VANCOUVER, BC, Dec. 13,
2022 /CNW/ - Capella Minerals Ltd (TSXV: CMIL)
(OTCQB: CMILF) (FRA: N7D2) ("Capella" or the "Company") is pleased
to provide the following update on exploration and drill targeting
activities at the Company's 100%-owned Løkken copper-cobalt-zinc
massive sulfide ("VMS") project in Trøndelag province, central
Norway. Recent exploration
activities have been focused on the 5 priority satellite targets
that surround the former Løkken copper mine (Figure 1), with
particular emphasis being placed on the 5km-long corridor that
extends eastwards from the old Løkken mine through the adjacent
Høydal occurrence and the drill-ready Åmot target.
Highlights
- Capella's recent exploration activities have been focused on
advancing the five priority satellite targets that surround the
former Løkken copper mining operations, with the main focus being
the highly prospective Løkken-Høydal-Åmot corridor (Figure 1).
- Field programs included systematic ground magnetic surveys and
a soil geochemical (ionic leach) survey in which 987 samples were
taken (with only partial results received to
date).
- Capella's Åmot target is now drill-ready and consists of an
undrilled 1.5km-long coincident magnetic and electromagnetic
("VTEM") anomaly with elevated soil copper-cobalt values. Initial
permits for a scout drill program have been issued.
- Evaluation of historic drill data from around the former Høydal
open-pit is also ongoing.
![Figure 1. Priority satellite target areas for high-grade copper-rich VMS deposits at Løkken. (CNW Group/Capella Minerals Limited) Figure 1. Priority satellite target areas for high-grade copper-rich VMS deposits at Løkken. (CNW Group/Capella Minerals Limited)](https://mma.prnewswire.com/media/1966764/Capella_Minerals_Limited_Capella_Provides_Exploration_Update_for.jpg)
Eric Roth, Capella's President
and CEO, commented: "Our summer/autumn 2022 field program in the
Løkken district has successfully allowed us to advance drill
targeting on our 5 priority high-grade copper targets, with the
Åmot target now being drill-ready. Åmot displays all the typical
characteristics of a buried massive sulfide deposit - with
coincident magnetic and electromagnetic anomalies and anomalous
copper-cobalt values in overlying soil samples - yet has never been
tested by drilling. We have initial permits in hand for a scout
drill program at Åmot, but as we currently expect to undertake
first-pass drill program at our Kjøli project (Røros district)
during Q1, 2023, it is likely that drilling at Åmot will be
initiated by late-Q2, 2023.
We also continue to see solid exploration results coming out of
the four remaining target areas, and a compilation of historical
drill data for the old Høydal copper mine is also underway. I look
forward to keeping the market updated on progress at the Løkken
project".
Løkken – Høydal – Åmot Corridor
High-grade copper mineralization at the former Løkken mine is
hosted by a sequence of Ordovician-age metabasalts (mixed pillow
and massive basalts) within an overturned ophiolite sequence. The
main prospective horizon for VMS-style mineralization is
interpreted to extend eastward from the former Løkken mine through
the old Høydal open-pit (from which small-scale copper-zinc mining
was reportedly undertaken until 1911) and to the Åmot target
(Figure 3).
At Høydal, Capella completed a systematic ground magnetic survey
and a soil geochemical ("IL") grid (for which results are currently
pending; Figure 2) designed to identify potential extensions to the
known mineralization at Høydal. A detailed review of
historical drilling1,2 around the old Høydal open-pit,
which appears to have been focused on approximately 750m strike length of an interpreted VMS feeder
zone, is also in progress.
![Figure 2. Capella’s 2022 work program (ground geophysics and soil geochemistry) at Høydal overlain on historical drilling which is interpreted to have targeted a VMS feeder zone. (CNW Group/Capella Minerals Limited) Figure 2. Capella’s 2022 work program (ground geophysics and soil geochemistry) at Høydal overlain on historical drilling which is interpreted to have targeted a VMS feeder zone. (CNW Group/Capella Minerals Limited)](https://mma.prnewswire.com/media/1966763/Capella_Minerals_Limited_Capella_Provides_Exploration_Update_for.jpg)
1 Historical
results have not been independently verified by the Company.
A potential investor should not place undue reliance on these
historical drill results when making an investment decision, nor
should they be used as the sole criterion for making investment
decisions. There is no assurance that the Company can reproduce
such results, or that the historic results described herein will be
realized.
|
2 The 3D
model shown in Figure 2 was generated using LeapfrogTM software
using a copper cut-off grade of 1% and with the explicit purpose of
understanding the geological context of the historic Høydal
mineralization with respect to the newly defined surface
geophysical and geochemical anomalies. The historic
mineralization envelope does not constitute a mineral resource
estimate and the Company is not treating the historic
mineralization as a current resource.
|
Capella's Åmot target lies approximately 0.5km S of the former
Åmot copper-zinc mine and is characterized by a coincident ground
magnetic and VTEM anomaly with a strike length of 1.5km (Figure 3).
The Åmot geophysical target has yet to be drill tested and is
interpreted by the Company to lie around 150m below surface (hence is a buried target with
no surface exposure). Initial permits for a winter drill program
have been obtained for Åmot, however, it is currently expected that
scout drilling will first be undertaken at the Kjøli project before
returning to Løkken.
Qualified Persons and Disclosure
Statement
The technical information in this news release relating to the
Løkken 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 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 European base and battery metals
projects.
In Norway, the Company's
current 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 new 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.
In Finland, the Company's focus
is on the discovery of lithium and rare-earth element deposits at
both its Perho reservation and a recently acquired, 100%-owned
portfolio of reservations located in Central Finland. In addition, the Company is
actively exploring the Katajavaara-Aakenus gold-copper project in
the Central Lapland Greenstone Belt together with JV partner Cullen
Resources Ltd (ASX: CUL).
The Company 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 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