VANCOUVER, BC, June 17,
2024 /CNW/ - First Nordic Metals
Corp. (the "Company" or "First Nordic")
(TSXV: FNM) (OTCQB: FNMCF) (FRA: HEG0) is pleased to report results
from its recent belt-scale glacial till geochemical survey and
top-of-bedrock / base-of-till ("BoT") drilling program
targeting orogenic gold mineral systems at its 100%-owned Paubäcken
project ("Paubäcken" or "the Project") located in the Gold Line
belt, northern Sweden. Paubäcken
encompasses approximately 30 kilometers ("km") of first-order
structural corridor (strike length) of the Gold Line Belt and is
located 30 km south of the Company's resource-stage Barsele project
[1]. To date, three multi-kilometric, distinct structural targets
have been identified along / off the property's main corridor
(Aida, Harpsund, and Brokojan).
Highlights:
- Discovery of Brokojan target – a large (2.3 km by 1 km)
orogenic gold system multi-element pathfinder till anomaly;
together with the adjacent Harpsund target, these two targets now
form a large, semi-continuous southeast-northwest trending anomaly
over a 5.5 km strike.
- Extension of bedrock anomalism along the Aida
structural target by approximately 1 km, to 1.5 km now tested and
confirmed for gold mineralization.
- Follow-up exploration programs planned in 2024 to continue
to advance targets to drill testing stage.
Taj Singh, President and CEO
states: "The latest results from the district-scale
Paubäcken project are highly encouraging. A brand new
multi-kilometric anomaly was discovered which, when combined with a
previously identified Harpsund anomaly, forms a 5.5 km long target
area along the Gold Line belt. To put this in context, the
Company's Barsele project resource footprint length is
approximately 3.5 km long. Additionally, on the high-priority Aida
target, BoT drilling returned 5.01 g/t gold, the highest value to
date, and an additional 1 km of footprint was tested and confirmed
as anomalous for gold mineralization. We look forward to
continuing target delineation BoT drilling activities across the
Paubäcken in 2024 as well as diamond drilling at high-priority
areas.
Paubäcken Exploration
Program
3,050 regional B-Horizon (below topsoil) till samples were
collected covering 1,350 hectares over a 12 km strike length of the
northern extent of the first order Gold Line Belt structural
corridor, and 1,181 metres ("m") in 71 BoT drill holes were
completed along the Aida structural corridor target.
For BoT sampling, two BoT samples from directly above the till
bedrock interface and two bedrock samples within the top of bedrock
are collected for all drill holes. All samples are screened with
X-ray fluorescence ("XRF") and analysed using a multi-element suite
at MSALABS in Storuman, Sweden.
For glacial till geochemical sampling, all samples are collected
from the glacial till derived B-Horizon soil layer (subsoil) and
screened using handheld XRF for pathfinder elements. Anomalous
areas identified will be tested for gold at an external
laboratory.
Surface Till Sample
Results
Results from the till sampling program have identified a second
large gold pathfinder anomaly (Figure 2) northwest of the
previously identified Harpsund 2.5 km by 1 km Au-As-Cu-Zn-Mo
anomaly (gold-arsenic-copper-zinc-molybdenum) along the same
structural corridor. Results from the till sampling program
identified the Brokojan target, defined by a As-Cu-Zn-Mo pathfinder
element till anomaly extending over 2.3 km by 1.0 km. The two
targets now form a large, semi-continuous southeast-northwest
trending anomaly over a 5.5 km strike of the Harpsund structural
corridor. Both anomalies are oriented in the prominent ice flow
direction. The survey focused on identification of orogenic gold
and VMS (volcanogenic massive sulphide) type mineral systems known
to be present in the Gold Line Belt. All surface till samples were
analysed using a portable XRF and follow up analyses will test the
anomalous samples for gold. Both anomalies are coincident with
historic ionic leach gold-in-till anomalies (Figure 3).
Geologic Interpretation of the
Brokojan and Harpsund Targets
The geology of the Harpsund target area (Figure 4) consists of a
complex sequence of folded and sheared coarse to fine grained
metasedimentary units that have been intruded by a series of felsic
dykes and gabbroic units. The Harpsund structural corridor forms a
southwest trending second order splay structure off the regional
north-northwest trending Gold Line belt first order structure. The
Harpsund target lies within the hinge of the second order
structural corridor and the Brokojan target at the intersection of
the first and second order structures. All sedimentary units
demonstrate a dominant penetrative fabric and strong schistosity,
and folding is isoclinal, indicating a high strain environment.
Gold mineralized quartz veins previously mapped and sampled within
the Harpsund target area are preferentially hosted within felsic
dykes due to strong rheological contrast with surrounding
metasediments.
BoT Drilling Results at Aida
Target
Results from the BoT drilling program (Figure 5) were positive
and extended anomalism along the Aida structural corridor to
>1.5 km, including the highest BoT sample result todate on the
Project, 5.01 g/t Au in hole PAU-23-BoT-065. The latest BoT
drilling tested portions of the structure to the north and south of
previous BoT and diamond drilling. The Aida structural corridor
target lies under up to 25 m of
glacial till cover and has been identified over 4 km in strike
using magnetic geophysical data. Approximately 2.5 km of the target
area remains completely untested, and the Company plans to continue
target delineation BoT drilling activities in 2024.
