EXCELLENT EXPLORATION TARGETS IN MO I RANA IN NORWAY
Based on recent exploration result Sotkamo Silver believes that the deposit in the Mo i Rana-area is a valuable exploration-target.
Sotkamo Silver has 5 mining concessions and 20 exploration licenses covering the area of 7,500 hectares at the Mofjellet mining area in Mo i Rana, Norway. The geological environment is favourable for rich and big massive sulphide deposits, so called VMS (Volcanic-hosted Massive Sulphides).
The area has high potential for economic zinc-copper-lead deposits containing silver and gold. In the area there are more than 200 deposits with significant sulphide concentrations. 93 of the most promising deposits have been selected for further exploration.
Remaining historical post-mining mineral resources in the Mofjellet mine is estimated to 3.16 Million tons with 2.5% zinc, 0.4% lead and 0.3% copper. In samples taken in the sulfide-disseminated part of the mine there are gold values of 5 to 10 g/ton gold. These parts have not been investigated in detail, but offer a promising target for future exploration work.
Historically the mine produced during the years q1928-1987 4.35 Mt ore containing 3.61% zinc, 0.71 % lead and 0.31 % copper. The silver-concentration was about 10 g/ton and gold about 0.3 g/ton.
Other promising exploration targets in this area are Sølvberget (Silver Mountain) and Hellerjellet. In Sølvberget it has been found silver-concentrations up to 300 g/ton associated with veins that are rich in Galena. The Hellerfjellet sulfide-containing zone is about 1.5 km long. Based on the geophysical survey in samples taken from mineralized areas high sulfide concentrations have been found, (Zn+Cu+Pb > 10%) and > 100 g/ton silver.
During 2007-2010 an exploration and co-operation project was conducted together with Nordland County and Norwegian Geological Survey (NGU). The project-area covered Mofjellet and the eastern part of Plurdalen.
During the project a magnetic and electric air-borne geophysics measurement of the entire area was conducted. The airborne covered totally about 500 km2, where the line spacing was about 150 meters, thus total flight meters where about 4 000 line kilometers. On the basis of this measurement and other information, drilling and sampling were carried out in the field. Earlier drill-holes have been re-examined. Altogether 147 holes has been drilled, amounting 16 406 meters.
At lithological and litochemical observations it has been found that the bedrock in the area mainly consist of bimodal volcanic-sedimentary in association with higher amounts of felsic volcanic rocks than earlier described. This kind of geological environment with bimodal volcanic formation are favourable for rich and big massive sulfide deposits. They are called VMS (Volcanic-hosted Massive Sulfides).
According to the surveys there are 9 sulfide-mineralized zones in the area, most of them are several are kilometers long with high gold- and silver-grades.
The area's 200 deposits, historical mineral-resources and the results of exploration works are described in a final report, "The Mofjell Project: Summary and Conclusions; NGU Report 2013,048. The report is available at: http://www.silver.fi/sivu/se/projects/reports_and_drilling_results/
“ Performed field work, analysis and reporting of results has been an extensive work. With the existing research information, exploration and exploitation-concessions we own, the area is a valuable asset for Sotkamo Silver.
An opportunity for rich and large volcanic massive sulfide (VMS) is a major econimical opportunity for the Company. Sotkamo Silver aims to continue exploration in the area by finding opportunities for cooperation with the goal to start mining in Norway, " says CEO Timo Lindborg.
Sotkamo Silver AB (publ) discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Financial Instruments Trading Act.
The offical Stock Exchange Releases are given in Swedish and there may be slight differences in the translated versions.
Stockholm, 9th March 2015
Sotkamo Silver AB
Timo Lindborg, CEO
About Sotkamo Silver AB:
Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with regards to human society and environment. Sotkamo Silver owns, through its subsidiary mineral deposits, which contains silver and gold in Finland. The Company’s main development project is the Silver Mine project in the municipality of Sotkamo.
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101-code. The company applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The ticker symbol is SOSI in NGM Equity in Stockholm and SOSI1 in NASDAQ OMX Helsinki. ISIN-code for Sotkamo Silver shares is SE0001057910.
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507
The Company's press releases and financial reports are distributed via NGM and are available on www.silver.fi
For further information please contact Timo Lindborg, CEO on +46-8-304920.