VANCOUVER, BC, Jan. 5, 2023
/CNW/ - Norden Crown Metals Corp. ("Norden Crown" or the "Company")
(TSXV: NOCR) has received a first option abandonment notice from
Boliden AB ("Boliden") withdrawing from the Burfjord project option
agreement.
As per the contract terms, Boliden will leave the project in
good standing until the end of the 90 day termination notice
period, and will fulfill all contractual obligations as defined by
the contract provision.
The Burfjord IOCG
project hosts numerous high-grade veins and
associated copper-mineralized alteration envelopes
approximately 6 kilometres by 4 kilometres in
extent. The large associated alteration footprint
and widespread copper mineralization present in historical workings
and intersected in Norden's recently reported reconnaissance
drilling suggests there is potential to host a large bulk
tonnage copper deposit.
Only limited exploration has taken place at Burfjord
in the modern era before Norden Crown's recent reconnaissance drill
programs. The best historical drill intercept consists
of 7 metres @ 3.6% copper1
and was obtained from the Cedarsgruve
(mine) area in the northern portion of the claim
block. Previous drilling at the Gamlegruve area by
Norden Crown returned compelling
results including an intercept of 32 metres averaging 0.56%
copper and 0.26 g/t gold (including 3.46 metres of 4.31% copper
and 2.22 g/t gold) at shallow depths below a cluster of historical
mine workings2,3. Other attractive targets include
the F-Gruve target where an intercepts of 36 metres averaging
0.48 % copper was recently reported3,5.
2023 Focus
Diamond drilling in 2022 focused on a newly identified,
mineralized zone at the F-gruve target. Three target areas,
including the Cedarsgruve and Gamlegruve targets are now being
prioritized for follow-up drilling to test for continuity and grade
to define mineral resources. Results at the Gamlegruve zone
and parallel F-gruve zone in the south-east limb of the Bergmark
anticline have returned the most interesting copper mineralized and
altered zones this year.
Drilling has delineated a consistently copper and gold
mineralized zone from surface to shallow depths, along strike from
the F-gruve historical working4,5. Only 140 metres
of strike length along an 800-metre mapped trend of vein and
breccia hosted copper mineralization has been drill tested this
year. The zone remains untested at depth and the Company has
particular interest towards the south, where the Caledonian nappe
complex covers the gabbro unit which is host to the copper
mineralization.
The 2021 magnetic survey conducted by Norden Crown reveals the presence of the gabbro
unit, below the Caledonides, extending south for over 1 kilometre.
Norden Crown continues to review the results from drilling at
the F-gruve target and are contemplating plans to further test the
extent, thickness, and grade of the mineralized zone with further
drilling.
Overview of the Burfjord Project
The Project, located in the Kåfjord Copper Belt near Alta,
Norway, is highly prospective
for Iron Oxide Copper Gold (IOCG) and Sediment Hosted Copper
mineral deposits which contribute significantly
to copper production globally.
Burfjord is comprised of six exploration licenses totaling 5,500
hectares. Within the license area, during the nineteenth century,
copper mineralization was mined from over 30 historical mines
and prospects developed along the flanks of a prominent 4
x 6-kilometre fold (anticline) consisting of interbedded
sedimentary and volcanic rocks. Many
of the rocks in the anticline are intensely hydrothermally altered and contain
sulphide mineralization.
The high-grade copper gold veins at Burfjord, that were
historically mined at cut- off grades of 3-5% copper, are
surrounded by envelopes of stockwork veins or disseminations
of copper mineralization extending tens to hundreds of metres
laterally into the host rocks. Norden
Crown believes this mineralization has economic potential
and represents an attractive bulk tonnage exploration drilling target. Copper bearing veins in the area are dominated
by ferroan carbonate, sodium-rich minerals, and iron-oxide minerals
(magnetite and
hematite), but also contain the economically important
minerals chalcopyrite, bornite and chalcocite in addition
to cobalt-rich pyrite as generally coarse-grained (often 0.5
centimetre to multi-centimetre scale) disseminations in the
veins. The sodium-rich (highly saline) styles
of alteration and mineralization at Burfjord are also host to
elevated levels of rare elements (e.g. Cobalt), which are critical
"technology metals" that are important to the emerging green
energy and other industries. Discrete zones of cobalt
mineralization are also present at Burfjord.
About Norden Crown Metals
Corp.
Norden Crown is a mineral
exploration company focused on the discovery of Zinc, Copper,
Silver, Gold, and Cobalt deposits in exceptional, historical
mining project areas spanning Sweden and Norway. The Company aims
to discover new economic mineral deposits in known
mining districts that have seen little or no modern
exploration. The Company is led by an
experienced management team and technical team, with successful track records in mineral discovery, mining development and financing.
References
- Source: NGU Deposit Factsheet, Deposit Area 1943-010, 1997.
Norden Crown's property reviews have
confirmed the geologic setting and occurrence of mineralization on
the Project and considers the historical exploration data to be
relevant as reported in public disclosures and government
reports.
- See news release dated March 20,
2019.
- Intercept reported as seen in drill core. The true width is
estimated at 85-100% of the reported interval.
- See news release April 11th,
2022.
- See news release December 29,
2022.
Qualified Person
Daniel MacNeil, P.Geo, a
Qualified Person as defined by National Instrument 43-101, has
read and approved
all technical and scientific information related to Burfjord
contained in this
news release. Mr. MacNeil
is Vice President Exploration for Norden.
Mr. MacNeil has verified the data disclosed in this press release,
including the sampling, analytical and test data underlying the
information. Mr. MacNeil has not verified historical assay
information at Burfjord.
On behalf of Norden Crown Metals Corp.
Patricio Varas, Chairman and
CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed
"forward‐looking statements". Forward‐looking statements are
statements that are not historical facts and are generally,
but not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Forward-looking
statements may include, without limitation, statements relating to
future outlook and anticipated events, such as the successful
completion of the exploration program (consisting of diamond
drilling, mapping, prospecting, outcrop sampling, airborne magnetic
and ground electromagnetic geophysical surveys) and Norden Crown's belief in the economic potential
and attractiveness of Burfjord as a bulk tonnage target as
discussed herein, the dates the various segments of the exploration
program will commence, the duration of various segments of the
exploration program, the anticipated timing of the results of the
exploration programs described herein and the planned uses of the
resulting data. Although Norden
Crown believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance, are
subject to risks and uncertainties, and actual results or realities
may differ materially from those in the forward-looking statements.
Such material risks and uncertainties include, but are not limited
to, the ability of the various contracted entities to complete
their duties within the time expected by the Company; inclement
weather conditions that may impede, delay or stop all or part of
the exploration program; the effects of the Covid-19 pandemic or
other pandemics or epidemics; mechanical breakdowns of equipment
used in the exploration programs, changes in economic conditions or
financial markets; the ability of Norden
Crown to obtain the necessary consents required to explore,
drill and develop the projects and, if obtained, to obtain such
consents in a timely fashion relative to Norden Crown plans and business objectives for
the projects; the general ability of Norden
Crown to drill test its projects and find mineral resources;
if any mineral resources are discovered or acquired, the Company's
ability to monetize any such mineral resources; and changes in
environmental and other laws or regulations that could have an
impact on the Company's operations. Forward-looking statements are
based on the reasonable beliefs, estimates and opinions of
Norden Crown management on the date
the statements are made. Except as required by law, Norden Crown undertakes no obligation to update
these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors, should
change.
SOURCE Norden Crown Metals Corp.