Alicanto Minerals Ltd (ASX: AQI) has entered into a binding agreement to acquire the historical Falun mine and surrounding tenements in Sweden.
The Falun mine historically produced 28Mt at 4% copper, 4g/t gold, 5% zinc, 2% lead and 35g/t silver.
Highlights
This is an exceptional acquisition opportunity. There has been no exploration of any note at Falun since it closed in 1992 amid low commodity prices, meaning there is substantial upside,” Managing Director Rob Sennitt said.
“The strength of the opportunity is also demonstrated by Falun’s location along strike from our Greater Falun project, where we have just intersected visible zinc, copper and silver in the first hole at the new Skyttgruvan- Naverberg target.
“This result builds on our thesis that the Greater Falun project is part of a major mineralised belt that includes the historic Falun mine.
“The opportunity to acquire the tenements associated with this historically significant mine allows us access to some of the most prospective tenure in the area while further consolidating our interests in the region. We will now own over 300sqkms in this highly prospective mining district.
“Combined with our Sala Project, where we recently defined our maiden Resource, Alicanto now has two outstanding assets.”
The Acquisition
The Greater Falun Project is contiguous to the historic Falun mine.
The company has entered into a binding agreement to acquire the historic Falun Mine and associated tenements from the current owners, Explora Mineral AB. This acquisition allows Alicanto to consolidate its interests in this highly prospective district and extends its total tenement area to 312 sq. km.