2022-02-17 07:06:45
VANCOUVER, BC, Feb. 17, 2022 /CNW/ – Norden Crown Metals Corp. (“Norden Crown” or the “Company“) (TSXV: BMX) (OTC: NOCRF) (Frankfurt : 03E) is pleased to announce that the Burfjord Joint Venture Committee (Boliden Minerals AB and Norden Crown) has designed and approved an exploration budget of 1.94 Million ($CAD) for the Burfjord Project in 2022. Planned exploration at Burfjord in 2022 consists of diamond drilling, ground electrical and airborne magnetic geophysics, mapping, sampling (rock and soil), and prospecting. Boliden has completed USD $1.909 Million in expenditures at Burfjord to date which represents 32% of their expenditure commitment to earn 51% of the project (first threshold). Previous drilling by Norden Crown (see March 20, 2019 News Release) at Burfjord 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 historic mine workings1,2. Historical drilling on the Project (Cedarsgruvan) was reported to have returned 7.0 metres averaging 3.6% copper3.
President and CEO Patricio Varas stated “In these times of Covid restrictions and intermittent access to the projects we are pleased to report that Norden Crown was able to carry out drilling, ground and airborne geophysics and significant geological mapping and sampling to advance the Burfjord project. Drilling, geological and geophysical results have led the technical committee to put together an exciting exploration program that has potential for new discoveries of IOCG Copper mineralization. We are delighted to join our partners, Boliden, in approving this promising exploration budget.”
Burfjord 2022 Exploration
Norden Crown together with partner Boliden Mineral AB (“Boliden”) have designed and approved an exploration program and budget totaling (CAD) $1,946,226 that provides for exploration drilling, exploration geophysics, surface geochemical sampling, mapping, and prospecting at the Burfjord Project, northern Norway. The objective of the 2022 exploration program is to test several existing drill stage targets on the property and to advance a series of targets to the delineation stage with drill testing.
Exploration Geophysics
UAV Airborne Magnetic Geophysics
Norden Crown will resume an airborne magnetic geophysical survey at Burfjord which was delayed due to Covid related access restrictions in 2021. A total of 250 line-kilometres of UAV airborne magnetic data will be collected over the northern half of the land position (total survey size: 860 line-kilometres). These data will help refine the Burfjord geological and structural framework and aid in target selection and target ranking.
Time-Domain Electromagnetic Geophysical Survey
A total of 5-time domain electromagnetic (“TEM”) geophysical survey loops compliment the Phase I surveying done in 2019 (News Release August 23, 2020) which produced compelling drill targets. Data from Phase II will be used to generate additional conductive, copper prospective anomalies. Results (anomalies) from TEM surveys will aid in target selection and ranking.
Borehole EM Survey
Borehole EM Geophysics may be utilized as part of the 2022 drill program. Borehole EM Geophysics will utilize existing drill holes as well as new drill holes to identify conductive sulphide mineralization with the potential to host copper mineralization.
Soil Sampling
An extensive, high-resolution soil survey (portable XRF; 100 meter lines, 25 meter stations) is planned for the 2022 summer program. The planned survey includes a 3,000 sample orientation survey which may be followed by a property wide soil sampling initiative with the objective of producing high resolution multi-element geochemical anomalies for drill testing. These data are expected to also enhance existing geological and geophysical targets as well as areas of interest.
2022 Diamond Drilling
A total of 2,500 meters of diamond drilling is planned for 2022 with the objective of expanding the footprint of the copper mineralization discovered by the drill programs carried out in 2021. The drilling will also test new high priority TEM geophysical targets coincident with zones of copper mineralization on surface, accompanied by strong altered and brecciated rocks. Drill targets have been assembled and ranked but will be further refined based on the geological, geophysical, and geochemical data from the ongoing exploration programs.
Mapping, Sampling and Prospecting
A 45-day mapping, sampling and prospecting program will be conducted in 2022 with the objective of better defining geological controls, including structural and alteration distribution and density, advancing and ranking high-priority exploration targets at Burfjord.
Burfjord Joint Venture Terms
Norden Crown entered into an option agreement (the “Agreement”) with Boliden in respect to Burfjord (see June 10, 2020 News Release). To earn its 51% interest in the Project, Boliden must fund 100% of the exploration programs by spending US$6 Million over the next four years.
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. High-grade copper-gold veins at Burfjord that were historically mined (pre 20th century) at reported cutoff grades of 3-5% Cu 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 and Boliden believe this mineralization has economic potential and represents an attractive bulk tonnage exploration target. Burfjord is comprised of six exploration licenses totaling 5,500 hectares in the Kåfjord Copper Belt near Alta in Norway. During the nineteenth century, copper mineralization was mined from over 30 historic 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.
About Norden Crown
Norden Crown is a mineral exploration company focused on the discovery of silver, zinc, copper, and gold deposits in exceptional, historical mining project areas spanning Sweden and Norway. The Company aims to discover new economic mineral deposits in historical mining districts that have seen little or no modern exploration techniques. The Company is led by an experienced management team and an accomplished technical team, with successful track records in mineral discovery, mining development and financing.
Qualified Person
Daniel MacNeil, P.Geo, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has read and approved all technical and scientific information contained in this news release. Mr. MacNeil is Vice President Exploration for Norden Crown.
References
1Intercept reported as reported in drill core. The true width is estimated at 85-100% of the reported interval.
2See Norden Crown’s March 20, 2019 News Release for discussion of analytical methods, QA/QC and core handling protocols.
3 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 historic exploration data to be relevant as reported in public disclosures and government reports.
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) as discussed herein, the dates the various segments of the exploration program will commence, the duration of various segments of the exploration program, 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, [NTD: the exploration program is characterized as fully-funded] 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 epidemic or other epidemics or pandemics, 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.
