First Nordic Announces Exploration Program Underway on Gold Line Belt Projects in Sweden
First Nordic Announces Exploration Program
Underway on Gold Line Belt Projects in
Sweden
Highlights:
Storjuktan project
: continue detailed property-wide geochemical survey by collecting ~38,000
glacial till samples to cover remaining 23,000 hectares of project; full property 25,000 ha UAV
magnetic geophysical survey (
50 m
spaced lines).
Paubäcken
project
: BoT drilling on Brokojan target (~100 holes) and following up on best BoT
drill result to date, 5.01 g/t Au, at Aida target
Klippen project
: BoT drilling (~120 holes)
BoT drilling programs will set up for diamond drilling on priority targets later this year
VANCOUVER, BC
,
July 22, 2024
/CNW/ -
First Nordic Metals Corp.
(the
"Company"
or
"FNM"
)
(TSXV: FNM) (OTCQB: FNMCF) (Frankfurt: HEG0) is pleased to announce that its summer / fall
exploration program on its 100%-owned projects on the Gold Line belt is underway in northern
Sweden
. Major parts of this program are a 25,000-hectare ("ha") magnetic geophysical survey and
regional-scale surface exploration program on its 100%-owned Storjuktan Project, and top-of-
bedrock (base-of-till) ("BoT") drilling programs to test kilometric till anomalies at its 100%-owned
Paubäcken and Klippen projects. The region is covered by glacial till and BoT drilling is well
recognized as the main method for zoning in on the best diamond drilling targets in these terrains.
Taj Singh
, First Nordic President and CEO comments:
"It's an exciting time for FNM, with our
Gold Line belt exploration program underway at multiple high potential projects. Paubäcken
already has three kilometric targets and Storjuktan is emerging very well with our recent discovery
of the +5 km Nippas target. We are also very excited to begin work on our Klippen project, which
hosts a cohesive +5 km gold and pathfinder glacial till anomaly. BoT drilling is a proven tool for
exploration in the Nordics and was instrumental in our successful diamond drilling discovery at the
Aida target on the Paubäcken project. We are focused on making discoveries at our Gold Line
projects to advance what we believe is
Europe's
next major gold belt."
Storjuktan Project Program
A detailed property-wide geochemical survey was initiated in 2023 in which FNM discovered a
cohesive 5 km gold pathfinder glacial till anomaly at the Nippas target. Exploration planned for
summer / fall 2024 includes a continuation of this survey and will include the collection of up to
38,000 B
-Horizon (subsoil) glacial till samples (see Figure 1 in Appendix). The survey is designed to
cover the remaining 23,000 ha of the 25,000 ha project area. A high-density sample spacing is used
(15 meter ("m") x
75 m
sample spacing) to identify anomalous areas. All samples are screened
using XRF analysis (x-ray fluorescence) for gold pathfinder elements and samples from anomalous
areas will be sent for gold assay at an external laboratory.
The Company is also planning to fly an unmanned aerial vehicle (UAV) magnetic geophysical survey
over the entire 25,000 ha of the Storjuktan project area.
Radia Oy
, an industry leader in UAV
magnetic surveys has been commissioned to conduct the 5,517 line kilometer ("km") survey. The
survey will be flown on
50 m
spaced lines at an average height of
40 m
. Following completion of the
survey, the data will be interpreted to map the underlying geology and structural architecture of the
Storjuktan project area in detail.
Paubäcken Project Program
Exploration planned for summer / fall 2024 includes top of bedrock drilling on the Brokojan target
identified in the 2023 surface till sampling survey. The Brokojan target is defined by a As-Cu-Zn-Mo
(arsenic-copper-zinc-molybdenum) pathfinder element till anomaly extending over 2.3 km by 1.0 km
and is located just northwest of the Harpsund gold and pathfinder anomaly. Collectively the two
targets now form a large, semi-continuous southeast-northwest trending anomaly over a 5.5 km
strike of the Harpsund structural corridor. Up to 100 BoT drill holes are planned as a phase-1 testing
of the bedrock geochemistry of the Brokojan target area (see Figure 2 in Appendix). FNM will likely
also continue BoT drilling on the Aida target to continue to confirm gold mineralization on the 4 km
corridor and to follow up on the highest-grade BoT drill sample to date, 5.01 g/t Au (2024).
Klippen Project Program
The summer / fall Klippen exploration program is designed to investigate bedrock sources of a +5
km by
500 m
wide historic Au (gold), As, Cu and Zn glacial till anomaly. The anomaly is oriented in
the prominent ice flow direction. The program will include up to 120 top of bedrock drill holes and is
designed to systematically test the bedrock along a 2 km zone interpreted to be the most probable
source of the till anomaly based on interpretation of geophysical data and ice flow direction (see
Figure 3 in Appendix).
Program Budget
The cost of the summer / fall exploration program is estimated at
C$0.5M
. The Company is funded
to carry out a diamond drilling program of 10,000-15,000 meters on its Gold line belt projects and
the plan is to begin this in Q4 2024 / Q1 2025.
