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Arctic Minerals to carry out further exploration on the gold property Nutukka in Finland
Arctic Minerals AB (publ) is pleased to announce that it plans further work at its Nutukka gold property in Finnish Lapland. The work will follow up on the good results from last year's panning and geochemical sampling program, which found widespread visible gold in panned samples. The continued exploration program will consist of excavating (trenching) and sampling at 3 areas considered of particular interest. This will be followed by shallow drilling (base-of-till & top-of-bedrock). The work is planned for the summer / autumn of 2023. Deeper diamond drilling is thereafter planned the following winter 2023/24.
In the summer of 2022 Arctic Minerals carried out an extensive program of panning and geochemical sampling at its exploration permit Rita, located in the Nutukka area of Finnish Lapland. The results are considered very promising: 135 of 137 panned samples contained visible gold.
The potential of the Rita area was identified from geochemical, geophysical and geological data available from GTK (Geological Survey of Finland). The area hosts a strong GTK regional geochemical gold anomaly, coincident with Arctic Minerals' best panned samples. The area is also located at the intersection of a major northwest-southeast and northeast-southwest geological structure. The geology of the area consists of Palaeoproterozoic mafic metavolcanics ("komatiites") and graphitic schists. This type of geological setting is considered highly prospective for gold mineralisation.
The Rita permit covers 25 km2 and is situated approximately 20 km southwest of the old gold panning village of Tankavaara. The location is towards the eastern end of the Central Lapland Greenstone Belt in northern Finland. This belt hosts the largest gold mine in Europe, Kittilä, operated by the Canadian company Agnico Eagle, producing 239,240 oz (7,440 kg) gold per year (2021). The belt has also seen a number of new gold discoveries in recent years, most recently Rupert Resources' Ikkari discovery with 4.28 million oz (130 000 kgs) gold in indicated and inferred resources. The area holds strong similarities to major gold-producing regions in Western Australia and in Abitibi belt of eastern Canada.
Arctic Minerals has also applied for an exploration permit Pulteri covering 21 km2 and located approximately 20 km southeast of the Rita permit. The Pulteri area has similar geology and potential to the Rita permit.
Comment from CEO, Jonatan Forsberg
We are very pleased with the work so far at Nutukka. We consider it an excellent prospect in an area which is seeing a number of new, large-scale gold discoveries. The presence of visible gold in panned samples, coincident with a strong geochemical anomaly is particularly encouraging. We look forward to carrying out further work this summer and autumn.
UB Securities Ltd, of Helsinki, Finland, (www.unitedbankers.fi) is the Company's Certified Advisor on Nasdaq First North Growth Market, Stockholm.
The company's shares are listed on Nasdaq First North Growth Market, Stockholm under the trade designation "ARCT".
For further information
see the Company's website at www.arcticminerals.se or contact:
Jonatan Forsberg, CEO
(+46) 76 105 1310
About Arctic Minerals
Arctic Minerals is a Nordic mineral exploration company exploring for copper, gold, zinc and battery metals in the Nordics.
This information is information that Arctic Minerals AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU) 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at 08.20 CET on January 30, 2023.
Arctic Minerals AB
Marknadsplats: Nasdaq First North Growth Market