VANCOUVER, March 4, 2019 /CNW/ - Boreal Metals Corp.
("Boreal" or the
"Company") (TSXV:BMX) is pleased to report
assay results for the remaining four holes from the recently
completed nine hole 1,620.8 metre diamond drill program at its 100%
owned Gumsberg project located in the prolific Bergslagen Mining
District in southern Sweden (see
Figure 1).
"The continued success intersecting multiple high grade
precious and base metal massive sulphide mineralization in the new
South Zone is very exciting for the Boreal team, as our initial
thesis was always to prove that around these old relatively
untested mine workings new economic discoveries could be
found," stated Patricio
Varas, Executive Chairman.
"These intercepts increase our confidence in the
upside exploration potential throughout the + 20 km long belt land
position which has not been explored using modern exploration
methods." Mr. Varas added "textures in massive
sulphides intercepted previously were interpreted as remobilized
massive sulphide veins however these new results contain textures
that we interpret to represent primary VMS mineralization. A
down hole geophysical survey scheduled for first quarter of 2019
will help us vector toward what could potentially be new
discoveries at Östra Silvberg."
These results establish continuity in the newly discovered South
Zone, where the Company plans to conduct additional drilling in the
spring using funds from the recent private placement (see Boreal
News Release dated February 20, 2019)
to continue to expand this new discovery. Assay results for
the final holes of the 2018/2019 program are summarized in the
following table:
Hole
|
From
|
To
|
Length
|
Zn
|
Ag
|
Pb
|
Cu
|
Au
|
ID
|
Meters
|
Meters
|
Meters
|
%
|
g/t
|
%
|
%
|
g/t
|
GUM-18-06
|
210.84
|
223.44
|
12.60
|
6.73
|
18.53
|
1.99
|
0.13
|
0.08
|
GUM-18-07
|
103.58
|
104.75
|
1.17
|
2.67
|
32.00
|
1.27
|
0.02
|
0.44
|
GUM-18-08
|
190.75
|
196.40
|
5.65
|
8.75
|
289.32
|
4.67
|
0.04
|
1.08
|
GUM-18-09
|
105.02
|
105.94
|
0.92
|
3.98
|
32.80
|
0.94
|
0.15
|
0.23
|
*
|
Lengths reported as
seen in drill core - true widths are estimated to be 50% of
reported intervals.
|
Table 1. Drill Intercepts for holes GUM18-004 through
GUM18-009 from Boreal's Gumsberg 2018-19 Diamond Drill Program
In December 2018 and January 2019, Boreal completed nine diamond drill
holes in the vicinity of the past producing Östra Silvberg Mine
(Figure 1). Diamond drilling tested prospective stratigraphy
east, west and down-plunge of the previously reported intercept
from BM-17-005, which returned 10.94 metres of 16.97% zinc 656.7
g/t silver, 8.52% lead and 0.76 g/t gold south of the main Östra
Silvberg mine workings (see Boreal News Release dated February 28, 2018).
Holes GUM-18-006, GUM-18-008 and GUM-18-009 were drilled to test
down-plunge and along-strike continuity of newly recognized
remobilized silver-zinc-lead-gold mineralization that occurs 50
metres south of the historical workings which was intercepted in
BM-17-005 in Boreal's 2017/2018 program and again in holes
BM-18-003 and BM-18-004 (this program). GUM-18-007 tested the
down plunge extent of historically mined mineralization exposed at
surface (Figures 1 and 2). Drill holes GUM-18-006 through
GUM-18-009 were successful in expanding the newly discovered zone
(Table 1). Drill hole GUM-18-006 cut two zones of pyrite-rich
massive sulphide lenses which returned significant lead-zinc
mineralization interpreted to represent the primary sulphide source
of the remobilized sulphides. The presence of high grade
remobilized veins and primary volcanogenic massive sulphide
mineralization significantly upgrades the potential at Östra
Silvberg.
Six of the nine holes drilled at the Östra Silvberg cut
significant mineralization which constitutes an expanding zone of
newly recognized mineralization that remains open to the east and
at depth.
The Gumsberg Project
The strategically situated Gumsberg project consists of six
exploration licenses in the Bergslagen Mining District of southern
Sweden totaling over 18,300
hectares, where multiple zones of VMS style mineralization occur.
The VMS mineralization at Gumsberg was mined from the 13th
century through the early 1900s, with over 30 historic mines
present on the property, most notably the Östra Silvberg Mine which
was the largest silver mine in Sweden between 1250 and 1590. Despite
its long-lived production history, relatively little modern
exploration has taken place on the project. New geologic
interpretations, geophysical surveys and reconnaissance drilling
have led to the identification of multiple new exploration targets
near the historic workings.
Qualified Person
Daniel MacNeil, P.Geo, a
Qualified Person as defined by National Instrument 43-101, has read
and approved all technical and scientific information contained in
this news release. Mr. MacNeil is Vice President Exploration
for Boreal Metals Corp.
About Boreal Metals Corp.
Boreal is a mineral exploration company focused on the discovery
of zinc, copper, silver, gold and cobalt deposits in exceptional,
historical mining project areas spanning Sweden and Norway. The Company aims to
discover new economic mineral deposits in known mining districts
that have seen little or no modern exploration techniques.
The Company is led by an experienced management team and technical
team, with successful track records in mineral discovery, mining
development and financing.
On behalf of Boreal Metals Corp.
Karl Antonius, President
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the 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 certain statements that may be deemed
"forward‐looking statements". Forward‐looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although Boreal believes
the expectations expressed in such forward‐looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance, are subject to risks and uncertainties, and
actual results or realities may differ materially from those in the
forward‐looking statements. Such material risks and
uncertainties include, but are not limited to, Boreal's ability to
raise sufficient capital to fund its obligations under its property
option agreements, to maintain its mineral tenures and concessions
in good standing, to explore and develop its projects, to repay its
debt and for general working capital purposes; changes in economic
conditions or financial markets; the ability of Boreal to obtain
the necessary permits and consents required to explore, drill and
develop the projects and if obtained, to obtain such permits and
consents in a timely fashion relative to Boreal plans and business
objectives for the projects; the general ability of Boreal to drill
test its projects and find mineral resources; if any mineral
resources are discovered or acquired, the Company's ability to
monetize any such mineral resources; and changes in environmental
and other laws or regulations that could have an impact on the
Company's operations. Forward‐looking statements are based on the
reasonable beliefs, estimates and opinions of Boreal management on
the date the statements are made. Except as required by law, Boreal
undertakes no obligation to update these forward‐looking statements
in the event that management's beliefs, estimates or opinions, or
other factors, should change.
SOURCE Boreal Metals