VANCOUVER, BC, Nov. 17, 2021 /CNW/ - Capella Minerals Ltd.
(TSXV: CMIL) (FRA: N7D2) (the "Company" or "Capella") is pleased to
report that final results have now been received from the
late-summer exploration program undertaken at the Company's
100%-owned Kjøli high-grade copper-zinc massive sulfide ("VMS")
project in central Norway. The
current exploration program included systematic soil sampling and a
ground gravity survey and was designed to allow the Company to
prioritize specific drill sites within the high-grade copper
targets identified from the CARDS AI Data Mining analysis (see
Company News Release dated May 10,
2021).
Highlights
- Targeting for the Company's maiden core drill program at the
Kjøli copper project has focused on the 20km-long corridor of
prospective stratigraphy for the discovery of new VMS deposits. At
least 8 high-priority targets (defined by coincident CARDS AI,
gravity, and soil anomalies, plus known mineral occurrences) have
been defined for drill testing (Figure 1). Initial permitting is
expected to cover up to 5,000m of
core drilling in 25 holes.
- The ground gravity survey covered an area of 68 square
kilometres and was located along, and immediately adjacent to, the
main Kjøli mineralized corridor. The gravity survey has
successfully identified a series of buried high-density bodies
(some of which are interpreted by the Company to represent VMS
occurrences) in the vicinity of the former copper-zinc mining
operations.
- A further 2,800 soil samples were collected from the Kjøli
mineralized corridor and analyzed using Multi-Element Fine Fraction
Analysis ("MEFFA") techniques. Discrete copper and zinc soil
anomalies have been generated along the Kjøli mineralized corridor,
with the largest soil anomalies being located in the Grønskard
area.
- The cobalt (Co) content of the copper-zinc(-gold-silver)
massive sulfide deposits at Kjøli will also be systematically
evaluated going forward. Cobalt is a common secondary metal in VMS
deposits of the broader Røros district, but has yet to be
systematically analyzed for at Kjøli. Cobalt is a key green energy
metal used in batteries / electric vehicles.
- Given the full relaxation of strict Covid-19 travel
restrictions in Norway in
late-September, which negatively impacted our early summer
exploration activities, the Company is now in a position to push
forward with permitting for its maiden core drill program at Kjøli.
After discussions with local authorities, the Company has agreed to
apply for drill permits with a starting date no earlier than
February, 2022.
Eric Roth, Capella's President
and CEO, commented today: "I am pleased to be reporting that we
have been able to finalize the definition of targets for our maiden
core drill program at Kjøli and that, with the relaxation of strict
Covid-19 travel restrictions in Norway, we can now focus on moving the project
through the permitting phase. Our gravity survey is believed to be
a first for massive sulfide exploration in Norway and has given us further confidence in
ranking priorities amongst our CARDS AI targets. The next step for
us is to now advance the project to initial drill testing in an
expedited fashion, with this process expected to take around 2
months.
I look forward to keeping the market updated as we move Kjøli
through the permitting process and onwards towards our maiden drill
program."
Kjoli Exploration Program
Ground Gravity and Soil Sampling Survey
The ground gravity survey was completed over an area of
approximately 68 square kilometres and was located along, and
immediately adjacent to, the main mineralized horizon at Kjøli. The
survey was completed by Trondheim-based consultant Quad Geometrics
using a Scintrex CG-6 gravimeter and Topcon GNSS RTK positioning
system. Individual gravity readings were taken on a 200x200m grid
(with some 1,330 points being measured) with corrections applied to
the raw data including earth tide, drift, altitude, and terrain
corrections. Elevations in the Kjøli project area range from
713m to 1,269m.
The systematic soil sampling program was undertaken using a hand
auger with samples being taken on a 200m (between lines) x approximately 20m (along lines) grid and from soil profiles
beneath the surficial organic layer. Samples were analyzed using
the Multi-Element Fine Fraction Analysis technique in Malå,
Sweden. Discrete copper and zinc
anomalies are developed along the Kjøli mineralized trend, with the
largest anomalies being developed in the Grønskard area.
Priority targets identified for drilling are those where gravity
anomalies (which are interpreted to represent buried, high-density
bodies such as either VMS occurrences or mafic intrusions) coincide
with CARDS AI anomalies, which are defined mainly by
Electromagnetic ("EM"), magnetic and radiometric data (and which
are interpreted to represent conductive bodies such as massive
sulfides). Furthermore, targets with elevated soil copper and zinc
values above coincident gravity and CARDS AI anomalies represent
Priority 1 drill targets for the Company.
Quality Assurance and Quality Control (QAQC)
Analyses of Kjøli soil geochemical samples are carried out using
the proprietary Multi-Element Fine Fraction Analysis ("MEFFA")
technique at EMX's laboratory in Malå, Sweden. EMX's internal QAQC program is
complemented by the Company's own internal blank/standard/duplicate
program which includes every 30th sample being a field
duplicate together with the regular insertion of blanks and
certified base metal standards. Further analyses of anomalous
samples are undertaken at ALS's Loughrea (Ireland) analytical facility.
Qualified Persons and Disclosure Statement
The technical information in this news release relating to the
Kjøli copper project has been prepared in accordance with Canadian
regulatory requirements set out in NI 43-101, and approved by
Eric Roth, the Company's President
& CEO, a Director, and a Qualified Person under NI
43-101. Mr. Roth holds a Ph.D. in Economic Geology from the
University of Western Australia,
is a Fellow of the Australian Institute of Mining and Metallurgy
(AusIMM) and is a Fellow of the Society of Economic Geologists
(SEG). Mr. Roth has 30 years of experience in international
minerals exploration and mining project evaluation.
On Behalf of the Board of Capella Minerals Ltd.
"Eric
Roth"
___________________________
Eric Roth, Ph.D.,
FAusIMM
President & CEO
About Capella Minerals Ltd
Capella is engaged in the acquisition, exploration, and
development of quality mineral resource properties in favourable
jurisdictions with a focus on high-grade gold and copper deposits.
The Company's copper focus is currently on the discovery of
high-grade VMS-type deposits within 100%-owned, district-scale land
positions around the past-producing Løkken and Kjøli copper mines
in central Norway. The Company's
precious metals focus is on the discovery of high-grade gold
deposits on its newly-acquired Finnish properties (Katajavaara,
Aakenus), the 100%-owned Southern Gold Line Project in Sweden, and its active Canadian Joint Ventures
with Ethos Gold Corp. (TSXV-ECC) at Savant Lake (Ontario) and Yamana Gold Inc. at Domain
(Manitoba). The Company also
retains a residual interest (subject to an option to purchase
agreement with Austral Gold Ltd) in the Sierra Blanca gold-silver
divestiture in Santa Cruz,
Argentina.
The Company also holds 3,000,000 common shares in Ethos Gold
Corp. providing Capella shareholders with indirect exposure to
exploration success at both the Savant Lake Project and elsewhere
within Ethos' extensive Canadian project portfolio.
Cautionary Notes and Forward-looking
Statements
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
Capella, including the timing, completion of and results from the
exploration and drill programs described in this release.
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
Capella 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 those described under the heading "Risks and
Uncertainties" in Capella's most recently filed MD&A. Capella
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.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
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SOURCE Capella Minerals Limited