Results from a sub-parallel structure zone were also positive
with multiple bedrock samples encountered that are anomalous
against background. The latest BoT program continues to demonstrate
the size potential of the Aida target and follow up BoT drilling is
planned for H2 2024 over the remaining untested 2.5 km strike of
the structural corridor to develop targets for follow-up drill
testing. The Aida target lies within 3.5 km of the past producing
Svartliden gold mine, owned and operated by Dragon Mining Ltd
("Dragon"). The Svartliden mill and processing plant is still
operational, and processes concentrate ore from Dragon's operations
in Finland.
Geologic Interpretation of the
Aida Target
The geology of the Aida target consists of a sequence of
isoclinal folded and sheared fine to course grained metasedimentary
and metavolcanic units. The Aida structural corridor forms a 4 km
long north-northwest trending second order structure sub-parallel
to the regional first order Gold Line belt structure corridor. All
units demonstrate a dominant penetrative fabric and schistosity,
and folding is isoclinal, indicating a high strain environment.
Mineralization is mainly hosted within the mafic volcanic and to a
lesser extent coarser grained metagreywacke units that make up the
foot wall. No mineralization is present within the finer grained
black shale units that make up the hanging wall lithology.
Mineralization is associated with arsenopyrite and both laminated
and non-laminated quartz veins and has an affiliation to the
highest strain zones of the mafic volcanic unit located at the
footwall contact between the metavolcanic host and metagreywacke
footwall units.
About the Paubäcken
Project
The Paubäcken project consists of three licenses totalling
17,097 ha that cover the central part of an emerging district in
north central Sweden known as the
"Gold Line belt". The Gold Line belt is host to several significant
gold deposits, including the Company's nearby Barsele project
(operated as a joint venture between the Company and Agnico Eagle
Mines Ltd.) as well as the Svartliden mine and Fäboliden
development project (operated by Dragon Mining Ltd). The Svartliden
mine was in production from 2005 to 2015 and a total of 3.18
million tonnes of material grading 4.1 g/t Au was processed during
its operation (http://www.dragonmining.com/svartliden). Paubäcken
is strategically positioned between Barsele and Fäboliden, is a few
hundred meters northeast of the Svartliden mine, and features a
regional shear zone with multiple untested gold anomalies.
About the Gold Line Belt
Geology
The geology of the Gold Line belt consists of an inverted
volcano-sedimentary sequence intruded by small pre- to
syn-kinematic granitic intrusions within a broad, anastomosing high
strain structural corridor. Lithologies are regionally
metamorphosed to upper greenschist and amphibolite grade facies,
and gold mineralization is associated with intense sericite,
carbonate, biotite, and calc-silicate alteration assemblages and
sulphide minerals pyrite, arsenopyrite, and pyrrhotite. The
regional Gold Line structural corridor runs up the axis of the belt
with many jogs, splays, and zones of structural complexity that are
potential locations for dilation and deposition of gold bearing
fluids. These lithological sequences are deemed to be highly
prospective for orogenic gold deposits.
About First Nordic
Metals
First Nordic's flagship is the Barsele gold project, located in
Sweden and in a joint venture with
senior gold producer Agnico Eagle Mines Ltd. The Barsele project
currently hosts a combined open pit and underground NI 43-101
Indicated Resource of 324,000 ounces gold and an Inferred resource
of 2,086,000 ounces gold [1]. Immediately surrounding the Barsele
project, First Nordic is the 100%-owner of a district-scale license
position of close to 100,000 hectares on both the prolific Gold
Line belt and Skellefte VMS belt. Additionally, in northern Finland
First Nordic holds the entire underexplored Oijärvi greenstone
belt.
ON BEHALF OF THE BOARD OF DIRECTORS
Taj Singh, M.Eng, P.Eng, CPA
President & CEO, Director
Qualified Person
Benjamin Gelber, P. Geo., Chief
Technical Director of the Company, is the Qualified Person as
defined in NI 43-101 and takes responsibility for the
technical disclosure contained within this news release.
References
[1] Technical Report and Mineral Resource Estimate for the
Barsele Property, 2020, InnovExplo
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Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding
Forward-Looking Statements:
This News Release contains forward-looking statements, including
but not limited to comments regarding the timing and content of
upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Actual results
may differ materially from those currently anticipated in such
statements and Barsele undertakes no obligation to update such
statements, except as required by law.
APPENDIX
Figure 1: Gold Line Belt project area with
regional geology, showing locations of 2023/24 exploration
programs.
Figure 2: Map of Paubäcken project area showing
regional till sampling geochemical results
Figure 3: Map of Paubäcken project area showing
historic ionic leach gold-in-till results
Figure 4: Geological map of the Harpsund
structural corridor
Figure 5: Map of the Aida Target area showing
BoT drilling results and recent extension of confirmed gold
mineralization
SOURCE First Nordic Metals Corp.