VANCOUVER, British Columbia, Jan. 30, 2018 (GLOBE NEWSWIRE) — Sienna Resources (SIE—TSX.v) (A1XCQ0–FSE) (SNNAF—OTCBB) is pleased to announce that initial results have been received from the ongoing magnetic survey work on the Slättberg Cobalt-Nickel-Copper Project in Sweden. High resolution magnetic surveys in the area of historic nickel-copper-cobalt mines have defined multiple strong magnetic responses along the trends of mineralization. These areas of strong magnetic response are interpreted to represent steeply plunging bodies of massive sulfide mineralization that is rich in pyrrhotite. The magnetic data appears to confirm additional continuity of drill defined zones of mineralization known from the historic drilling. Along with the historic drill data, this new magnetic data is being used to define multiple high priority drill targets for the upcoming drill program.
Further work prior to drilling will include additional magnetic surveys and integration of the new geophysical data with historic data sets.
Slättberg’s massive sulfide mineralization is known to be strongly magnetic, owing to its high concentrations of pyrrhotite, a magnetic ferrous sulfide mineral associated with the Co-Ni-Cu mineralization. The new magnetic data is being used to potentially generate additional high priority drill targets on the project. Drilling is slated to commence in the coming weeks.
Field teams are using a G-859 Geometrics Cesium Vapor Magnetometer paired with a G-856AX Proton Procession magnetometer as a base station. Approximately 180-200 survey lines of 500 meters in length are planned at 25 meter spacing. This survey will cover the central portion of the trend of historic mine workings where the initial drill program will be focused. Additional surveys will be conducted across other prioritized areas in the coming months.
Jason Gigliotti President of Sienna Resources states, “We are very pleased with the pace and quality of the data being gathered to date on the Slättberg Cobalt-Nickel-Copper Project in Sweden. Field crews have diligently defined multiple new targets and we expect to be drilling in the coming weeks. We have just closed an oversubscribed placement for $2.5 million and we plan to deploy this cash strategically and immediately. Battery metals demand has never been stronger as most car companies and even countries have a plan for an expanded Electric Vehicle program putting significant long term upward pressure on cobalt, lithium, nickel, copper and graphite. We plan to be very active in this space in 2018.”
About Sienna Resources Inc.:
Recently Sienna received TSX Venture approval to go forward into an exploration and option agreement to acquire the Slättberg Cobalt-Nickel-Copper Project in Sweden (the “Project”) from EMX Royalty Corporation (“EMX”) (EMX-NYSE, tsxv) (announced December 4, 2017). The Project consists of two adjacent exploration permits comprising approximately 9513 contiguous acres.
Jason Gigliotti president of Sienna states, “We are very pleased to receive approval for this exciting cobalt-nickel-copper prospect. Cobalt prices have just crossed fresh ten year highs, and we look forward to advancing this prospect. There are 12 historic mines on this property and with modern mining approaches, we are very optimistic about what this project could contain.”
Northvolt is planning to be the largest battery factory in Europe at roughly the same size as Tesla’s Gigafactory. Jason Gigliotti states, “Northvolt wants to locally source as much battery material as possible such as cobalt and nickel. There are now more than 20 mega battery factories currently being planned or constructed globally, creating a massive demand on the battery metals such as lithium, cobalt and nickel. Sienna is focused on exploring and developing projects that will meet this insatiable demand.”
Slättberg is located 25 kilometers northwest of Falun, Sweden. Slättberg is a historic mining camp hosting cobalt-nickel-copper rich massive sulfide mineralization that occurs within a two kilometer belt of historic nickel-copper mines. The Project contains drill defined massive sulfide mineralization that extends to ~100 meters in depth, and remains open for expansion at depth and along strike. The Project is accessible year round, with nearby rail, power and 5 smelters in the Nordic region. At least 12 historic mines are located on the property, with historic operations dating back to the late 1800’s.
Geophysics and target map
To view Geophysics and target map, please visit:
Mineralization at Slättberg is hosted by 1.8-1.9 Ga (Svecofennian) supracrustal rocks (metavolcanics and metasediments) located along the southwestern flank of a large gabbroic intrusive complex. The historic mines are positioned along an east-west trend of massive sulfide occurrences developed in and around a similarly oriented body of “leptite”. This is a local term used to describe rhyolitic/felsic tuffaceous rocks commonly associated with sulfide mineralization in Bergslagen. Mafic and ultramafic rocks also occur in and around the mine workings.
Sweden is at the forefront of an exploration and development boom in the mining industry. The country’s favorable business environment includes a low corporate income tax rate, a proactive geological survey, and broad public support for export-led resource extraction. Sweden has a long history of mining, and is host to some of Europe’s largest active mines.
The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101.
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