Norden Crown Metals Receives Notice of Boliden’s First Option Abandonment of Burfjord Agreement
VANCOUVER, BC, Jan. 5, 2023 /PRNewswire/ — North Crown Metals Corp. (“Norden Crown” or the “Company”) (TSXV: NOCR) has received initial notification from Boliden AB (“Boliden”) of the waiver of an option under the Burfjord Project Option Agreement.
According to the terms of the contract, Boliden will keep the project in good condition until the end of the 90-day notice period and will fulfill all contractual obligations as stipulated in the contract.
The Burfjord IOCG project hosts numerous high-grade veins and associated copper-mineralized alteration envelopes approximately 6 kilometers by 4 kilometers in extent. The large footprint of associated alteration and widespread copper mineralization present in historic workings and intersected in Norden’s recently reported reconnaissance drilling suggest the potential to host a bulk tonnage copper deposit.
Limited exploration was conducted at Burfjord in modern times prior to Norden Crown’s recent reconnaissance drilling programs. The best historical drill intercept consists of 7 meters grading 3.6% copper1 and was collected from the Cedarsgruve (mine) area in the northern portion of the claim block. Previous drilling in the Gamlegruve area by Norden Crown has returned compelling results, including an intercept of 32 meters averaging 0.56% copper and 0.26 g/t gold (including 3.46 meters averaging 4.31% copper and 2.22 g /t gold) at shallow depths below a cluster of historical mines2,3. Other attractive targets include the F-Gruve target where an intercept of 36 meters averaging 0.48% copper was recently reported3,5.
Diamond drilling in 2022 has focused on a newly identified mineralized zone at the F-grube target. Three target areas, including the Cedarsgruve and Gamlegruve targets, are now being prioritized for follow-up drilling to test continuity and grade and define mineral resources. Results this year at the Gamlegruve zone and the parallel F-pit zone on the southeastern margin of the Bergmark anticline have identified the most interesting copper mineralized and altered zones.
Drilling has outlined a continuous zone of copper and gold mineralization from surface to shallow depths along strike of the historic F Pit working4,5. Only 140 meters of strike length have been tested this year along an 800 meter long mapped trend of vein and breccia copper mineralization. The zone remains untested at depth and the Company has particular interest to the south where the Caledonian Nappe complex covers the gabbro unit that hosts the copper mineralization.
Norden Crown’s 2021 magnetic survey shows the presence of the gabbro unit beneath the Caledonides, which extends more than 1 kilometer to the south. Norden Crown continues to review the results of drilling at the F-grube target and is considering plans to further test the extent, width and grade of the mineralized zone with additional 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 that contribute significantly to global copper production.
Burfjord consists of six exploration licenses totaling 5,500 hectares. Within the license area, copper mineralization was mined in over 30 historic mines during the 19th century and prospects developed along the flanks of a prominent 4 x 6 kilometer fold (anticline) composed of embedded sedimentary and volcanic rocks. Many of the rocks in the anticline are highly hydrothermally altered and contain sulphide mineralization.
The high-grade copper-gold veins at Burfjord, historically mined at cut-off grades of 3-5% copper, are surrounded by stockwork vein casing or disseminated copper mineralization that extends laterally for tens to hundreds of meters into the extend host rock. Norden Crown believes this mineralization has economic potential and represents an attractive, bulk-tonnage exploration drill target. The copper bearing veins in the area are dominated by ferrous 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 it is generally coarse-grained (often 0, 5 centimeters to several centimeters large) seedings in the veins. The sodium-rich (high-salinity) styles of alteration and mineralization at Burfjord also host elevated levels of rare elements (eg, cobalt), which are critical “technology metals” important to the emerging green energy and other industries. Discrete zones of cobalt mineralization are also present at Burfjord.
About North Crown Metals Corp.
Norden Crown is a mineral exploration company focused on the discovery of zinc, copper, silver, gold and cobalt deposits in exceptional historic mining project areas in Sweden and Norway. The Company aims to discover new economic mineral deposits in known mining districts where little or no modern exploration has taken place. The Company is led by an experienced management team and a technical team with successful track records in mineral discovery, mine development and financing.
Source: NGU Deposit Factsheet, Deposit Area 1943-010, 1997. Norden Crown’s property surveys have confirmed the geology and occurrence of mineralization on the project and considers historical exploration data relevant as reported in public announcements and government reports. See news release dated March 20, 2019. Intercept reported as seen in drill core. True width is estimated to be 85-100% of the reported interval. See press release dated April 11, 2022. See press release dated December 29, 2022.
Daniel MacNeil, P.Geo, a qualified person as defined by National Instrument 43-101, has read and approved all of the Burfjord technical and scientific information contained in this news release. Mr. MacNeil is Vice President Exploration for North. Mr. MacNeil has reviewed the data disclosed in this news release, including the sampling, analytical and testing data underlying the information.
Commissioned by Norden Crown Metals Corp.
Patricio Varas, Chairman and CEO
Neither the 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 press 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 “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “project”. . , “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements may include, without limitation, statements regarding future prospects and expected events, such as Norden Crown’s belief in the economic potential and attractiveness of Burfjord as a bulk tonnage target as discussed herein, the dates on which the various segments of the exploration program will commence, the duration of various segments of the exploration program, the expected timing of results from the exploration programs described herein and the proposed use of the resulting data. Although Norden Crown believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements Statements deviate from statements. These material risks and uncertainties include, among other things, the ability of the various contractors to perform their duties in the time expected by the company; adverse weather conditions which may impede, delay or halt the exploration program in whole or in part; the impact of the Covid-19 pandemic or any other pandemic or epidemic; mechanical failures of equipment used in exploration programs, changes in economic conditions or financial markets; Norden Crown’s ability to obtain necessary permits required for exploration, drilling and development of the Projects and, if obtained, to obtain such permits in a timely manner in relation to Norden Crown’s plans and business objectives for the Projects; Norden Crown’s overall ability to test its projects and find mineral resources; if mineral resources are discovered or acquired, the Company’s ability to monetize such mineral resources; and changes in environmental and other laws or regulations that could affect the Company’s operations. Forward-looking statements are based on the reasonable assumptions, estimates and opinions of Norden Crown’s management at the time 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.