By acquiring two Swedish mining companies, South Atlantic Resources (SCQ-V) has added 14 gold, silver and base metal properties to its portfolio of mineral assets.
Svenska Milo-och Mineral and Vasternorrlands Mineral control more than 100,000 ha in Sweden’s three main mining districts: Kiruna in the north, Skelleftea in the central region, and Bergslagen in the south-central region.
The price of the properties was renegotiated to 1.25 million shares at 90 cents per share, down from 3 million shares.
South Atlantic also acquires a database and key personnel for the purpose of identifying and developing bulk-tonnage gold deposits.
The company and its Swedish partner, Boliden Mining, will also conduct a gold exploration program in the Baltic Shield, an area comprising parts of Sweden, Norway, Finland and northwestern Russia.
In Sweden’s Kiruna district (a major source of copper, gold and iron), South Atlantic acquires three properties covering 138 sq. km. Preliminary drilling on one area, known as the Ahmavouma project, encountered a 41-metre-long massive sulphide intercept grading 0.7% copper and 0.3% cobalt, with gold values of up to 1 gram per tonne.
Also encountered were variable amounts of copper-cobalt-gold mineralization along strike of the principal anomaly, as well as an adjacent anomaly.
In the Skelleftea district, South Atlantic acquires seven properties covering more than 600 sq. km. The district hosts six producing copper-zinc mines operated by Boliden, including the Boliden mine.
In the Bergslagen district, the company acquires four properties covering 100 sq. km.
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