About the Storjuktan Project
The Storjuktan project is a large project strategically positioned north of the Company's Barsele
project [1]. It consists of seven contiguous licenses covering 30,000 ha located in the northern
portion of the Gold Line belt. The Storjuktan project contains over 60 km of the Gold Line structure.
All mineralization discovered to date shows a spatial relationship to this structural corridor, occurring
mainly on second- and third-order splay structures.
About the Paubäcken Project
The Paubäcken project consists of three licenses totalling 17,097 ha on the Gold Line belt. The Gold
Line belt is host to several significant gold deposits, including the Company's nearby resource-stage
Barsele project [1], as well as the Svartliden mine and Fäboliden development project (operated by
Dragon Mining Ltd). The Svartliden mine was in production from 2005 to 2015 and a total of 3.18
million tonnes of material grading 4.1 g/t Au was processed during its operation (
http://www.dragonmining.com/svartliden
). Paubäcken is strategically positioned between Barsele
and Fäboliden, is a few hundred meters northeast of the Svartliden mine, and features a regional
shear zone with multiple untested gold anomalies.
About the Klippen Project
The Klippen project is located in a southern extension of the Gold Line belt in northern
Sweden
. The
geology consists of a sequence of inverted basin sediments and mafic volcanic rocks intruded by
small syn-kinematic granitic intrusions within a broad, anastomosing high strain structural corridor.
These lithological sequences are highly prospective for orogenic gold deposits and mineralization
encountered to date is mainly hosted within a highly strained and altered syn-kinematic granodiorite
measuring 5 km by 0.5 km. Gold mineralization mainly occurs as sulphide veins consisting of pyrite,
arsenopyrite, chalcopyrite and pyrrhotite veins hosted within the highest strain zones of the
granodiorite and minorly within highly strained sedimentary and volcanic units along the margins of
the granodiorite. Mineralization is associated with intense sericite, carbonate, epidote and biotite
hydrothermal alteration assemblages extending laterally into wall rock.
About the Gold Line Belt Geology
The geology of the Gold Line belt consists of an inverted volcano-sedimentary sequence intruded by
small pre- to syn-kinematic granitic intrusions within a broad, anastomosing high strain structural
corridor. Lithologies are regionally metamorphosed to upper greenschist and amphibolite grade
facies, and gold mineralization is associated with intense sericite, carbonate, biotite, and calc-silicate
alteration assemblages and sulphide minerals pyrite, arsenopyrite, and pyrrhotite. The regional Gold
Line structural corridor runs up the axis of the belt with many jogs, splays, and zones of structural
complexity that are potential locations for dilation and deposition of gold bearing fluids. These
lithological sequences are deemed to be highly prospective for orogenic gold deposits.
ABOUT FIRST NORDIC
The Company's flagship asset is the Barsele gold project, located in
Sweden
and in a joint venture
with senior gold producer Agnico Eagle Mines Limited. Immediately surrounding the Barsele project,
FNM is the 100%-owner of a district-scale license position of close to 100,000 hectares on Gold
Line Belt. Additionally, in northern Finland FNM is the 100%-owner of a district-scale position
covering the entire Oijärvi Greenstone Belt.
ON BEHALF OF THE BOARD OF DIRECTORS
Taj Singh
, M.Eng, P.Eng, CPA
President & CEO, Director
Follow First Nordic Metals:
Twitter: @fnmetals | Youtube: @firstnordicmetalscorp | LinkedIn: @firstnordicmetals
Facebook: @FirstNordicMetals | Instagram: @firstnordicmetals
Qualified Person
Benjamin Gelber
, P. Geo., Chief Technical Director of the Company, is the Qualified Person as
defined in NI 43-101 and takes responsibility for the technical disclosure contained within this
news release.
References
[1] Technical Report and Mineral Resource Estimate for the Barsele Property, 2020, InnovExplo
Cautionary Note Regarding Forward-Looking Statements:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release may include forward-looking statements that are subject to inherent risks and
uncertainties. All statements within this news release, other than statements of historical fact, are to
be considered forward looking. Although Discovery believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ materially from
those described in forward-looking statements. Factors that could cause actual results to differ
materially from those described in forward-looking statements include fluctuations in market prices,
including metal prices, continued availability of capital and financing, and general economic, market
or business conditions. There can be no assurances that such statements will prove accurate and,
therefore, readers are advised to rely on their own evaluation of such uncertainties.
APPENDIX
Figure 1: Storjuktan surface till sampling and UAV magnetic geophysics survey plan map (CNW
Group/First Nordic Metals Corp.)
Figure 2: Brokojan target base-of-till (BoT) drilling plan (CNW Group/First Nordic Metals Corp.)
Figure 3: Klippen project base-of-till (BoT) drilling plan (CNW Group/First Nordic Metals Corp.)
SOURCE
First Nordic Metals Corp.
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For further information:
For further information contact: Alicia Ford, Business Development
Manager, Phone: 403-604-9646, Email: [email protected]
CO: First Nordic Metals Corp.
CNW 04:00e 22-JUL-24