VANCOUVER, BC, March 15, 2021 /CNW/ - Capella Minerals Ltd. (TSXV: CMIL) (FRA: N7D2) (the "Company" or "Capella") is pleased to advise that an auger till sampling program is now underway on the Rötjärnen claim block, which lies at the southern end of the Company's Southern Gold Line Project, Sweden. The primary aim of this till sampling program is to provide geochemical vectors towards potential sources for the gold-mineralized boulders identified on surface at Rötjärnen.
Planning is also well advanced for the initiation of early-Spring field activities on the Southern Gold Line, including the undertaking of a high-resolution drone magnetic survey over key target areas and the continuation of low-cost regional reconnaissance Bulk Leach Extractable Gold ("BLEG") sampling over the remainder of this highly prospective, 500 square kilometre property package.
- An auger till sampling program is now underway on the southernmost Rötjärnen claim at the Southern Gold Line Project, Sweden (Figures 1-3). The Hilti auger drill program has been designed to identify vectors (so-called "glacial dispersion plumes") to potential source regions of the gold-mineralized boulders previously identified on surface at Rötjärnen. Auger drilling is a highly effective, industry-standard exploration tool used in the shallow till-covered terrains of northern Scandinavia.
- Reconnaissance diamond drilling completed between 2006 and 2011 on an area located approximately 4km NW of the main gold-mineralized boulder field at Rötjärnen was focused on individual magnetic anomalies within a regional flexure zone. Whilst anomalous gold values are reported from some holes (SGU Geological Survey of Sweden project reports), no systematic work has been completed since along strike from these intercepts.
- Planning is also well advanced for the initiation of early-Spring field activities on the Southern Gold Line, including the undertaking of a high-resolution drone magnetic survey over key target areas and the continuation of regional reconnaissance BLEG sampling over the remainder of the claim block.
Eric Roth, Capella's President and CEO, commented today: "I am very pleased to be reporting the commencement of auger drilling on our Rötjärnen claim at the Southern Gold Line. Previous exploration activities have already resulted in the successful discovery of gold-bearing boulders on surface at Rötjärnen, with the auger drilling now assisting us with the task of vectoring in to potential source areas. Auger drilling is a highly effective exploration tool used in those parts of northern Scandinavia where thin glacial till cover commonly masks prospective gold targets.
With the imminent arrival of Spring we are also well advanced with planning for further fieldwork, including the undertaking of a high resolution drone magnetic survey and the restarting of our low-cost regional BLEG sampling program. I look forward to keeping the market updates as our drill target prioritization activities advance at the Southern Gold Line".
About the Southern Gold Line Project
The Southern Gold Line project is located 100 km WSW of the regional administrative centre of Skelleftea in north-central Sweden, and was acquired from EMX Royalty Corp (TSXV: EMX) (NYSE American: EMX) - together with two high-grade copper projects in Norway, Løkken and Kjøli - in a deal announced on August 11, 2020. The project consists of 500 square kilometres (50,000ha) of mineral claims located in the immediate vicinity of Dragon Mining Ltd's Fäboliden development project and Svartliden gold mine1. Further to the north of Svartliden lies Agnico Eagle/Barsele Minerals's Barsele gold deposit (0.3Moz Au Indicated Resource and 2Moz Au Inferred Resource; Source - Barsele Minerals Inc. NI 43-101 Mineral Resource Estimate dated February 21, 2019).
The Southern Gold Line exploration concessions cover areas with similar geologic and structural settings to known gold deposits within the broader Gold Line belt, specifically orogenic gold deposits located at or near granitoid-greenstone contacts. Host rocks to the gold mineralization are Paleo-Proterozoic in age. Reconnaissance sampling and mapping programs are underway over the entire claim block, with the initial BLEG samples having been collected across portions of the licenses showing multiple areas with enrichment of gold in stream sediments. Auger drilling in the highly prospective southern Rötjärnen claim - where gold-mineralized boulder trains have been identified on surface - is now underway.
1 References made to nearby mines and analogous deposits provide context for the Southern Gold Line project but are not necessarily indicative that the project hosts similar tonnages or grades of gold mineralization.
Qualified Persons and Disclosure Statement
The technical information in this news release relating to the Southern Gold Line project has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Eric Roth, the Company's President & CEO, a Director, and a Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 30 years of experience in international minerals exploration and mining project evaluation.
On Behalf of the Board of Capella Minerals Ltd.
Eric Roth, Ph.D., FAusIMM
President & CEO
About Capella Minerals Ltd
Capella is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a focus on high-grade gold and copper deposits. The Company's precious metals focus is on the discovery of high-grade gold deposits on its recently acquired Southern Gold Line Project in Sweden, in addition to its active Canadian Joint Ventures with Ethos Gold Corp. at Savant Lake (Ontario) and Yamana Gold Inc. at Domain (Manitoba). The Company also retains a residual interest (subject to an option to purchase agreement with Austral Gold Ltd) in the Sierra Blanca gold-silver epithermal project in Santa Cruz, Argentina.
The Company's copper focus is on the discovery of high-grade massive sulfide (VMS-type) deposits within district-scale land positions around the past-producing Løkken and Kjøli copper mines in central Norway. Field activities are ongoing on all projects, with the primary focus being to advance priority targets through the permitting process and onwards to drilling and discovery.
Cautionary Notes and Forward-looking Statements
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SOURCE Capella Minerals Limited