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Interim Results
FinnAust Mining plc, the AIM listed exploration company with a portfolio of copper, zinc and nickel projects in Finland and Austria, announces its interim results for the six months ended 31 December 2014.
Overview:
· Exploring a suite of highly prospective copper, zinc and nickel projects in Finland acquired in December 2013
· Activity for the period has concentrated on the Company’s three most advanced exploration projects;
– Hammaslahti – Drilling continued around the previously operating Hammaslahti Mine where new, high-grade multi metal mineralisation was discovered in July 2014.
– Kelkka (formally Enonkoski) – Newly modelled prospective intrusive bodies identified and drilling commenced in December 2014 where hole R306 identified remobilised nickel and copper sulphides of the type that was hosted at the nearby old Enonkoski mine.
– Outokumpu – Geological review identified new possibilities in targeting extensions from historical Outokumpu Copper Mine, which produced 42Mt @ 3.1% Cu between 1908 and 1999.
· 80% interest in the prospective Mitterberg Copper Project – continue to seek the best way of maximising value;
· Strengthened cash position following £1.1 million placing in October 2014 to advance exploration, of which Western Areas contributed £0.25 million;
· Proven Board and management team with experience in identifying and developing resource assets.
Alastair Clayton, Executive Director of FinnAust, said, “Since completing the acquisition of high grade copper, zinc and nickel projects in Finland, we have rapidly implemented a high impact drill programme to identify extensions to the previously producing mines within our tenure. Importantly, the regional geology is receptive to high impact exploration with any one drill hole having the potential to be a game changer.
“Exploration work at Hammaslahti continues to return mineralisation in both new and existing lodes. The challenge is to identify the best portions of these lodes to create block models of mineralisation that could, in the future, form a resource and reserve. Exploration at the Kelkka Nickel Project has only recently begun but very encouraging mineralisation has been intersected and if high-grade ore bodies exist then we are confident our exploration team will locate them.”
