Source - RNS
RNS Number : 1918K
Erris Resources PLC
09 April 2018
 

Erris Resources plc / EPIC: ERIS.L / Market: AIM / Sector: Mining

9 April 2018

Erris Resources plc

("Erris Resources" or the "Company")

New Gold Project 'Nordgruvan', Sweden

 

Erris Resources plc, the European focused mineral exploration company with a portfolio of zinc prospects in Ireland and gold projects in Sweden, is pleased to announce that its 100% owned subsidiary Erris Resources Ltd has been granted two gold exploration permits, Nordgruvan no.1 ("Nordgruvan") and Hornkullen no.2 ("Hornkullen"), the "Nordgruvan Project", in Värmlands, Sweden.

 

The permits lie outside of the defined area of interest with Canadian mid-tier mining company Centerra Gold (as defined below) and therefore do not come under Erris Resources' existing joint venture agreement with Centerra Gold (the "Centerra JV Agreement").

 

Highlights

●     Grant of two new licences, totalling 64.2km2, in southern Sweden

●     Historical gold occurrences on both licences, with reported grades of up to 68 g/t gold

●     Nordgruvan Project to target gold mineralisation on major structures with related intrusions

●     Multiple historic workings located within licence areas

●     Initial reconnaissance mapping and sampling to start shortly

 

Erris Resources CEO, Merlin Marr-Johnson, said, "We are delighted to have been awarded the Nordgruvan and Hornkullen exploration licences in southern Sweden, which contain a number of historic and high grade gold occurrences."

"Sweden is proven to be prospective for the discovery and development of world class gold mines and has excellent infrastructure. Sweden has several active base and precious metal mines, as well as a long history of base and precious mining in the Norrbotten, Skellefteå, and Bergslagen mining districts. Despite this, however, Sweden as a whole remains relatively underexplored in modern times."

The Nordgruvan Project is in line with our stated objective to identify low-cost opportunities that have the potential to create shareholder value. The geological setting is prospective, the historic grades are exciting, and the licences were available on application to the government. 

Our field teams are now making preparations to start the first phase reconnaissance programme of mapping and sampling at Nordgruvan. Erris Resources is currently drilling the Abbeytown zinc project in Ireland and the Klippen gold project in Sweden and we look forward to updating shareholders on progress in due course."

 

Further Information

Nordgruvan and Hornkullen, Värmlands, Sweden

Nordgruvan is 32.3 km2 in area and Hornkullen is 31.9km2 in area and the licences are situated north and south of Filipstad town, Värmlands, respectively.

Geological Survey of Sweden ("SGU") reports indicate the host geology of the area to include early granitoid intrusions. The SGU rock and boulder dataset includes reported grades of 68 g/t Au, 27 g/t Au, and 15 g/t Au at Nordgruvan. A separate report from 1992 notes that gold grades of 8.4 g/t were recorded in trenching, with the gold associated with sericite alteration and veinlets cross-cutting a sulphide-bearing skarn. Hornkullen is located 6km south of Nordgruvan and hosts a number of historic lead-silver-gold workings with reported gold grades of up to 4 g/t Au in outcrop.

Both licences are held by Erris Resources 100% and are not part of the joint venture that Erris Resources has in the Skellefteå mining district with Centerra Gold KB Inc, a wholly owned subsidiary of Centerra Gold Inc. a TSX listed gold and copper producer ("Centerra Gold").

Erris Resources has integrated historic data sets and carried out a new interpretation of the regional aeromagnetic data across central and southern Sweden, the results of which were a key driver for taking the new licence areas. A further desktop structural interpretation is underway and will be supplemented by new multi-element data from reconnaissance mapping and sampling in the forthcoming field season.

Technical Background

Geophysical data was reprocessed by Williams Geophysics Ltd. in the UK.

The technical information in this announcement has been compiled on behalf of Erris Resources by Aiden Lavelle. Aiden Lavelle (BSc (Hons), MSc, MIGI, P.Geo) is Erris Resources' chief operating officer. Mr Lavelle has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. Mr Lavelle consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Mr Lavelle has not been able to verify the results of historical data from rock sampling and trenching described in this report. Although he has no reason to doubt the results described, they should be considered as indications of the presence of mineralisation only and may not accurately reflect true metal concentrations.

See the Company website (www.errisresources.com/ technical-reports) for maps.

 

*ENDS*

 

 

 

For further information visit www.errisresources.com or contact:

 

Merlin Marr-Johnson

Erris Resources plc

+44 (0) 7803 712 280

David Hart/Liz Kirchner

Allenby Capital (Nominated Adviser)

+44 (0) 20 3328 5656

Erik Woolgar

Shard Capital (Joint Broker)

+44 (0) 20 7186 9952

Andy Thacker

Turner Pope Investments (TPI) Ltd (Joint Broker)

+44 (0) 20 3621 4120

Isabel de Salis/Gaby Jenner

St Brides Partners (Financial PR)

+44 (0) 20 7236 1177

 

Notes

Erris Resources plc (EPIC: ERIS.L) is an AIM quoted, European focused, discovery driven exploration company. Supported by Canadian mining majors, Osisko Gold Royalties, which has a 18.9% interest in the Company, and Centerra Gold KB Inc, a wholly owned subsidiary of TSX listed Centerra Gold Inc., the Company has an established portfolio of zinc assets in Ireland and gold projects in Sweden, which it is looking to further build on. Led by a highly qualified team with extensive corporate and sector experience, Erris Resources' strategy is to create shareholder value through commercial discovery of base or precious metal assets in proven mineral districts and in favourable European jurisdictions.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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