and has been designed on the back of date derived from 12,035m of
historical drilling plus new data acquired for the Canadian National
Instrument 43-101 ("NI 43-101") technical report as filed by the
Company on September 8, 2022 (Figure 4). The central Hessjøgruva
project is also surrounded by additional Capella claims which cover
the majority of the adjacent Nordgruve mining district, and which also
includes a former copper concentrate processing facility at
Kongensgruve.
Figure 4. High-grade copper-cobalt-zinc mineralization at Hessjøgruva
and long section of main mineralized horizon. (CNW Group/Capella
Minerals Limited)
Figure 4. High-grade copper-cobalt-zinc mineralization at
Hessjøgruva and long section of main mineralized horizon.
1 Historic production values quoted for Løkken are from Grenne T, Ihlen PM, Vokes FM (1999) Scandinavian Caledonide
metallogeny in a plate-tectonic perspective. Mineral Deposita 34:422–471. Capella has not performed sufficient work to verify the
published data reported above, but the Company believes this information to be considered reliable and relevant.
Eric Roth, Capella's President and CEO, commented: "Capella
owns a compelling portfolio of copper-gold and copper-cobalt-zinc
projects in the mining friendly jurisdictions of northern Finland and
central Norway, respectively, and will continue to evaluate strategies
for their effective advancement. In northern Finland, our priority will be
to trial a drone-based EM survey prior to drilling the former Anglo
American copper-gold targets at Killero (and which would then be
followed by drilling at Saattopora W). In Norway, our focus will be on
evaluating strategic alternatives for maiden drilling at the Åmot target,
Løkken, and for resource-definition drilling at the advanced
exploration-stage Hessjøgruva project.
In parallel, Capella's strategy of divesting its assets in the Americas
has allowed the Company to focus on fewer jurisdictions, projects, and
commodities going forward. Shares issued to Capella as part of these
divestitures will also provide the Company and its shareholders with
upside to exploration success on its former projects".
On Behalf of the Board of Capella Minerals Ltd.
"Eric Roth"
___________________________
Eric Roth, Ph.D., FAusIMM
President & CEO
About Capella Minerals Ltd
Capella is a Canadian exploration and development company with a
focus on copper-gold projects in the Central Lapland Greenstone Belt
of northern Finland & copper-cobalt projects in Norway.
In northern Finland, the Company's portfolio consists of 5 copper-gold
projects – including the priority Killero E and Killero W projects, both of
which were former Anglo American targets but never drilled – which
are located about 40km SW of Agnico Eagle's Kittilä Gold Mine,
currently the largest gold producer in Europe. Capella also retains a
direct interest in the Perho lithium-REE project in south-central
Finland.
In the Trøndelag province of central Norway, the Company's focus is
on the discovery of high-grade copper-cobalt massive sulfide (VMS)
deposits in the former mining districts of Løkken and Røros. The
Company's portfolio includes: i) the advanced exploration-stage
Hessjøgruva copper-cobalt project and adjacent Kongensgruve and
Kjøli projects in the northern Røros mining district, and ii) satellite
copper-cobalt-zinc VMS targets around the past-producing Løkken
copper mine, including the drill-ready Åmot target.
Capella holds equity positions in Teako Minerals (CSE: TMIN),
Prospector Metals (TSXV: PPP), European Energy Metals (TSXV:
FIN), and Unico Silver (ASX: USL) as a direct result of the recent
divestiture of non-core assets. Capella also retains direct participation
(29.6%) in a Joint Venture with Agnico Eagle Mines Ltd (TSX: AEM;
NYSE: AEM) at the Domain Gold Project, Manitoba.
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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For further information: Capella Contacts: Eric Roth, Email:
[email protected]; Karen Davies, +1.604.314.2662
CO: Capella Minerals Limited
CNW 09:00e 22-JUL-24