Grit Metals Reports Widespread Gold and Copper on Its Central Lapland Greenstone Belt Gold Project in Northern Finland
Grit Metals Reports Widespread Gold and
Copper on Its Central Lapland Greenstone Belt
Gold Project in Northern Finland
Vancouver, British Columbia--(Newsfile Corp. - December 10, 2024) - Grit Metals (TSXV: FIN) (FSE:
K9T) ("
Grit
" or the "
Company
") is pleased to report the results from its inaugural reconnaissance gold
exploration campaign in the Central Lapland Greenstone Belt (CLGB) of Northern Finland.
Key Takeaways:
Widespread anomalous gold and copper mineralization over a distance of greater than 25 km
along numerous throughgoing faults, domain boundaries and unconformities, considered
favourable sites for gold mineralization
A total of 466 rock chip grab samples were collected and submitted to ALS Laboratories for
assaying
40 rock samples assayed between 0.1 to 2.84 grams per tonne (g/t) gold and 0.1% to 1.67%
copper
No documented history of previous gold exploration or gold occurrences
Preliminary results indicate proof of concept, i.e. that there is potential gold endowment
Figure 1. Central Lapland Greenstone Belt Gold Project Location
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The company conducted a 2-month campaign of reconnaissance prospecting and geological mapping
during summer and fall 2024.
The main target area was a 30 km long corridor of faults and favourable
geological features which may extend from the more prolific central portion of the CLGB which has seen
extensive gold exploration and where significant gold deposits and prospects occur (eg., the 4.1 million
ounce Ikkari gold deposit owned by Rupert Resources; and the Aamurusko/Notches/Launi gold projects
owned by Aurion Resources).
The company's strategy was to prospect areas interpreted as faults and/or favourable geological
contacts or features seen as having potential to host gold mineralization.
It is important to note that this
area had no previously known gold occurrences or history of gold exploration prior to Grit's work here.
The company collected 466 rock samples over the approximately 41,000-hectare property, with a main
focus on an approximate 25-30 km corridor interpreted to have the best potential.
Of the 466 samples,
40 assayed greater than 0.10 g/t Au including 11 that assayed greater than 0.5 g/t Au and 5 that
assayed greater than 1.00 g/t Au up to a maximum of 2.84 g/t Au.
Additionally, 71 samples assayed
greater than 0.05% (500 ppm) copper up to a maximum 1.67% copper.
The mineralization typically
consisted of quartz vein or quartz stockworks with variable amounts of pyrite-pyrrhotite-chalcopyrite-
magnetite.
There appears to be a strong correlation between gold and copper.
This is typical of many
gold deposits and occurrences throughout the CLGB.
Depending on the style of mineralization copper
may be seen as a proxy for gold and as a vector for gold.
Figure 2: Rock sample gold assays, Central Lapland Gold Project
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Figure 3: Rock sample copper assays, Centra Lapland Gold Project
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Discussion
The Paleo-Proterozoic Greenstone Terrane of Northern Finland is comprised of multiple greenstone
belts including the CLGB which hosts world-class gold (eg Kittila Deposit, owned by Agnico Eagle and
Ikkari Deposit, owned by Rupert Resources) and base metal deposits (eg Kevitsa owned by Boliden
and Sakatti owned by Aglo-American).
The belt's potential is also suggested by the presence of several
major mining companies in the belt. The belt has very recently garnered significant interest following an
offer from Rupert Resources to buy B2Gold's 70% interest in a Joint Venture between B2Gold and
Aurion Resources which lies adjacent to Ruperts Ikkari Deposit, for $102 million.
The joint venture
ground is strategic to Ruperts proposed development of the Ikkari Deposit but is also host to numerous
gold prospects along a structural corridor that extends >125 km.
The company's projects occur in an underexplored part of the CLGB but are underlain by favourable host
rocks of the CLGB and numerous throughgoing faults, domain boundaries and unconformities,
considered favourable sites for gold mineralization.
Ikkari occurs adjacent to a domain boundary.
