Vancouver Lundin-led South Atlantic Venture‘s (SAA-V) 38% owned, subsidiary, North Atlantic Natural Resources has received an independent ore reserve update for its 100% owned Storliden copper-zinc mine, in northern Sweden.
Proven and probable reserves at the mine pegged at 1.4 million tonnes grading 9.7% zinc, 3.6% copper, 0.3 gram gold and 30 grams silver per tonne. These reserves were calculated U.K-based Micon International to the standards of the Australasian code for reporting mineral resources and ore reserves.
The deposit also hosts an indicated resource of 234,000 tonnes grading 7.7% zinc, 3.5% copper, 0.4 gram gold and 35 grams silver per tonne. This resource is expected to be upgraded to a reserve as underground drilling continues.
South Atlantic reports that between April and December last year 155,700 tonnes of ore were mined from Storliden with an average grade of 11.4% zinc, 3.6% copper, 0.4 gram gold and 35 grams silver per tonne.
Storliden is a volcanogenic massive sulphide deposit that was discovered by North Atlantic in 1997 though an airborne electromagnetic survey. Geologically the Storliden deposit is hosted by a series of Proterozoic-aged metamorphosed sedimentary and tuffaceous volcanic rocks. These rocks have been invaded by intrusive quartz-feldspar porphyrys as well as mafic sills and dykes. Two principal styles of mineralization exist; high grade massive sulphide and lower grade disseminated to semi-massive sulphide.
In other news, North Atlantic has added 34.5 sq. km of ground in the vicinity of the Lappvattnet nickel prospect, situated 25 km south of the city of Skelleftea in the Vasterbotten province of Sweden. The property now covers 100 sq. km and hosts numerous nickel prospects. A compilation of previous exploration work is currently being performed which includes the re-examination of drill results, geological mapping, sampling and geophysical surveying.
Meanwhile on the Norrbotten copper-gold project, which comprises more than 80 sq. km in the vicinity of the Kiruna iron mine.
Planned for early April, drilling will focus on the 14-sq.-km S-1 Target 20 km south of the mine. Based on 41 holes sunk in the mid 1980s, the zone measures 700 metres in length and averages 100 metres in width. It stretches to a depth of 250 meters.
The company is currently rounding up targets via a program of ground magnetic, induced polarization and electromagnetic surveying
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