Arctic Minerals identifies new molybdenum prospect in Finland
Arctic Minerals AB (publ) has identified a new molybdenum prospect in northern Finland. This follows study of historic exploration data at the Kivijärvi property in Finnish Lapland. This data records molybdenum occurring in numerous boulders, as well as in outcrop and diamond drilling. Molybdenum grades in boulders ranged from 1% to 6% and in outcrop from 0.4% to 0.8%, with one exceptional sample containing 9.1% molybdenum. The Company has now applied for an exploration permit at Kivijärvi, covering an area of 26 km2.
The Kivijärvi prospect was identified by Arctic Minerals following a study of previous exploration carried out by the Geological Survey of Finland (GTK) and several companies in the 1970's and 1980's. This work included boulder hunting, geological mapping, geochemical sampling, geophysics and trenching. Some diamond drilling was also carried out and reportedly intersected molybdenum, though no assays are available.
Early work in the 1970's resulted in the discovery of 49 boulders where molybdenum content exceeded 0.1%, the richest boulderassaying 6.7 % molybdenum. The size, angular shape and distribution of the boulders indicate a short transport distance from the source of the mineralisation. Molybdenum was also discovered in outcrop, with five samples taken from four different outcrops. Samples assayed from 0.4% to 0.8% molybdenum, as well as one sample with 9.1% molybdenum.
Arctic Minerals believes that the mineralisation at Kivijärvi may be similar to that of the Merlin deposit in Queensland, Australia. This deposit hosts an indicated resource of 6.7 million tons grading 1.4% molybdenum and 32 grams/ton rhenium.
Molybdenum is a refractory metal used mainly as an alloying agent in steel, cast iron and superalloys to increase strength, hardness and corrosion resistance. A common byproduct of molybdenum production is the rare metal rhenium, used in catalysts and high-temperature superalloys used for jet engine components. However, rhenium was never analysed in previous work at Kivijärvi.
The Company will continue to study past data, in particular that relating to previous drilling, so that further exploration can be planned accordingly.
Comments from CEO Risto Pietilä
The great majority of molybdenum production is as a byproduct of copper mining. Primary molybdenum deposits are rare, so we are excited to have identified this mineralisation at Kivijärvi. We look forward to following up the earlier work.
Certified Advisor
UB Securities Ltd, of Helsinki, Finland, (www.unitedbankers.fi) is the Company's Certified Advisor on Nasdaq First North Growth Market, Stockholm.
Other
The company's shares are listed on Nasdaq First North Growth Market, Stockholm under the trade designation "ARCT".
For further information
see the Company's website at www.arcticminerals.se or contact:
Risto Pietilä, CEO
(+35) 840 029 3217
[email protected]
About Arctic Minerals
Arctic Minerals is a Nordic mineral exploration company exploring for copper, gold, zinc and battery metals in the Nordics.
This information is information that Arctic Minerals AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU) 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at 10.15 CEST on June 14, 2023.
Om Arctic Minerals
Arctic Minerals affärsidé är att finna betydande men ännu oupptäckta fyndigheter av koppar, zink och guld som har potential att utvecklas till brytvärda mineralreserver.
Prenumerera
Få löpande information från Arctic Minerals via e-post.