THE BOURSE WHISPERER: Alicanto Minerals (ASX: AQI) exercised an option to acquire 100 per cent of shares in Zaffer (Australia) Pty Ltd.
Zaffer is the owner of the Oxberg and Naverberg VMS (Volcanogenic Massive Sulphide) projects within the highly endowed copper-gold-zinc-lead-silver Bergslagen Mining District of Southern Sweden where Alicanto has been undertaking exploration activities over the past six months.
This has consisted confirmation drilling on the Oxberg project that intersected high-grade copper, gold and zinc mineralisation beneath extensive surface anomalies, which remains open in all directions.
Extensive field mapping and surface geochemistry sampling defined both a new copper gold target and substantial extensions of base metal mineralisation confirming a +45km mineralised trend, which the company thinks deserves further exploration activity and maiden drill testing.
During this time, Alicanto acquired additional tenure consolidating the Oxberg-Naverberg-Wolf Mountain projects into a contiguous land package where it completed an initial IP (Induced Polarisation) geophysical survey highlighting a large-scale, undrilled copper-gold target, complemented by surface rock chip results.
At this stage, the Wolf Mountain prospect is undrilled and these newly identified IP anomalies represent high priority drill targets for the company.
The acquisition of the Oxberg and Naverberg project concessions will give Alicanto an aggregate 130 square kilometres holding on two major VMS horizons, including ownership of the historic Skyttgruvan mine and targets only five kilometres along strike from the historic Falun Mine.
The combined projects are located within the larger highly prospective Bergslagen District in Sweden, which is also host to the operating mines of Garpenberg and Zinkgruvan, operated by Boliden and Lundin respectively.
“We are very pleased to move ahead with the acquisition which is identified as an exciting district-scale project consisting of highly prospective and underexplored tenements within the prolific Bergslagen high-grade VMS district in Sweden,” Alicanto Minerals chairman Didier Murcia said in the company’s announcement to the Australian Securities Exchange.
“High-grade deposits such as Garpenberg, Zinkgruvan and Falun highlight the prospectivity of the region, and we look forward to exploring new targets at Oxberg and Naverberg.
“The Oxberg-Naverberg project and newly identified Wolf Mountain project were selected following a detailed review of the region, conducted by geologists with more than 25 years’ experience in the region, including multiple discoveries.
“The exploration potential, and results received to date, strongly support our decision to move forward in Sweden.”
Alicanto indicated it intends to immediately follow up the identification of multiple large-scale IP anomalies with initial drill testing over the next few months as well as completing maiden diamond drilling over the Oxberg and Naverberg target areas in the coming months.