Arctic Minerals is granted prolongation of extraction permits at Bidjovagge gold-copper project in Norway
Arctic Minerals AB (publ) ("Arctic Minerals" or the "Company") is pleased to announce that the Directorate of Mining for Norway ("DMF") has granted the Company a prolongation of its extraction permits at the Bidjovaggegold-copper project in Norway. This means that all Arctic Minerals' extraction permits in Bidjovagge now are valid until December 2028.
DMF has granted Arctic Minerals a prolongation of its extraction permits Bidjovagge 1-5 until 19 December 2028. This means that all Arctic Minerals' extraction permits in Bidjovagge now are valid until December 2028. In addition, Arctic Minerals has been granted a new exploration permit, Buljovarri 6, covering the ground to the northeast of the Bidjovagge project. With these new permits, Arctic Minerals now holds all the ground covering both the known Bidjovagge deposits and also the likely extensions to the north and west.
About the Bidjovagge project
Bidjovagge is a brownfield gold-copper deposit located 40 km north of the village of Kautokeino in northern Norway. It was first mined by open pit and underground methods in the periods 1971-1975 and 1985-1991. On 15 December 2021, Arctic Minerals announced an updated mineral resource for Bidjovagge where the resource classified as indicated had increased to 3.3 million tons grading 1.27 grams/ton gold and 0.97% copper. Bidjovagge also hosts zones of significant cobalt and tellurium mineralisation (press release 17 January, 2022).
Arctic Minerals believes that there is outstanding exploration potential at Bidjovagge. The Company has identified new areas with exceptionally high grades of gold and copper mineralisation (press release 17 March 2022). The Company has also obtained very promising results from a geophysical survey, which indicates the continuation of the ore zone in several directions (press release 17 December 2022). As a result, three new target areas have been identified for further drilling. Arctic Minerals believes that this could lead to a substantial increase in mineral resources at Bidjovagge.
In 2022, the consulting company AFRY Oy did an estimate of the economics of the Bidjovagge project, based on the mineral resource estimate made in December 2021. The estimate was on a scoping study level, with 25% contingencies and made mainly for internal evaluation of the project. The study shows that the mine project shows promising economics. With the excellent potential to increase the mineral resource, the Company believes that an opening of a new Bidjovagge mine is a realistic goal.
Arctic Minerals is also in an active process where the Company seeks a partner or a buyer to further develop the Bidjovagge project.
Comments from CEO Risto Pietilä
We are very pleased to be granted the prolongation of our oldest extraction permits. As a result, Arctic Minerals now holds extraction and exploration permits covering 22 km2 over the Bidjovagge project area. We believe there is excellent potential for greatly increasing the mineral resources at Bidjovagge.
UB Securities Ltd, of Helsinki, Finland, (www.unitedbankers.fi) is the Company's Certified Advisor on Nasdaq First North Growth Market, Stockholm.
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
(+358) 40 029 3217
About Arctic Minerals
Arctic Minerals is a Nordic mineral exploration company exploring for copper, gold, molybdenum 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 11.30 CET on January 8, 2024.
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.
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