VANCOUVER, BC, May 30, 2023
/CNW/ - Capella Minerals Ltd (TSXV: CMIL) (OTCQB: CMILF)
(FRA: N7D2) ("Capella" or the "Company") is pleased to announce
that it has been granted exploration permits covering five priority
gold-copper ("Au-Cu") targets on its Northern Finland Gold-Copper
project. The Company's initial priorities will be on the evaluation
of potential extensions to Outokumpu Oy's former Saattopora
gold-copper mining operation ("Saattopora W permit"), together with
initial diamond drill testing of the historical gold-copper Bottom
of Till ("BoT") geochemical anomalies defined by Anglo American plc in the Killero area ("Killero
E permit") (Figure 1).
The Company´s target areas lie adjacent to the Sirkka thrust
zone, a well-mineralized structural corridor in the Central Lapland
Greenstone Belt which hosts a number of recent exploration
discoveries (such as Rupert Resources' Ikkari gold
project1). The granted exploration permits allow the
Company to undertake more detailed field evaluations - including
ground geophysical surveys and diamond drilling - within the
individual target areas. Engagement with local communities /
stakeholders to discuss upcoming work programs will also be a
priority over the coming months.
Capella currently holds a 70% interest in the five target areas
through a Joint Venture ("JV") agreement signed with ASX-listed
Cullen Resources Ltd (ASX: CUL)("Cullen")(see Company News Release
dated August 24, 2021).
Figure 1. Locations of the five granted exploration
permits (Saattopora W, Keisunselka, Jolhikko, Katajavaara, and
Killero E) within the Northern Finland Gold-Copper Project.
1 References made to nearby mines and
analogous deposits provide context for the Northern Finland
Gold-Copper project but are not necessarily indicative that these
projects host similar tonnages or grades of
mineralization.
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Eric Roth, Capella´s President
and CEO commented: "I am very pleased to be announcing today the
granting of exploration permits over key gold & copper targets
within our former Aakenus reservation. The granted areas include
our priority Killero E target, which consists of an historical
copper-gold BoT anomaly delineated by Anglo
American plc but which never saw follow-up drill testing.
Indeed, given that BoT values exceeding 110 parts per million
("ppm") copper are considered to be anomalous in this part of the
Central Lapland Greenstone Belt, the Killero E values of up to
5,962 ppm copper are truly significant.
Given that drilling is optimally undertaken here under cold
winter conditions, we currently expect first drilling of the
Killero E anomaly to occur in Q1, 2024. I look forward to keeping
all stakeholders updated as our exploration programs advance".
Killero E Target
Area
The priority Killero E target area has been defined through a
combination of: i) historical BoT gold-copper anomalies obtained
from previous Anglo American plc
exploration programs2, and ii) interpretation of data
from the Company´s own high-resolution drone magnetic survey
completed in April 2022. The
historical BoT data confirms an extensive copper-gold anomaly
associated with a major NE-trending fault/shear zone, with the
fault/shear zone also apparently displacing interpreted E-W
trending mafic to ultramafic volcanic and/or intrusive rocks
(Figure 2). Initial drilling will be designed to vector in to
potential sources of the copper-gold anomalism.
Figure 2. Killero E target areas as defined by
combined geochemical (BoT) and geophysical (drone magnetic survey
data) anomalies.
2 Historic geochemical results quoted
for Killero are derived from GTK (Geological Survey of Finland)
datasets. Whilst Capella has not performed sufficient work to
verify the published data reported, the Company believes this
information to be considered reliable and relevant.
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Qualified Persons and Disclosure
Statement
The technical information in this news release relating to the
Northern Finland Gold-Copper 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 35 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 European base and battery metals
projects.
In Norway, the Company's focus
is on: i) the advanced exploration-stage Hessjøgruva copper-cobalt
project and the adjacent Kongensgruve and Kjøli projects in the
northern Røros mining district, Trøndelag province, ii) the
discovery of satellite high-grade copper-cobalt deposits around the
past-producing Løkken copper mine, Trøndelag province, and iii) the
discovery of new copper-cobalt deposits in the former
Vaddas-Birtavarre mining district of northern Norway.
The Company is also exploring the Northern Finland Gold-Copper
project in the Central Lapland Greenstone Belt, together with JV
partner Cullen Resources Ltd (ASX: CUL). A total of five
exploration permit have now been approved, including the priority
Killero Cu-Au target. In central Finland, the Company´s focus is on the
discovery of lithium and rare-earth element deposits at both its
Perho reservation, in addition to an extensive package of
properties in the broader Keliber district through a JV with
European Energy Metals Corp (formerly Hilo Mining)(TSXV: FIN).
Capella also retains exposure to exploration success in precious
metals projects through its active Canadian Joint Ventures with
Prospector Metals Corp. (TSXV: PPP) at Savant (Ontario) and Agnico Eagle Mines Ltd (formerly
Yamana Gold Inc.) (TSX: AEM) (NYSE: AEM) at Domain (Manitoba). The Company also holds a 49%
interest in the Sierra Blanca low sulfidation gold-silver project
in Santa Cruz, Argentina, which is currently being explored
by Austral Gold Ltd (TSXV: AGLD) (ASX: AGD).
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.
Neither the TSXV 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