Mined by the Vikings, Alicanto is itching to explore after acquiring world class Falun copper mine
Alicanto Minerals has completed its acquisition of the world class Falun mine in Sweden, once one of the world’s major copper producing orebodies.
With the completion of its acquisition, Alicanto (ASX:AQI) has paved the way for the start of a major exploration program to extend and revive the historic Falun copper-gold-zinc mine.
Located in the same jurisdiction as its high grade Sala silver deposit, AQI now controls over 60km of the target limestone horizon over a total landholding of 312km2 around the Falun mine, which on historical records produced 28Mt at 4% copper, 4g/t gold, 5% zinc, 2% lead and 35g/t silver.
Alicanto paid just $200,000 to settle the deal, including $50,000 in cash and $150,000 through the issue of 3.6 million AQI shares.
Despite its world class nature, little follow up exploration to modern standards has been completed since the shop was shut 31 years ago.
“This is an outstanding acquisition for the Company. It allows us to consolidate the highly prospective tenure containing the world-class Falun mine into our plans for the exploration of the consolidated Falun Project,” AQI managing director Rob Sennitt said.
“We have already identified significant gold and base metal mineralisation outside the previous mining voids.
“Most encouragingly, the data further supports the concept being developed by Alicanto that there is a major mineralised belt stretching over 10km on tenements now controlled by Alicanto, with excellent potential for future near mine discoveries.”
The completion of the deal comes after a review of historical drill data from Falun that confirmed high grade gold, copper and zinc mineralisation across a number of discrete zones outside historically mined voids.
It also follows the first drillhole from the Skyttgruvan-Naverberg target just 3.5km to the west, confirmed multiple zones of significant mineralization with individual assays of up to 744g/t silver, up to 1.9% copper and up to 0.65g/t gold.
AQI plans to undertake a significant electromagnetic survey to assist with prioritizing the best quality drill targets over the Falun project before starting a major diamond drill program.
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.