VANCOUVER, British Columbia--(BUSINESS WIRE)--Gold-Ore Resources Ltd. and Kopparberg Mineral AB are pleased to announce that the Companies have signed an agreement to combine their base metal assets in the Skelleftea mining district in Sweden into a company, equally owned. The company, Norrliden Mining AB, will own the Norra Norrliden and Eva volcanic hosted massive sulphide (VHMS) deposits, several exploration permits and an extensive data base including proprietary geochemical surveys and airborne geophysical surveys covering much of the prolific Skelleftea mining district.
The Skelleftea mining district is a proterozoic greenstone belt that hosts over 100 zinc-copper-gold-silver-lead VHMS deposits of which 28 have been mined historically. Currently, Boliden AB, the third largest copper/zinc miner in Europe, is mining four VHMS deposits in the belt supplying ore to their central processing plant. The Skelleftea district has produced over 161 million tonnes at an average grade of 3.0% Zn, 0.7% Cu, 1.9 g/t Au, 47 g/t Ag and 0.8% Pb.
Norra Norrliden Deposit
Norrliden will own 90% of the Norra Norrliden polymetallic deposit. The deposit was found in 1960 and is defined by 138 diamond drill holes. In May 2008, Gold-Ore commissioned Adam Wheeler C.Eng., Eur. Ing., an independent qualified person to conduct a resource estimate that was compliant with National Instrument 43-101. The resultant resource estimate shown in the following table was classified according to the JORC code.
|
Resource Class |
Tonnes |
Zn % |
Cu % |
Au g/t |
Ag g/t |
Pb % |
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|
Measured & Indicated |
1,476,00 | 3.54 | 0.74 | 0.63 | 50.8 | 0.36 | ||||||||||||||||||
| Inferred | 867,000 | 1.87 | 0.72 | 0.40 | 30.9 | 0.19 |
Eva Deposit
The Eva deposit is 100% owned by Norrliden. This polymetallic base and precious metal deposit is located approximately 32 kilometres northwest of Norra Norrliden. The deposit was found in 2005 from the results of an airborne electromagnetic survey. A historic resource estimate was based on 23 diamond drill holes. The results are shown below.
|
Historic Resource |
Tonnes |
Zn % |
Cu % |
Au g/t |
Ag g/t |
Pb % |
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| Inferred | 5,160,000 | 2.4 | 0.30 | 1.0 | 40.0 | 0.4 |
Data Base
The data base includes propriety soil geochemical sample results covering the district. The Bjorkdal gold mine was discovered in 1983 as the direct result of this sampling program. In addition, Norrliden owns the propriety results of an electromagnetic and magnetic airborne survey covering much of the district. The rich Storliden copper/zinc massive sulphide deposit was found as a result of the airborne survey.
The objective of Norrliden is to define sufficient base metal mineralization that, together with Norra Norrliden and Eva deposits, will justify a central processing plant. The infrastructure in this part of Sweden is extremely well developed and affords the ability to truck ore inexpensively. The extensive data base provides Norrliden with excellent tools to identify additional mineralization in the belt.
About Gold-Ore
Gold-Ore Resources is a gold producing company focused in the low political risk jurisdiction of Sweden. The Company’s primary asset is the Bjorkdal Gold Mine, which has produced 1,040,000 ounces in the last 23 years of operation. The estimated gold resources from underground and open pit at Bjorkdal are: measured - 188,000 ounces (2.3 million tonnes grading 2.56 g/t); and indicated - 732,000 ounces (14.2 million tonnes grading 1.6 g/t). Drilling is expanding the resources indicating a long mine life at current gold prices. The Company has a strong balance sheet, generates significant cash flow from gold sales, and its gold production remains un-hedged. Gold-Ore has also maintained a good capital structure, with only 85.0 million shares issued (90.9 million - fully diluted).
ON BEHALF OF THE BOARD
Glen Dickson, Chairman
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.