Alicanto Minerals (ASX:AQI) reports it has intersected a broad zone of disseminated sphalerite (zinc) mineralisation at the Greater Falun Project in Sweden.
The company says the hole has intersected multiple zones of massive to semi massive zinc, lead, copper sulphides within the sphalerite mineralisation, along with some native silver.
Alicanto has also seen a massive spike in its share price on the ASX, rising 39.473% to $0.053 as of 10.50am AWST.
Alicanto Managing Director Rob Sennit said the results were very encouraging.
“While still early days, to hit multiple zones of polymetallic massive sulphide in our first drillhole at one of our priority targets at the Greater Falun Project is a great result.
“While still early days, to hit multiple zones of polymetallic massive sulphide in our first drillhole at one of our priority targets at the Greater Falun Project is a great result”
This result, along strike from the historic Falun Mine, builds on our thesis that the Greater Falun Project is part of a major mineralised belt that forms a part of a significant mining district in the region.
We have already commenced a follow up hole to further identify the scope and extent of this discovery.”
Alicanto says the Skyttgruvan-Naverberg target is located within the Greater Falun Project situated 3.5km from the historic Falun Mine which produced 28 million tonnes at 4% Cu, 4g/t Au, 35g/t Ag, 5% Zn and 2% Pb, and mining at Falun continued up until 1992, and for centuries the mine was the largest supplier of copper in the western world.
Skyttgruvan-Naverberg and the historic Falun deposit are both hosted by strongly altered felsic metavolcanics at the lower contact of the regional limestone which is overlain by a semi-regional basaltic extrusive (Fire Fountain formation) in turn overlain by a ‘thick’ sequence of juvenile to reworked rhyolitic pyroclastic massflows.
Alicanto says the main mineralisation style in the district is stratabound copper-gold-zinc-lead-silver replacement type, hosted by crystalline limestone and skarn.
The company also reports drillhole GR022-19 has been completed targeting the down plunge continuation 100m below the Skyttgruvan-Naverberg workings at a depth of 280m below surface.
The drillhole collared in metamorphosed felsic volcaniclastics and has drilled through the hangingwall stratigraphic sequence and into the target limestone sequence hosting the mineralisation at Falun and Skyttgruvan-Naverberg.
Alicanto reports at the target horizon, a broad sulphide rich interval in anthophyllite-chlorite altered rocks was intersected over 43.1m in the core with further narrower zones located further downhole.
It also notes a downhole electromagnetic (EM) survey was undertaken immediately at the completion of the drillhole with a series of strong conductors detected including 3 in-hole conductors and a longer-wave off-hole conductor situated some 30m to 50m north of the hole.
Assays for GR022-19 have been rushed and Alicanto exponents them before the end of the quarter, and due to the ‘encouraging’ visual results, the company has commenced a second step-out diamond hole at the Skyttgruvan-Naverberg target.
The company considers the visual results of the first drillhole as significant as the drilling has appeared to define an alteration halo, with a broad mineralised interval punctuated by higher sulphide content zones.
It also notes the Skyttgruvan-Naverberg target remains open down dip and along strike and highlights the ‘prospectivity’ of the entire target limestone sequence from the Falun Mine and beyond.
Alicanto Minerals is an ASX-listed exploration company operating in the Bergslagen region of Sweden, and its projects include the Sala Silver Project and the Greater Falun Copper-Gold Project.
Images: Alicanto Minerals Ltd
