Alicanto on the trail of copper-gold giants at Wolf Mountain
Link copied to
Special Report: The hunt for Swedish giants continues apace with Alicanto building up its portfolio of prospective targets.
Alicanto Minerals’ (ASX:AQI) initial induced polarisation (IP) geophysical survey has identified multiple large-scale undrilled copper-gold targets within the Wolf Mountain target area in Sweden.
Additionally, rock chip results of up to 11.9 per cent copper and 2.9 grams per tonne (g/t) gold coincident with the IP anomalies have been made across four separate mapped mineralised trends that cover over 1km of strike and are open in all directions.
Multiple IP anomalies have also been identified under shallow cover that remain unsampled and undrilled.
The company added the IP survey covered just 300m of regional scale alteration and structures that have been mapped over 14km and are considered to be highly prospective for both high-grade and bulk tonnage copper-gold mineralisation.
IP was proposed as the most suitable first pass exploration tool at Wolf Mountain due to the thick glacial sediment that covers much of the area.
Alicanto plans to follow-up on the IP work with initial drilling in the coming months.
“Our initial IP survey at the Wolf Mountain prospect has identified multiple undrilled, large-scale anomalies prospective for high-grade copper-gold mineralisation,” chief executive officer Peter George said.
“The IP was conducted to follow up on the recent identification of a regional scale >14 km long hydrothermal system at Wolf Mountain, considered prospective for high-grade and bulk-tonnage copper-gold mineralisation.
“The survey only partially covers a 300m portion of the identified mineralised trend and mineralisation is open in all directions providing great encouragement for further exploration.”
Diamond drilling is also underway at the Naverberg and Oxberg projects in Sweden as well as the Arakaka gold project in Guyana, which is fully funded by gold major NordGold SE under the earn-in agreement.
The Oxberg, Naverberg and Wolf Mountain projects are all located within the famously rich Bergslagen volcanogenic massive sulphide (VMS) mining district of Southern Sweden
VMS deposits — rich in base and precious metals like copper, zinc, lead, gold and silver – tend to ‘cluster’ together, which means VMS camps can often be mined for a very, very long time.
Naverberg is along strike from the monster +28-million-tonne Falun deposit, while Oxberg lies within the same geological setting about 15km away.
The company’s maiden drilling at the Lustebo prospect within Naverberg returned up to 9.5 per cent copper, 16g/t gold, 285g/t silver, 8.2 per cent zinc, and 3.9 per cent lead.
Meanwhile, NordGold could acquire Arakaka by sole funding $4.3m in exploration expenditure and paying Alicanto $7.3m.
Alicanto hits an astonishing 9.5pc copper, 16g/t gold & 8.2pc zinc from maiden drilling
Alicanto uncovers an enormous copper-gold system in Sweden
This is why veteran miner Steve Parsons chose to invest in explorer Alicanto