Uppsala, Sweden - Kopparberg Mineral AB and Gold-Ore Resources Ltd (Gold Ore) are pleased to announce that the Companies have signed a definite agreement to combine their base metal assets in the Skelleftea mining district in Sweden into a company equally owned. The company, Norrliden Mining AB, will own the Norrliden and Eva volcanic hosted massive sulphide (VHMS) deposits, several exploration permits and an extensive data base including proprietary geochemical surveys and airborne geophysical surveys covering much of the prolific Skelleftea mining district. Kopparberg Mineral AB will initially be the operator of Norrliden Mining AB. |
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The Skelleftea mining district is a proterozoic greenstone belt that hosts over 100 zinc-copper-gold-silver-lead VHMS deposits of which 28 have been mined historically. Currently, Boliden AB, the third largest copper/zinc miner in Europe, is mining four VHMS deposits in the belt supplying ore to their central processing plant. The Skelleftea district has produced over 161 million tonnes at an average grade of 3.0% Zn, 0.7% Cu, 1.9 g/t Au, 47 g/t Ag and 0.8% Pb.
Norra Norrliden Deposit
Norrliden Mining AB will own 90% of the Norra Norrliden polymetallic deposit. The deposit was found in 1960 and is defined by 138 diamond drill holes. In May 2008, Gold-Ore commissioned Adam Wheeler C.Eng., Eur. Ing., an independent qualified person to conduct a resource estimate that was compliant with National Instrument 43-101. The resultant resource estimate shown in the following table was classified according to the JORC code.
Measured & Indicated
1,476,00 Tonnes
3.54% Zn
0.74% Cu
0.63 g/t Au
50.8 g/t Ag
0.36% Pb
Inferred
867,000 Tonnes
1.87% Zn
0.72% Cu
0.40% Au
30.9% Ag
0.19% Pb
Eva Deposit
The Eva deposit is 100% owned by Norrliden Mining AB. This polymetallic base and precious metal deposit is located approximately 32 kilometres northwest of Norra Norrliden. The deposit was found in 2005 from the results of an airborne electromagnetic survey. A historic resource estimate was based on 23 diamond drill holes. Hans Torshag an independent qualified person, SweMin, has conducted a resource estimate that was compliant with National Instrument 43-101. The results are shown below.
Historic Resource
Indicated
5,160,000 Tonnes
2.4% Zn
0.30% Cu
1.0 g/t Au
40.0 g/t Ag
0.4% Pb
Data Bases
The data base includes propriety soil geochemical sample results covering the district. The Bjorkdal gold mine was discovered in 1983 as the direct result of this sampling program. In addition, Norrliden Mining AB owns the propriety results of an electromagnetic and magnetic airborne survey covering much of the district. The rich Storliden copper/zinc massive sulphide deposit was found as a result of the airborne survey.
The objective of Norrliden Mining AB is to define sufficient base metal mineralization that together with Norra Norrliden and Eva deposits will justify a central processing plant. The infrastructure in this part of Sweden is extremely well developed and affords the ability to truck ore inexpensively. The extensive data bases provide Norrliden Mining AB with excellent tools to identify additional mineralization in the belt.
About Kopparberg Mineral AB
Kopparberg Mineral AB is a listed Swedish exploration company which owns 46 exploration permits covering approximately 30 000 hectares in central Sweden. Kopparberg Mineral AB is one of the largest owners of Nordic Iron Ore AB.
About Gold-Ore Resources Ltd
Gold-Ore Resources Ltd is a gold producing company focused in the low political risk jurisdiction of Sweden. The Company’s primary asset is the Bjorkdal Gold Mine, which has produced 1,040,000 ounces in the last 23 years of operation. The estimated gold resources from underground and open pit at Bjorkdal are; measured 188,000 ounces (2.3 million tonnes grading 2.56 g/t); and indicated 732,000 ounce (14.2 million tonnes grading 1.6 g/t). Drilling is expanding the resources indicating a long mine life at current gold prices. The Company has a strong balance sheet, generates significant cash flow from gold sales, and remains un-hedged. Gold-Ore has maintained a good capital structure, with only 85.0 million shares issued (90.9 million fully diluted).
This is an English translation of the press release published in Swedish at Nasdaq OMX First North Sept. 20, 2011.
For more information please contact:
Harald Meinhardt, acting President
Phone: +46 70-299 69 68
Email: harald.meinhardt@kopparbergmineral.se
Christer C. Lindqvist, Chairman of the Board
Phone: +46 70 591 04 83
Email: christer.lindqvist@nordicironore.se |
