Boreal Commences Field Exploration at the Burfjord Copper GOLD Project, Norway.
NEWS RELEASE
August 24, 2020
www.borealmetals.com page 1y
BOREAL COMMENCES FIELD EXPLORATION AT THE BURFJORD COPPER
GOLD PROJECT, NORWAY.
Vancouver, B.C., August 24, 2020. Boreal Metals Corp. (“Boreal” or the “Company”) (TSXV:BMX)
is pleased to announce that exploration is now underway at its 100% owned Burfjord Project
(“Burfjord” or the “Project”) in northern Norway in collaboration with Boliden Mineral AB
(“Boliden”“). The jointly planned exploration at Burfjord will entail geological mapping focused
on the widespread hydrothermal alteration, lithology and structural controls on gold and copper
mineralization. The exploration program will also entail detailed geochemical sampling, as well
as geophysics including EM and a property wide airborne magnetic survey. Results from the
summer field programs will aid in the definition of targets for drill testing. The Company is
working in collaboration with Boliden to execute the recommendations from the newly formed
joint technical committee.
Boreal entered into an option agreement (the “Agreement”) with Boliden on the Burfjord Project
(see NR June 10, 2020). Boliden will fund 100% of the exploration programs until it earns a 51%
interest, by spending US$6 Million over the next four years.
“We are delighted to be able to resume the advancement of the highly prospective copper-gold
IOCG Burfjord Project without delay,” stated Patricio Varas, Executive Chairman. “With Boliden’s
financial backing and their ongoing technical collaboration, we will maximize the potential for a
significant discovery over the large 4 by 6 kilometre altered and mineralized footprint at Burfjord.”
On March 20, 20191, Boreal announced compelling drill results from Burfjord, including an
intercept of 32 metres averaging 0.56% copper and 0.26 g/t gold (including 3.46 metres of 4.31%
copper and 2.22 g/t gold) at shallow depths below a group of historic mine workings. This and
other drill defined zones of copper and gold mineralization are targeted for immediate follow-
up. Historical drilling on the Project returned 7.0 metres averaging 3.6% copper2.
______________________________________________________
1 Intercept reported as seen in drill core. The true width is estimated at 85-100% of the reported interval. See Boreal’s March 20, 2019 News Release for
discussion of analytical methods, QA/QC and core handling protocols.
2Source: NGU Deposit Factsheet, Deposit Area 1943-010, 1997. Boreal’s property reviews have confirmed the geologic setting and occurrence of mineralization
on the Project and considers the historic exploration data to be relevant as reported in public disclosures and government reports.
NEWS RELEASE
August 24, 2020
www.borealmetals.com page 2y
Overview of the Burfjord Project
The Burfjord Copper-Gold Project, located in the Kåfjord Copper Belt near Alta, Norway is highly
prospective for Iron Oxide Copper Gold (IOCG) and Sediment Hosted Copper mineral deposits
which contribute significantly to copper production globally.
High-grade copper-gold veins at Burfjord that were historically mined (pre 20th century) at cutoff
grades of 3-5% Cu are surrounded by envelopes of stockwork veins or disseminations of copper
mineralization extending tens to hundreds of meters laterally into the host rocks. Boreal and
Boliden believe this mineralization has economic potential and represents an attractive bulk
tonnage exploration drilling target.
Copper bearing veins in the area are dominated by ferroan carbonate, sodium-rich minerals, and
iron-oxide minerals (magnetite and hematite), but also contain the economically important
minerals chalcopyrite, bornite and chalcocite in addition to cobalt-rich pyrite as generally coarse-
grained (often 0.5 centimetre to multi-centimetre scale) disseminations in the veins.
The Burfjord project is comprised of six exploration licenses totaling 5,500 hectares in the Kåfjord
Copper Belt near Alta in Norway. During the nineteenth century, copper mineralization was
mined from over 30 historic mines and prospects developed along the flanks of a prominent 4 x
6-kilometre fold (anticline) consisting of interbedded sedimentary and volcanic rocks. Many of
the rocks in the anticline are intensely hydrothermally altered and contain sulphide
mineralization.
About Boreal Metals Corp.
Boreal is a mineral exploration company focused on the discovery of silver, zinc, copper, 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 techniques. 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 Standards
of Disclosure for Mineral Projects, has read and approved all technical and scientific information
contained in this news release. Mr. MacNeil is Vice President Exploration for Boreal.
NEWS RELEASE
August 24, 2020
www.borealmetals.com page 3y
On behalf of Boreal Metals Corp.
Patricio Varas, Executive Chairman and CEO
For more information on Boreal please visit the Company website at www.borealmetals.com or
contact us at +1.604.922.8810 or [email protected].
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. Forward-looking statements may
include, without limitation, statements relating to future outlook and anticipated events, such as the successful
completion of the Private Placement or the anticipated use of proceeds of the Private Placement by the Company.
Although Boreal 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'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 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 plans and business objectives for the projects; the general
ability of Boreal 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 management on the date the statements are made.
Except as required by law, Boreal undertakes no obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors, should change.