VANCOUVER, British Columbia, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Sienna Resources (SIE—TSX.v) (A1XCQ0 –FSE) (SNNAF—OTCBB) is pleased to announce that it has significantly increased the land holdings on its Slättberg Cobalt-Nickel-Copper Project in Sweden.
This new Slättberg exploration license contains 4 old mines with one being the historic Mårtanberg copper mine, which was operated in the late 1700’s and early 1800’s. The Mårtanberg field is known for its copper-rich skarn-style mineralization. The underground workings extended to depths of 80-100 m, and little to no modern exploration has been conducted in the area. We plan to bring modern techniques and views to this added acreage. The Slättberg Cobalt-Nickel-Copper Project now consists of 3 exploration licenses covering 12,733 acres and at least 16 historic mines.
On January 30, we announced 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.
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.
Jason Gigliotti, President of Sienna Resources states, “We are very pleased to significantly expand our Swedish landholdings. We are in a strong cash position right now and with the new data obtained from the magnetic survey recently completed, we are ready to commence drilling shortly. Cobalt prices are currently at fresh 10 year highs right now and show no signs of slowing as the global demand on the battery metals continues to strengthen. We look forward to a very active 2018.”
About Sienna Resources Inc.:
The Slättberg Cobalt-Nickel-Copper Project now consists of three adjacent exploration permits comprising approximately 12,733 contiguous acres.
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 16 historic mines are located on the property, with historic operations dating back to the late 1800’s.
To view an image of Geophysics and Target Map, please visit: https://orders.newsfilecorp.com/files/854/32799_a1518561338453_26.jpg
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. This new acreage was acquired via the SGU (Swedish Geological Survey) website.
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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