VANCOUVER, BC, Jan. 23,
2023 /CNW/ - Capella Minerals Ltd (TSXV: CMIL)
(OTCQB: CMILF) (FRA: N7D2) ("Capella" or the "Company") is pleased
to announce that a scout diamond drill program has been initiated
at the Company's 100%-owned Kjøli copper-cobalt-zinc massive
sulfide ("VMS") project in Trøndelag province, central Norway.
The Kjøli project is located in the northern portion of the
former Røros copper mining district, and 20km NE of Capella's
advanced exploration-stage Hessjøgruva copper-cobalt-zinc project
(Figure 1). The Kjøli project contains two former copper mines -
Kjøli and Killingdal - in addition to numerous VMS occurrences
along interpreted regional-scale thrust corridors.
Highlights
- A scout diamond drill program has been initiated at the
Company's high-grade Kjøli copper-cobalt-zinc project in central
Norway. The 1,250m program will provide for initial drill
testing of the Kjøli Deeps, Kjøli Mine Extension, and Guldalsgruva
areas. The drilling will be accompanied by downhole electromagnetic
(DHEM) and surface-loop electromagnetic (SLEM) surveys designed to
identify potential buried massive sulfide bodies in the immediate
vicinity of the drill holes.
- The Kjøli Deeps target is a large (>2km in length)
coincident gravity and electromagnetic (Turam) anomaly, a highly
favourable combination for VMS deposits. The main target lies
approximately 250m below surface,
with the adjacent Tjornvollmyran copper occurrence (Figure 2)
interpreted to represent a distal expression of the Kjøli Deeps
target.
Figure 1. Location of the Kjøli Deeps and Kjøli Mine
targets, in addition to section line for Figure 2.
- Scout drilling in the Kjøli Mine and Guldalsgruva areas will
focus on potential down-dip extensions to the former copper mining
operation and geophysical anomalies (gravity, magnetic, and
electromagnetic) associated with known copper occurrences,
respectively.
- Host rocks to the high-grade VMS-style mineralization in the
Kjøli district are dominantly Cambo-Silurian-age metasediments of
the Røsjø Formation.
- Norwegian contractor Arctic Drilling AS will undertake the
drill program using a track-mounted Diamec U6 rig (Figure 3).
Eric Roth, Capella's President
and CEO, commented: "We are excited to be starting our 2023
exploration program in Norway with
a scout drill program at the Kjøli project. Our main focus will be
an initial test of the Kjøli Deeps target, which has never been
drilled and where we have both geological and geophysical
indicators of a buried VMS deposit. First assays from this scout
drill program are currently anticipated to become available by
early April.
In addition, Capella will work towards funding further drilling
at the advanced-exploration stage Hessjøgruva VMS project and a
maiden drill program at Åmot (Løkken) commencing late Q2, 2023. So
we expect to see a lot of activity on our Norwegian portfolio over
the coming 6 months. I look forward to keeping the market updated
on progress at all of our Norwegian copper projects".
Figure 2. Schematic section through the Kjøli Deeps
target area and proposed holes. Section view looking towards the
north.
Figure 3. Track-mounted diamond drill rig arriving
on location at Kjøli Deeps.
Qualified Persons and Disclosure
Statement
The technical information in this news release relating to the
Kjøli 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 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.
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
currently permitting 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