EXPLORATION & DEVELOPMENT

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.

Staff reporter
 Slättberg is in the historic mining district of Bergslagen in Sweden

Slättberg is in the historic mining district of Bergslagen in Sweden

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).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.