Nordic Iron Ore reports preliminary evaluation of the magnetic measurements of the Väsman field – might be one of Sweden's largest iron deposits
Christer Lindqvist, CEO of Nordic Iron Ore:
"We have previously been granted a mining concession for the iron ore deposit in Blötberget and we are soon expecting a decision on our application for a mining concession for the neighboring Håksberg field. The indicative results of magnetic measurements of the Väsman field can be an opportunity to develop Ludvika mines to a continuous mining fields from Håksberg in the north to the Blötberget in the south, whereas a potentially very large tonnage of the Väsman field may result in mining for many years to come."
The Väsman field is a direct southerly continuation of Håksberg Field, where Nordic Iron Ore is preparing the resumption of mining in existing mines. Based on the results of the magnetic measurement that the company performed over Väsman field, an interpretation and modeling of the magnetic cells down to 300 meters has been made. This led to that a total of 47 magnetic bodies provisionally corresponding to volumes between 55 000 and 18 500 000 m3. In total, the magnetic mineralization has an estimated tonnage of 600-650 million tonnes. The iron content varies from 19-47 percent, which represents a weighted average grade of 29 percent.
The mineralizations are currently classified as "exploration targets" according to the JORC standard, and have the potential to develop into a major iron ore deposit in Sweden. The uncertainty in geophysical interpretation and modeling, and the fact that the field previously only has been examined with a small number of drill holes, results in that extensive exploration efforts, including a large core drilling program, are required in order to classify the mineralization as a mineral resource according to JORC standard.
Ph.D . Håkan Mattsson at GeoVista AB has been responsible for the interpretation and estimation of tonnage and grade, while the company's independent qualified person, mining engineer Thomas Lindholm from GeoVista AB, has been responsible for classification according to JORC. Thomas Lindholm is qualified as "competent person" in accordance with JORC code, based on education and experience in exploration, mining and estimation of mineral resources of iron-, base- and precious metals.
The full technical report is published on www.nordicironore.se/pdf/Geovista_technical_report_111007.pdf
For further information, please contact: Christer Lindqvist, VD +46-240-88301
christer.lindqvist@nordicironore.se
Nordic Iron Ore Group is a mining company with the ambition to revive and develop the iron ore production of Ludvika Mines in Blötberget and Håksberg. The company also intends to expand its mineral resources, and upgrade them to the ore reserves, primarily through exploration and other studies of the connecting Väsman field. For more information, see www.nordicironore.se.