EXPLORATION & DEVELOPMENT

Boreal points to copper potential at Burfjord

Explorer says results add to prospectivity at Norwegian project

Staff reporter

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It reported a 32m intercept at the Gamlegruve workings area grading 0.56% copper and 0.26g/t gold from 184m, including 3.46m at 4.31% copper and 2.22g/t gold.

Executive chairman Patricio Varas said the results confirmed the presence of broad zones of copper mineralisation enveloping high-grade copper veins at Burfjord.

Boreal said it also confirmed the broad style of mineralisation observed in the widespread artisanal workings across the property.

Burfjord was mined pre-20th century and has seen little modern exploration, Boreal said, with the best historical drill intercept of 7m at 3.6% copper from the Cedarsgruve mine area in the northern portion of the project.

The company has been building its Scandinavian portfolio through a series of deals with EMX Royalty Corp, one of its major shareholders.

EMX also backed Boreal's February financing, which was upsized to C$1.6 million (US$1.2 million) at 9.5c per unit, for exploration at the Gumsberg VMS project in Sweden and general working capital.

Boreal had about $1.2 million (US$0.9 million) in cash at the end of September.

Its shares were trading at 24c a year ago and fell to 4c in December.

They last traded at 8.5c to capitalise it about $6.5 million.

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