Promising drilling results from exploration in Finland
Nordic Mining announces that the Company has an ongoing drilling program in Finland confirming excellent potential to increase the resource base and thus the attractiveness of the lithium project in Keliber Oy, Finland.
Nordic Mining's subsidiary in Finland, Keliber Oy has an ongoing drilling program in the Ostrobothnia lithium province with the purpose to identify additional lithium-bearing minerals. In the second drilling target on the northern corner of the Kaustinen municipality, additional and potentially attractive lithium resources have been identified.
Lithium is a large growth market, to a large extent driven by battery demand. Keliber will be Europe's first producer of lithium carbonate representing the fastest growing lithium segment and with excellent quality to be used for battery production. Ivar S. Fossum, CEO of Nordic Mining says: "A significant increase of our mineable ore volume will have significant impact on NPV of our lithium project, so the drilling results from Finland represent good news".
A new spodumene bearing pegmatite vein has been intersected in five holes. The thickness (true width) varies from two to ten meters. The vein is striking from south/south-west to north/north-east and dipping 50 degrees to north-west. The drilled length in north-south direction is so far 80 meters and the vein is open in both ends. Analytical results are expected to be available late November.
Drilling in the area will continue to test extensions of the new vein and the possibility of other new veins in the same area. Planned drilling in this stage will be about 20 holes meaning some 1,500 meters in total length.
Olle Siren, General Manager of Keliber, is pleased with the good results. "This means that our exploration methods and target selection have been successful and that we now have firm evidence of the area's exciting resource potential", he comments. "The drilling area has excellent potential to increase our resource base and thus the attractiveness of Keliber's lithium project", he adds.
Keliber has, in addition to the Länttä mining license, seven claim applications in the Ostrobothnia lithium area, totaling 373 hectares (ref. table below). Claim application is the second stage in the formal procedure to secure exploration rights, and Keliber's applications are based on promising results from introductory exploration.
|Name of the claim||Area hectares|
Moreover Keliber has four reservations for claims; 9 km² each, totaling 36 km².
For questions please contact CFO Lars K. Grøndahl, telephone +47 901 60 941.
Oslo, 5 November 2010
Nordic Mining ASA