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.
Highlights
- 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.
Link to figures:
https://capellaminerals.com/site/assets/files/6010/2021_03_15_sgl_update.pdf
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.
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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"
___________________________
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 This news
release contains forward-looking information within the meaning of
applicable securities legislation. Forward-looking information
is typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate and similar expressions, or
are those, which, by their nature, refer to future
events. Such statements include, without limitation,
statements regarding the future results of operations, performance
and achievements of Capella, including the timing, completion of
and results from the exploration and drill programs described in
this release. Although the Company believes that such
statements are reasonable, it can give no assurances that such
expectations will prove to be correct. All such
forward-looking information is based on certain assumptions and
analyses made by Capella in light of their experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors management believes
are appropriate in the circumstances. This information, however, is
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking information. Important
factors that could cause actual results to differ from this
forward-looking information include those described under the
heading "Risks and Uncertainties" in Capella's most recently filed
MD&A. Capella does not intend, and expressly disclaims any
obligation to, update or revise the forward-looking information
contained in this news release, except as required by law. Readers
are cautioned not to place undue reliance on forward-looking
information.
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nor its Regulation Services Provider (as that term is defined in
the policies of the TSXV) accepts responsibility for the adequacy
or accuracy of this release.
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SOURCE Capella Minerals Limited