• Latest drilling results suggest the size of its promising Skyttgruvan-Naverberg target is much larger than first thought
  • Skyttgruvan-Naverberg is part of the same geological system as the historical Falun mine in Sweden which once produced 28Mt containing copper, gold, zinc, lead and silver
  • AQI has long held the view Falun is just a small part of a larger mineralised belt extending at least 10km within its own tenements in a highly regarded mining region of Sweden


Special Report: Alicanto Minerals has multiple reasons to celebrate the latest drilling results from the high-priority Skyttgruvan-Naverberg target at its Falun project in Sweden’s prolific Bergslagen mining district.

Not only has the drill bit interested semi-massive sulphide mineralisation and disseminated copper, but it has also extended the interpreted size of the Skyttgruvan-Naverberg system.

Alicanto Minerals’ (ASX:AQI) latest drill program continues to provide evidence that Skyttgruvan-Naverberg is part of the same system as the historical Falun deposit which once produced 28Mt at 4% copper, 4g/t gold, 5% zinc, 2% lead and 35g/t silver.

The target is located at the site of a small open pit (Skyttgruvan) and underground mine (Naverberg) which historically produced copper and zinc just 3.5km from the historic Falun mine.

Initial drilling at Skyttgruvan-Naverberg in late 2022 intersected broad base metal mineralisation down-dip of historical workings. This included native silver (assays up to 744g/t), copper mineralisation (up to 1.9%) and anomalous gold values (up to 6.65g/t) within broader zones of zinc (up to 32.4%).

The intersected sequence was reported to be analogous to the stratigraphic location and asymmetric alteration in the host limestone of the Falun mine.


Known footprint much larger than first thought

The follow-up drilling in hole GRO23-23 intersected visual mineralisation and identified a high-priority in-hole conductor for immediate drilling testing.


Alicanto Minerals ASX AQI
Visual intersection of drill hole GRO23-23 showing semi-massive sulphide zone of zinc and lead. Source: AQI


Mineralisation was intersected 120m to the north of multiple zones of semi-massive to disseminated sulphides previously reported in hole GRO22-19.

Results from laboratory assaying are said to be “imminent”, however, initial interpretations by AQI geologists suggest the known footprint of the Skyttgruvan-Naverberg and proximal copper-bearing footwall alteration – the copper string zone reported in hole GRO22-20 – is now significantly larger than first thought.


Alicanto Minerals ASX AQI
Another visual intersection of the semi-massive sulphide zone of zinc and lead in drill hole GRO23-23. Source: AQI


“These results are important for two reasons; they extend the interpreted size of the Skyttgruvan-Naverberg system and they support Alicanto’s view of the strong potential for repeats of the rich Falun system along the 10km mineralised horizon contained on Alicanto’s permits,” AQI managing director Rob Sennitt said.

“It is now clear that the known footprint of the mineralised system at Skyttgruvan-Naverberg and the proximal copper-bearing footwall alteration is significantly larger than previously identified.”


Search continues for a new Falun

AQI has long believed the historical Falun mine is just a small part of a major mineralised belt extending over at least 10km within the company’s permitted tenure.

The company controls over 60km of the target limestone horizon at Falun within a total landholding of 312km2.


Alicanto Minerals ASX AQI
AQI has several high-priority drill targets within the vicinity of the historical Falun mine. Source: AQI


Sennitt said the presence of strongly magnesium-altered rocks with disseminated base metals was a “highly encouraging” result, given the company’s understanding of the Falun mineralisation style.

“Further, the discovery of an in-hole conductor, with a stronger signal than that of the off-hole conductor identified in previous drilling, indicates a continuation of the system to the north, providing an excellent guide for ongoing drilling as we continue in our search for a new Falun deposit,” he said.

AQI’s next drill hole will target the strong in-hole conductor north of the current drilling, which is directed towards the central part of the deposit and the potential copper-gold mineralisation.



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.