Alicanto Minerals shining light on new exploration targets within ‘historic’ Falun Project in Sweden

Sweden-focused explorer Alicanto Minerals (ASX:AQI) has defined ‘high-priority’ near-mine targets following 3D modelling and a geological data review at its Falun Project in Sweden. 

The company, which has a $19.45 million market capitalisation, says the geological review has defined brownfields targets for testing ahead of an upcoming diamond drilling program. 

These targets have been interpreted to potentially deliver rapid resource growth around the ‘historic’ Falun mine and have been incorporated into a 3D geological model that contains the results of recently reviewed historical drill core.

Alicanto reports these targets are situated outside of the mine, which produced 28 million tonnes (Mt) at 4% copper (Cu), 4 grams per tonne (g/t) gold (Au), 5% zinc (Zn), 2% lead (Pb), and 35g/t silver (Ag), and are not impacted by historical mining voids

Newly compiled and previously unreleased historical intersections outside the mine area include 15.5m @ 2% Cu from the copper-gold (Cu-Au) zone; 6.6m @ 2.8% Cu and 1.4g/t Au from within the Cu-Au zone; and 7.7m @ 8.2% Zn, 1.6% lead Pb, 0.2% Cu, and 0.6g/t Ag from within the Replacement zone. 

These results have come ahead of the Noosa Mining Investor Conference, where Alicanto Minerals Managing Director Rob Sennitt will be presenting at 12:20pm on Day 1 (19 July 2023).    

The geological review was undertaken by Alicanto’s in-country team, which has continued to review and compile further historical data, and has allowed for the further refinement and understanding of the historical Falun deposit and brownfields prospectivity around the old mine. 

With the targets now mapped and locked into the 3D geological model, Alicanto Minerals announces it is advancing these near-mine targets, as well as ‘high-priority’ targets, along a 3.5km mineralised trend between its drilling at Skyttgruvan-Naverberg and the Falun mine for drill testing during the remainder of 2023.

In conjunction with this ongoing exploration, ground electromagnetic (EM) survey and gravity surveys are underway along a ‘high-priority’ target horizon, which is considered ‘highly prospective’ for A Falun-style repeat deposit. 

Addressing the results, Alicanto Minerals Managing Director Rob Sennitt says: “We continue to see more evidence of the significant potential at Falun as we complete each phase of our work. The acquisition of the permit containing the historic Falun mine and our efforts to locate and analyse historic drill core have allowed us to compile detailed geological models enabling us to further improve our understanding of the geology and key structures at Falun.

We continue to see more evidence of the significant potential at Falun as we complete each phase of our work”

The combination of the continuing EM and gravity surveys, and analysis of the historic core, demonstrates the significant exploration upside at Falun and, in particular, within the 3.5km corridor between the historic Falun mine and the high‐grade mineralisation intersected last year at Skyttgruvan‐Naverberg. 

We now have a pipeline of high-priority targets, ensuring we are well-positioned for the start of the diamond drill program this quarter.”

Alicanto Minerals is a publicly listed explorer pursuing ‘aggressive’ exploration campaigns in Sweden’s highly regarded mining region of Bergslagen, which include exploring tenements around the ‘world-class’ Falun copper-gold and polymetallic skarn project. 

The Falun project houses the now-closed Falun mine, which has a long-established mining history dating back over the best part of 1,000 years, producing 28Mt of ‘high-grade’ copper-gold-rich polymetallic ore with ‘high-grade’ silver, zinc, and lead. 

Alicanto Minerals had $1.5 million cash at hand as of 31 March 2023, as stated in its latest quarterly report. However, the company completed a $3.15 million equity raising under a placement to sophisticated investors in April 2023.  

According to Chilean mythology, the Alicanto was a nocturnal bird of the desert of Atacama whose wings shone at night and whose eyes emitted strange lights. 

Write to Adam Drought at Mining.com.au

Images: Alicanto Minerals Ltd
Author Image
Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.