VANCOUVER, BC, July 5, 2022
/CNW/ - Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF)
(FRA: N7D2) (the "Company" or "Capella") is pleased to announce
that, as part of its "first mover" strategy in Norway, it has successfully staked a series of
exploration claims located in the past-producing Vaddas-Birtavarre
copper-cobalt+/-zinc massive sulfide ("VMS") district of northern
Norway. The Vaddas-Birtavarre
district is located in the Finnmark og Troms Province, some 60km E
of the regional centre of Trømso and immediately to the west of the
Boliden Minerals AB-Norden Crown (TSXV: NOCR) copper exploration
Joint Venture at Burfjord.
To date, Capella has been granted 209 square kilometres ("sq.
km") of exploration claims in the Birtavarre area, whilst the
Vaddas area consists of 80 sq. km of granted exploration claims and
a further 80 sq. km of exploration claim applications awaiting
approval (Figure 1). The granted exploration claims are all
100% owned by Capella and are not subject to any underlying
exploration agreements.
The Vaddas-Birtavarre district represents, in the Company's
view, the highest potential for new copper-cobalt discoveries in
Norway outside of its current
focus areas in Trøndelag Province.
Figure 1. Capella's granted exploration claims and claim
applications at Vaddas-Birtavarre.
Eric Roth, Capella's President
and CEO, commented: "Capella has utilized its extensive in-country
knowledge to stake a significant portion of this highly-prospective
but underexplored belt of base/battery metal occurrences in
northern Norway. Whilst Capella's
primary focus continues to be on the advancement of our core
copper-cobalt projects (Hessjøgruva/Kjøli and Løkken) in Trøndelag
Province, we have taken the initiative to stake these new claims
and now retain the option of either advancing the project ourselves
or together with a Joint Venture partner. I look forward to keeping
the market updated on our advances at Vaddas-Birtavarre".
About the Vaddas-Birtavarre
District
The Vaddas-Birtavarre district contains a number of known
Caledonian-age semi-massive to massive sulfide deposits which are
hosted within different stratigraphic levels: a lowermost
greenstone unit (with local pillow basalts) hosts copper-cobalt
mineralization at Vaddas, whilst an overlying metasedimentary
sequence hosts copper-cobalt mineralization at Birtavarre. The
first reported discovery of copper mineralization at Vaddas was in
the 1890's (and at Birtavarre in the 1860's) with limited
exploration and small-scale copper mining having been undertaken
since the time of discovery. No systematic exploration is reported
to have been undertaken in the Vaddas-Birtavarre area since the
1970's.
Qualified Persons and Disclosure
Statement
The technical information in this news release relating to the
Vaddas-Birtavarre copper-cobalt 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 copper(-cobalt-zinc) and
gold deposits. With respect to its base and battery metals
projects, the Company's current focus is on: i) advancing its
recently-acquired Hessjøgruva project in central Norway, and ii) the discovery of further
high-grade VMS-type deposits in district-scale land positions
around the past-producing Løkken (Løkken Verk District) and Kjøli
(northern Røros District) copper mines.
The Company's precious metals focus is on the discovery of
high-grade gold deposits on the Katajavaara-Aakenus JV in
Finland, its 100%-owned Southern
Gold Line Project in Sweden, and
its active Canadian Joint Ventures with Prospector Metals Corp
(TSXV: PPP) at Savant (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 divestiture in
Santa Cruz, Argentina.
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