Lappland Goldminers deposit Fäboliden continues deeper
Lycksele October 25, 2006 - Lappland Goldminers has since the beginning of August conducted core drilling to investigate deeper parts of the gold mineralisation at Fäboliden. The Company can now present the results from the first three drill holes intersecting the mineralisation from approximately 350 to 550m depth below surface.
Core drilling on the Company’s gold deposit Fäboliden has demonstrated that the mineralized zone continues at depth below the planned open pit, to a depth of 200meters, without any indications of decreasing. The underground mining study, conducted earlier this year, showed that such mining can be profitable to considerable depths with grades and widths as those pertaining for the open pit. Due to this the Company has decided to investigate the mineralisation to a depth of 550meters.
– We can now present results from the first profile, comprising 3 drill holes to a depth of 550m below surface from the presently ongoing drilling program, aimed at investigating deeper parts of the deposit. The results we have attained are very positive and indicate that the mineralized zone continues at depth with similar grades and widths as in the planned open pit. Examples of sections from these three drill holes are 35.6m with 1.8 g/t Au, 47.9m with 1.20 g/t Au and 16m with 1.44 g/t Au. After these very positive results from the first deep profile, the Company has decided to continue drilling with the aim of defining an indicated mineral resource and thereafter upgrade the underground position between 200 and 550 m to a probable ore reserve; says Karl-Åke Johansson, CEO Lappland Goldminers.
Up to September 28, 2006, the Company has drilled 3 drill holes and 1 775m of the currently ongoing drilling program. The entire deep drilling program which has now been decided upon by the Company Board of Directors comprises approximately 18 000m core drilling and 34 drill holes in 11 profiles. The drill program is expected to be completed during the first half of the year 2007.
See table and map for detailed information: www.lapplandgoldminers.com/pdf/Faboliden_djup_eng.pdf
See also the Companies homepage for information on our exploration methods.
Fäboliden, the ”flagship” of the Company and it’s largest deposit, is situated in Lycksele municipality on the Gold Line. The Company plans to establish a central processing facility at Fäboliden for the extraction of gold and silver, with an annual capacity of 5 million tonnes of ore. The plant will be built for the treatment of ores from the Gold Line and the final product will be doré goldbars for delivery.
The gold mineralisation at Fäboliden is associated with arsenopyrite and quartz in tectonic zones. The host rock is composed mainly of metasedimentary and metavolcanic rocks deposited on the sea floor about 2 billion years ago. The target area is wholly located within the exploitation concession held by the Company.
About the company:
Lappland Goldminers AB is an exploration company, with the goal of becoming a producing mining company. The company is listed on the “First North” stock exchange, under the symbol GOLD. The company has secured a number of gold deposits along the Gold Line in Västerbotten. The company’s strategy is to develop a profitable, producing gold company with a centrally located process facility at Fäboliden, to be supplied with ore from one or several mines. Lappland Goldminers is a member of SveMin, the association for mines, mineral and metal producers in Sweden (previously the Swedish Mining Association) and applies their reporting rules for public mining and exploration companies. The technical aspects of this press release have been compiled under the supervision of the company’s Chief Geologist Dr. Hans Årebäck, who is a registered Qualified Person (QP), by SveMin.
- Contact Information
- Karl-Åke Johansson
- Lappland Goldminers AB
- Contact via E-mail
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