Alicanto acquires Swedish mine after discovering extensive mineralisation
Alicanto Minerals (ASX: AQI) believes it is on to a winner at the historic Falun gold-zinc-silver-lead mine in Sweden, with its due diligence revealing extensive mineralisation remains at the world-class project.
The company, which counts Bellevue Gold (ASX: BGL) managing director Steve Parsons as a significant shareholder and consultant, said that in light of this mineralisation, which remains open in several holes, it plans to proceed with its purchase of Falun.
The deal is highly significant for Alicanto because it will give the company control of what is emerging as a major mineralised belt stretching over 10km from Falun through Alicanto’s adjacent Greater Falun project.
Underexplored in modern times
The Falun mine, which last operated in 1992, produced 28 million tonnes at 4% copper, 4 grams per tonne gold, 5% zinc, 2% lead and 35g/t silver, but has had very little modern exploration since it closed.
The highly prospective Falun ore trend also hosts the Skyttgruvan-Naverberg target, where the first drill hole returned highly promising results.
The hole intersected Falun-style mineralisation with assays including: 3m at 6.8% zinc equivalent (84g/t silver, 0.5% copper, 3.3% zinc, 1.2% lead), 9m at 14.7% zinc equivalent (194g/t silver, 0.1% copper, 4.9% zinc, 7.6% lead), 8m at 9.7% zinc equivalent (114g/t silver, 0.5% copper, 5.5% zinc, 1.0% lead, 0.13g/t gold) and 9m at 11.3% zinc equivalent (20g/t silver, 0.2% copper, 9.5% zinc, 1.5% lead).
A gravity survey has also highlighted several high-priority targets between Falun and Skyttgruvan-Naverberg which have never been drilled and represent potential walk-up drill targets.
‘Significant geological potential’
Alicanto managing director Rob Sennitt said Falun is an exceptional acquisition opportunity, stating “the data suggests there is significant geological potential remaining at Falun.”
“This data also supports the concept being developed by Alicanto that there is a major mineralised belt stretching over 10km from the historic Falun mine through Alicanto’s current holdings at the Greater Falun project.”
“There are numerous high-quality targets already identified and this will only increase and be further refined by an extensive ground EM program expected to be initiated in the first quarter.”
“Combined with our Sala Project, where we have defined our maiden resource, Alicanto now has two outstanding assets in a Tier 1 location,” Mr Sennitt added.
Alicanto is now designing and submitting workplans to continue exploration at Greater Falun. This will include the first modern application of surface electromagnetic techniques.
Following the Falun purchase, Alicanto will control over 60km of the target limestone horizon within a total landholding of 312sq km, which the company believes is highly prospective for analogues of the Falun mine.