Erris Resources PLC New Swedish Gold Project (9552M)
May 03 2018 - 2:00AM
UK Regulatory
TIDMERIS
RNS Number : 9552M
Erris Resources PLC
03 May 2018
Erris Resources plc / EPIC: ERIS.L / Market: AIM / Sector:
Mining
3 May 2018
Erris Resources plc
('Erris Resources' or the 'Company')
New Gold Project, Enåsen, Sweden
Erris Resources plc, the European focused mineral exploration
company with a portfolio of zinc prospects in Ireland and gold
projects in Sweden, is pleased to announce that it has been granted
a new 100% owned gold exploration permit, Enåsen no.5 (the "Enåsen
Project"), in central Sweden.
Overview
-- Targeting mineralisation on major structure around historic high grade mine
-- Licence surrounds the historic Enåsen mine, that produced 1.7
Mt at 3 g/t gold from 1984 to 1991
-- Initial reconnaissance mapping and sampling to commence shortly
-- Grant of 59.4km(2) licence, the Enåsen Project, in a region
of central Sweden considered highly prospective for gold
-- Licence complements existing Swedish 100% owned Nordgruvan
Project that lies outside of the defined area of interest under the
strategic association with Canadian mining company Centerra
Gold
Erris Resources CEO, Merlin Marr-Johnson, said, "We are
delighted to have been awarded the Enåsen exploration licence in
central Sweden, which surrounds the historic Enåsen open pit gold
mine. Discovered in the 1980s, the Enåsen mine is one of the few
gold-only mines in the country - typically gold from Sweden is
produced as a by-product from the mining of massive sulphide
deposits. The Enåsen Project encompasses the area surrounding the
mine and is largely underexplored, covering an area we believe is a
prospective geological setting. The Company is now starting the
first phase reconnaissance programme of mapping and sampling at the
Enåsen Project.
"The addition of the Enåsen Project to our existing portfolio of
projects is in line with our stated objective of identifying
low-cost opportunities with the potential to create shareholder
value. Work is ramping up across this portfolio; we are currently
drilling the Abbeytown zinc project in Ireland and working on a
portfolio of projects in Sweden funded by Centerra Gold. I look
forward to updating shareholders on progress in due course."
Enåsen, Gävleborgs and Västernorrland, Sweden
The 54.9 km(2) Enåsen licence no.5 is in an area situated
approximately 370 km north of Stockholm and 50 km west of
Sundsvall, in central Sweden.
Geological Survey of Sweden ('SGU') reports and geophysical data
indicates the host geology of the area to comprise a belt of
volcanics trending northwest on a sub-parallel major gravity break
and terrane boundary. The surrounding geology is composed of
sediments and granitoids.
The Enåsen deposit is reported to be a metamorphosed
high-sulphidation deposit (Hallberg, 1994). The mineralisation is
characterised by disseminated chalcopyrite and gold in a
topaz-bearing quartz-sillimanite gneiss hosted by quartz-feldspar
and quartz-mica gneisses. Open pit mining at Enåsen started in
1984, followed by underground mining in 1989. Total production in
open pit and underground workings until the closure of the mine in
1991 was 1.7 Mt at a grade of 3 g/t gold. A 1 km exploration permit
buffer exists around the granted exploitation permit.
The licence is held wholly by Erris Resources and is not part of
the joint venture that Erris Resources has in the Skellefteå mining
district with Centerra Gold KB Inc, a wholly owned subsidiary of
Centerra Gold Inc. a TSX listed gold and copper producer.
Erris Resources has integrated historic data sets and carried
out a new interpretation of the regional aeromagnetic data across
central and southern Sweden, the results of which were a key driver
for acquiring the new licence areas. A further desktop structural
interpretation is underway and will be supplemented by new
multi-element data from reconnaissance mapping and sampling in the
forthcoming field season.
Technical Background
Geophysical data was reprocessed by Williams Geophysics Ltd. in
the UK.
The technical information in this announcement has been compiled
on behalf of Erris Resources by Aiden Lavelle. Aiden Lavelle (BSc
(Hons), MSc, MIGI, P.Geo) is Erris Resources' chief operating
officer. Mr Lavelle has sufficient experience relevant to the style
of mineralisation and type of deposit under consideration, and to
the activity which he is undertaking to qualify as a Competent
Person in accordance with the guidance note for Mining, Oil &
Gas Companies issued by the London Stock Exchange in respect of AIM
Companies, which outlines standards of disclosure for mineral
projects. Mr Lavelle consents to the inclusion in this announcement
of the matters based on his information in the form and context in
which it appears.
See the Company website (www.errisresources.com/
technical-reports) for maps.
*ENDS*
For further information visit www.errisresources.com or
contact:
+44 (0) 7803 712
Merlin Marr-Johnson Erris Resources plc 280
Allenby Capital (Nominated +44 (0) 20 3328
David Hart/Liz Kirchner Adviser) 5656
+44 (0) 20 7186
Erik Woolgar Shard Capital (Joint Broker) 9952
Turner Pope Investments +44 (0) 20 3621
Andy Thacker (TPI) Ltd (Joint Broker) 4120
Isabel de Salis/Gaby St Brides Partners (Financial +44 (0) 20 7236
Jenner PR) 1177
Notes
Erris Resources plc (EPIC: ERIS.L) is an AIM quoted, European
focused, discovery driven exploration company. Supported by
Canadian mining majors, Osisko Gold Royalties, which has a 18.9%
interest in the Company, and Centerra Gold KB Inc, a wholly owned
subsidiary of TSX listed Centerra Gold Inc., the Company has an
established portfolio of zinc assets in Ireland and gold projects
in Sweden, which it is looking to further build on. Led by a highly
qualified team with extensive corporate and sector experience,
Erris Resources' strategy is to create shareholder value through
commercial discovery of base or precious metal assets in proven
mineral districts and in favourable European jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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