Preliminary reconnaissance prospecting has identified gold and/or copper occurrences locally on the
company's licences.
Jeremy Poirier, the Company's Chief Executive Officer, commented, "We are super excited to initiate
gold exploration field programs on our Northern Finland project portfolio. The recent surge of interest in
the belt highlighted by Rupert Resources offer to acquire B2Gold's 70% interest in a joint venture
between B2Gold and Aurion adjacent to its Ikkari gold project, suggests there is significant potential
within our Northern Finland project portfolio. We believe our exploration teams can unlock the project's
potential under the guidance of our VP Exploration, Mike Basha, who has worked extensively in the
CLGB as the founder and former CEO and President of Aurion Resources."
QA/QC Statement
Samples were submitted to ALS Laboratories in Sodankyla Finland. ALS inserted internal standards,
blanks and pulp duplicates within each sample batch as part of their own internal monitoring of quality
control protocols. Grit Metals monitors precision and bias performance by inserting certified gold
standards (Oreas-285 and Oreas-287) as well as blanks into each batch submitted to ALS at a rate of
1:20.
Gold was analyzed by standard fire assay (AAS) and the major element oxides and trace elements
were analysed by ALS analytical package ME-MS61L involving multi-acid digestion followed by ALS's
super trace ICP-MS methodology. QAQC results to date do not indicate any analytical accuracy issues
with all standards returning gold values within 3 standard deviations of their certified mean and blanks
returning expected values.
Mike Basha, P.Eng., P.Geo. (NL), VP Exploration of European Energy Metals Corp., a Qualified Person
as defined by National Instrument 43-101, has prepared this press release and compiled the results
discussed herein.
About Grit Metals Corp.
Grit Metals Corp. is a junior mining company currently focussed on the Lithium-Cesium-Tantalum Finnish
Pegmatite Project in central Finland. Governing bodies in Europe and Finland are legislating
environmentally friendly and energy independent laws and policies. One of the key components is
access to REE and, specifically, lithium. The company's exploration licenses are located within 1 kms of
the Keliber mine and production complex, currently under construction and expected to begin production
in H2 2025.
An estimated €600 million investment by Keliber's parent company Sibanye-Stillwater Limited
(NYSE
:
SBSW) in partnership with the Finnish Minerals Group (
www.mineralsgroup.fi
) is underway in the
Kaustinen Region and will see the development of open-pit and underground mining from several
deposits, construction of a central spodumene concentrator plant and a lithium hydroxide chemical plant
at tidewater in Kokkola.
When completed, this complex will comprise a complete hard-rock spodumene
pegmatite lithium supply chain (source:
www.sibanyestillwater.com
).
The Company also has several 100 percent owned precious metals projects in Northern Finland. They
are located in the Paleo-Proterozoic Greenstone Terrane of Northern Finland comprised of multiple
greenstone belts including the CLGB which hosts world-class gold (eg Kittila Deposit, owned by Agnico
Eagle and Ikkari Deposit, owned by Rupert Resources) and base metal deposits (eg Kevitsa owned by
Boliden and Sakatti owned by Aglo-American). The belt's potential is also suggested by the presence of
several major mining companies in the belt. The belt has very recently garnered significant interest
following an offer from Rupert Resources to buy B2Gold's 70% interest in a Joint Venture between
B2Gold and Aurion Resources which lies adjacent to Ruperts Ikkari Deposit, for $102 million. The joint
venture ground is strategic to Ruperts proposed development of the Ikkari Deposit but is also host to
numerous gold prospects along a structural corridor that extends >125 km.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier, CEO
Telephone: 604-722-9842
Email:
Neither the 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 Statements Regarding Forward-Looking Information
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 the Company, including the presence of
lithium mineralization at, and
the
exploration and development potential of, the Finland Pegmatite
Project. 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 the Company 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 the costs of any
anticipated work programs and the ability to fund such costs, required approvals in connection with
any work programs and the ability to obtain such approvals, risks inherent in exploration as well as
those described under the heading "Risks and Uncertainties" in the Company's most recently filed
MD&A. The Company 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.
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