Alicanto invests in Swedish gold
PERTH (miningweekly.com) – Junior explorer Alicanto Minerals has struck an agreement to acquire the Falun copper/gold/zinc mine in Sweden.
The Falun mine is adjacent to Alicanto’s own Greater Falun project, giving the ASX-listed junior control over 60 km of the target limestone horizon within a total landholding of 312 km2.
Under the terms of the agreement, Alicanto would acquire the project for a total consideration of A$200 000, with an immediate A$10 000 deposit payable, a cash payment of A$40 000 on completion of the transaction, and the issue of A$150 000 of Alicanto shares.
“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,” said Alicanto MD Rob Sennitt.
“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,” said Sennitt.
He noted that the opportunity to acquire the tenements associated with this historically significant mine allowed Alicanto access to some of the most prospective tenure in the area while further consolidating its interests in the region.
“We will now own over 300 km2 in this highly prospective mining district. Combined with our Sala project, where we recently defined our maiden resource, Alicanto now has two outstanding assets.”
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