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Sienna aims for high priority targets in Sweden

Junior Sienna Resources (TSXV: SIE) is about to start a fully-funded drilling program at its flagship nickel, copper and cobalt Slättberg project in Sweden, a country it says is at the forefront of an exploration and development boom in the mining industry.
Sienna aims for high priority targets in Sweden Sienna aims for high priority targets in Sweden Sienna aims for high priority targets in Sweden Sienna aims for high priority targets in Sweden Sienna aims for high priority targets in Sweden

Slättberg is in the historic mining district of Bergslagen in Sweden

Staff reporter

The company generated high priority targets using results from drilling last year, downhole electro-magnetic surveys, sampling and geophysics.

"We look forward to a very active 2019 as we still have cash reserves to cover the planned drill programme," president Jason Gigliotti said.

Sienna reported having about C$460,000 (US$343,000) in cash and equivalents at the end of March and a working capital deficiency of about $486,000 (US$363,000).

It had amended its agreement in March with a subsidiary of EMX Royalty Corp, to extend its option over Slättberg to October 31 and spend at least $250,000 (US$186,000) within the new period.

Sienna was originally to earn 100% of the project by spending at least $500,000 (US$373,000) within a year and issuing EMX 3 million shares, according to an agreement struck in December 2017, which was later extended to February 2019.

On exercising the option, Sienna is to issue a further 3 million shares and EMX will gain a 3% NSR.

Sienna increased its Swedish landholding to 12,733 acres last year and the project now contains 16 historic mines.

Sienna shares gained 22% or C1c yesterday to close at 5.5c, at the lower end of its 52-week range of 4-10.5c, capitalising it at $2.9 million (US$2.1 million).