Alicanto has signed a deal to acquire the historic Falun mine, which produced copper, gold and zinc in Sweden for about 1,000 years. Pic via Getty Images.
Mining
Alicanto has snapped up a historic world class copper-gold-zinc mine in Sweden, keenly priced and with a very rich history along strike from its Greater Falun project.
The high-grade Falun Mine has received no significant exploration since its closure in 1992, but Alicanto geologists are compiling and reviewing historic data to investigate the significant upside and hit the ground running.
Alicanto Minerals (ASX:AQI) has entered into a binding agreement to acquire the historic Falun Mine and surrounding tenements from current owners, Explora Mineral AB, for a total A$200,000 and an immediately payable deposit of A$10,000.
The acquisition allows AQI to combine its interests in Sweden’s highly regarded mining region of Bergslagen, extending its total tenement area to 312km2 with the company now controlling more than 60km of the target limestone horizon.
AQI managing director Rob Sennitt says this is an exceptional acquisition opportunity.
“The strength of the opportunity is also demonstrated by Falun’s location along strike from our Greater Falun project, where we have just intersected visible zinc, copper, and silver in the first hole at the new Skyttgruvan/Naverberg target.
“This result builds on our thesis that the Greater Falun project is part of a major mineralised belt that includes the historic Falun mine,” he explains.
“The opportunity to acquire the tenements associated with this historically significant mine allows us access to some of the most prospective tenure in the area while further consolidating our interests in the region.”
In the past, the Falun Mine has produced 28Mt at 4% copper, 4g/t gold, 5% zinc, 2% lead and 35g/t silver and combined with the flagship Sala Project – where a maiden resource has recently been defined, the company believes it now has two outstanding assets.
This acquisition also follows the recent announcement of significant visual polymetallic massive to semi massive-sulphide mineralisation in the first drill hole at the Skyttgruvan-Naverberg target – only 3.5km along strike and hosted within the same lithological horizon as the Falun Mine.
A second follow up diamond drill hole is now underway at that target and core from the first hole has been dispatched to the laboratory for analysis.
Assay results from the first drill hole are expected this quarter.
This article was developed in collaboration with Alicanto Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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