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Project Summary

The Barsele Project is situated in the mining region of Västerbottens Län, Northern Sweden, 600 km north of Stockholm and covers 46,991 hectares in the Fennoscandian Shield. The Barsele Project is located on the western end of the Proterozoic “Skellefte Trend”, a prolific volcanogenic massive sulphide deposits belt, that intersects with the “Gold Line” in Northern Sweden. Both polymetallic “VMS” deposits and intrusive hosted “Orogenic gold” deposits are present in this region and on this property. Current and past producers in the region include Boliden, Kristineberg, Bjorkdal, Svartliden and Storliden.

The main gold-bearing system remains open in all directions. The structurally linked gold mineralized “lodes” occur mainly within a granodiorite host and to a lesser extent, volcanic and sedimentary rocks. Multiples of parallel to sub-parallel “lodes” that vary in width from 10 metres to 100 metres, combine for a maximum known thickness (including low grade-waste islands) of 425 metres. The Avan–Central–Skiråsen zones have a strike length approaching 3.6 kilometres and that same northwest trending structural corridor does contain localized bodies with gold mineralization over an additional 4.4 kilometres. The drill tested depth of the mineralized system approaches 1.0 kilometre and remains open. Gold is generally associated with arsenopyrite and low base metal content, but also occurs as native metal.

Since Agnico Eagle became operator of the project in late 2015, a total of 155,345 metres of overburden penetration and core collection has been tabulated from a total of 404 drill holes. A significant portion of the 2020 drilling was focused on defining, verifying and expanding the mineral resources within the Avan-Central-Skiråsen (CAS) “Orogenic Gold” system. The remaining drill meterage was primarily focused on the discovery of massive sulphide mineralization that is hosted in rocks of volcanic and sedimentary composition along with post mineral intrusive dykes and sills. The historic Norra VMS deposit within the claims is an example of this style of mineralization.

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