Capella Stakes New Exploration Claims in the Past-Producing Vaddas- Birtavarre Copper-Cobalt District, Northern Norway
Capella Stakes New Exploration Claims in the Past-Producing Vaddas-
Birtavarre Copper-Cobalt District, Northern Norway
VANCOUVER, BC
,
July 5, 2022
/CNW/ -
Capella Minerals Ltd.
(TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) (the "Company" or "Capella") is pleased to
announce that, as part of its "first mover" strategy in
Norway
, it has successfully staked a series of exploration claims located in the past-producing Vaddas-
Birtavarre copper-cobalt+/-zinc massive sulfide ("VMS") district of northern
Norway
. The Vaddas-Birtavarre district is located in the Finnmark og Troms Province,
some 60km E of the regional centre of Trømso and immediately to the west of the Boliden Minerals AB-Norden Crown (TSXV: NOCR) copper exploration Joint
Venture at Burfjord.
To date, Capella has been granted 209 square kilometres ("sq. km") of exploration claims in the Birtavarre area, whilst the Vaddas area consists of 80 sq. km of
granted exploration claims and a further 80 sq. km of exploration claim applications awaiting approval (Figure 1). The granted exploration claims are all 100%
owned by Capella and are not subject to any underlying exploration agreements.
The Vaddas-Birtavarre district represents, in the Company's view, the highest potential for new copper-cobalt discoveries in
Norway
outside of its current focus
areas in Trøndelag Province.
Figure 1. Capella’s granted exploration claims and claim applications at Vaddas-Birtavarre. (CNW Group/Capella Minerals Limited)
Figure 1. Capella's granted exploration claims and claim applications at Vaddas-Birtavarre.
Eric Roth
, Capella's President and CEO, commented: "Capella has utilized its extensive in-country knowledge to stake a significant portion of this highly-
prospective but underexplored belt of base/battery metal occurrences in northern
Norway
. Whilst Capella's primary focus continues to be on the advancement of
our core copper-cobalt projects (Hessjøgruva/Kjøli and Løkken) in Trøndelag Province, we have taken the initiative to stake these new claims and now retain the
option of either advancing the project ourselves or together with a Joint Venture partner. I look forward to keeping the market updated on our advances at
Vaddas-Birtavarre".
About the Vaddas-Birtavarre District
The Vaddas-Birtavarre district contains a number of known Caledonian-age semi-massive to massive sulfide deposits which are hosted within different
stratigraphic levels: a lowermost greenstone unit (with local pillow basalts) hosts copper-cobalt mineralization at Vaddas, whilst an overlying metasedimentary
sequence hosts copper-cobalt mineralization at Birtavarre. The first reported discovery of copper mineralization at Vaddas was in the 1890's (and at Birtavarre in
the 1860's) with limited exploration and small-scale copper mining having been undertaken since the time of discovery. No systematic exploration is reported to
have been undertaken in the Vaddas-Birtavarre area since the 1970's.
Qualified Persons and Disclosure Statement
The technical information in this news release relating to the Vaddas-Birtavarre copper-cobalt 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 high-grade
copper(-cobalt-zinc) and gold deposits. With respect to its base and battery metals projects, the Company's current focus is on: i) advancing its recently-acquired
Hessjøgruva project in central
Norway
, and ii) the discovery of further high-grade VMS-type deposits in district-scale land positions around the past-producing
Løkken (Løkken Verk District) and Kjøli (northern Røros District) copper mines.
The Company's precious metals focus is on the discovery of high-grade gold deposits on the Katajavaara-Aakenus JV in
Finland
, its 100%-owned Southern Gold
Line Project in
Sweden
, and 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
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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 08:00e 05-JUL-22