VANCOUVER, BC,Feb. 8, 2021/CNW/ –Norden Crown Metals Corp. (“Norden Crown” or the”Company“) (TSXV: NOCR) (OTC: NOCRF) is pleased to announce the commencement of a ~3,500 meter diamond drill program at its 100% owned Burfjord Project (“Burfjord” or the “Project”) in northernNorwayin collaboration with Boliden Mineral AB (“Boliden”). The jointly planned diamond drill program at Burfjord is based on geological, geochemical, and geophysical anomalies identified during the 2020 Summer exploration programs and aims to test the copper-gold grades and continuity of new targets, historical mines, and prospects. Previous drilling byNorden Crown(seeMarch 20, 2019News Release) returned compelling drill results from Burfjord, including an intercept of32 metres averaging 0.56% copper and 0.26 g/t gold (including 3.46 metres of 4.31% copper and 2.22 g/t gold) at shallow depthsbelow a group of historic mine workings1. Historical drilling on the Projectreturned 7.0 metres averaging 3.6% copper2.
Patricio Varas, Chairman and CEO of Norden Crown stated, “The joint Norden-Boliden team is working closely with newly collected structural, lithological, geochemical and initial TEM geophysical data which suggest the large and intense IOCG alteration footprint at Burfjord with its numerous copper mineralized outcrops and large EM conductors has excellent potential to be a very large copper deposit. Norden’s partnership with Boliden has significantly reduced the financial risk inherent in exploring a large land position. With Boliden funding the project, Norden can conduct systematic exploration programs that optimize the potential to identify economic mineral deposits. We believe this provides value to our shareholders.”
1 Intercept reported as seen in drill core. The true width is estimated at 85-100% of the reported interval. See Norden’s March 20, 2019 News Release for discussion of analytical methods, QA/QC and core handling protocols.
2Source: NGU Deposit Factsheet, Deposit Area 1943-010, 1997. Norden’s property reviews have confirmed the geologic setting and occurrence of mineralization on the Project and considers the historic exploration data to be relevant as reported in public disclosures and government reports.
Norden Crown is planning to conduct property wide Drone magnetic surveys as well as a ground based transient electromagnetic (TEM) survey to obtain subsurface resistivity-conductivity data that can be used to track copper and gold associated sulphide mineralization at depth.
Norden Crown entered into an option agreement (the “Agreement”) with Boliden on the Burfjord Project (see June 10, 2020 News Release). Boliden will fund 100% of the exploration programs until it earns a 51% interest, by spending US$6 Million over the next four years.
Overview of the Burfjord Project
The Burfjord Copper-Gold Project, located in the Kåfjord Copper Belt near Alta, Norway is highly prospective for Iron Oxide Copper Gold (IOCG) and Sediment Hosted Copper mineral deposits which contribute significantly to copper production globally. High-grade copper-gold veins at Burfjord that were historically mined (pre 20th century) at cutoff grades of 3-5% Cu are surrounded by envelopes of stockwork veins or disseminations of copper mineralization extending tens to hundreds of metres laterally into the host rocks. Norden and Boliden believe this mineralization has economic potential and represents an attractive bulk tonnage exploration drilling target. Copper bearing veins in the area are dominated by ferroan carbonate, sodium-rich minerals, and iron-oxide minerals (magnetite and hematite), but also contain the economically important minerals chalcopyrite, bornite and chalcocite in addition to cobalt-rich pyrite as generally coarsegrained (often 0.5 centimetre to multi-centimetre scale) disseminations in the veins. The Burfjord Project is comprised of six exploration licenses totaling 5,500 hectares in the Kåfjord Copper Belt near Alta, Norway. During the nineteenth century, copper mineralization was mined from over 30 historic mines and prospects developed along the flanks of a prominent 4 x 6-kilometre fold (anticline) consisting of interbedded sedimentary and volcanic rocks. Many of the rocks in the anticline are intensely hydrothermally altered and contain sulphide mineralization.
About Norden Crown Metals Corp.
Norden Crown is a mineral exploration company focused on the discovery of silver, zinc, copper, and gold deposits in exceptional, historical mining project areas spanning Sweden and Norway. The Company aims to discover new economic mineral deposits in historical mining districts that have seen little or no modern exploration techniques. The Company is led by an experienced management team and an accomplished technical team, with successful track records in mineral discovery, mining development and financing.
Daniel MacNeil, P.Geo, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has read and approved all technical and scientific information contained in this news release. Mr. MacNeil is Vice President Exploration for Norden Crown.
On behalf of Norden Crown Metals Corp.
Patricio Varas, Chairman and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed “forward–looking statements”. Forward–looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements may include, without limitation, statements relating to future outlook and anticipated events, such as the successful completion of the Private Placement or the anticipated use of proceeds of the Private Placement by the Company. Although Norden Crown believes the expectations expressed in such forward–looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward–looking statements. Such material risks and uncertainties include, but are not limited to, Norden Crown’s ability to raise sufficient capital to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the ability of Norden Crown to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to Norden Crown plans and business objectives for the projects; the general ability of Norden Crown to drill test its projects and find mineral resources; if any mineral resources are discovered or acquired, the Company’s ability to monetize any such mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations. Forward–looking statements are based on the reasonable beliefs, estimates and opinions of Norden Crown management on the date the statements are made. Except as required by law, Norden Crown undertakes no obligation to update these forward–looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
SOURCE Norden Crown Metals Corp.View original content to download multimedia:http://www.newswire.ca/en/releases/archive/February2021/08/c3511.html