Scandinavian ExplorerCo Boreal Metals (BMX.V) has been extremely active on the exploration front in recent months, despite the lousy market for all things micro cap.

Landscape courtesy of Boreal’s news page

Boasting an experienced technical team with a proven track record in Scandinavia, Boreal also has the support of EMX Royalty Corp (EMX.V) – a strategic partner and shareholder.

Like the Golden Triangle, the Abitibi Greenstone Belt, the Yukon, and Nevada, Boreal’s preferred mining jurisdictions – Norway and Sweden – offer distinct advantages over most others:

  • Considerable untapped geological potential in well-established mining districts.
  • Easy access to smelters, cheap power, deepwater ports, ample road and rail.
  • Stable mineral tenure, low regulatory risk, easy/fast permitting.
  • Low corporate tax rates – Norway 27%, Sweden 22%.
  • Supportive local communities steeped in the mining culture.
  • Highly supportive government agencies.

Courtesy of Boreal’s i-deck

The company’s portfolio of projects, diversified across a broad range of metals, are highly prospective for new discoveries.

The ranking of these projects are laid out in the following i-deck pyramid:

Over 18 targets are currently being developed, all of which are surrounded by active or historical mines.

Gumsberg Project

Gumsberg’s 18,300 hectares are strategically located in the Bergslagen Mining District of southern Sweden between the past producing Falun and Saxberget mines, and the active Garpenberg Mine operated by Boliden. Lundin Mining (LUN.T) is also active in the area with Zinkgruvan.

Map courtesy of Boreal’s i-deck

Gumsberg has a remarkable history. Mining along the districts numerous Volcanogenic Massive Sulfide (VMS) zones began in the 13th century and continued for hundreds of years.

Gumsberg is a textbook Brownfield project.

There’s a certain degree of allure and intrigue attached to these large VMS type settings. They can be extraordinarily prolific – over 30 historic mines are spread out across the region.

The Östrasilverberg mine – once the largest silver mine in all of Europe – was in production between 1250 and 1590. Despite this long-lived production history, almost no modern exploration has taken place on the property. And herein lies the potential.

Multiple high priority targets, all in proximity to historic workings, have been identified along 27 kilometers of favorable geology.

The news

Last December, the company completed nine drill holes totaling a little over 1,600 meters in the vicinity of the historic Östra Silvberg Mine. This drilling was focused on the prospective stratigraphy to the east and west of a previously drilled hit – a rather FAT hit – in hole BM-17-005 which tagged an impressive 10.94 meters of mineralization grading a weighty 656.70 g/t silver, 16.97% zinc, 8.52% lead and .76 g/t gold.

Assay results for the first four holes from this program confirmed a new discovery at Gumsberg – a discovery dubbed the South Zone.

Highlights from this Jan. 28th press release include:

  • GUM-18-003 – 11 meters grading 5.9% zinc, 239 g/t silver, 2.51% lead, and 0.96 g/t gold.
  • GUM-18-004 – 11.1 meters grading 7.45% zinc, 275.12 g/t silver, 2.65% lead, and 0.77 g/t gold.

These holes are interpreted to be part of a steeply plunging mineralized body that is spatially separated from the historically defined Östra Silvberg Mine footprint. All told, these results demonstrate over 130 metres of down plunge continuity.

On Mar. 4th, the company released final assays from this winter program.

Highlights include:

  • GUM-18-06 – 12.60 meters grading 6.73% zinc, 18.53 g/t silver, 1.99% lead, 0.13% copper, and 0.08 g.t gold.
  • GUM-18-08 – 5.65 meters grading 8.75% zinc, 289.32 g/t silver, 4.67% lead, 0.04% copper, and 1.08 g/t gold.

Patricio Varas, Boreal Executive Chairman:

“The continued success intersecting multiple high-grade precious and base metal massive sulphide mineralization in the new South Zone is very exciting for the Boreal team, as our initial thesis was always to prove that around these old relatively untested mine workings new economic discoveries could be found. These intercepts increase our confidence in the upside exploration potential throughout the + 20 km long belt land position which has not been explored using modern exploration methods. Textures in massive sulphides intercepted previously were interpreted as remobilized massive sulphide veins however these new results contain textures that we interpret to represent primary VMS mineralization. A down hole geophysical survey scheduled for first quarter of 2019 will help us vector toward what could potentially be new discoveries at Östra Silvberg.”

Mar. 18th news:

Boreal Commences Further Drilling at Gumsberg Project in Sweden

The company believes it’s onto something at this newly discovered South Zone. Once again, Executive Chairman, Patricio Varas:

“Our team is eager to get back to Gumsberg and continue chasing the outstanding results from our previous drilling both at Östra Silvberg and the Vallberget-Loberget VMS Zones. We plan to test the continuity of what we believe is the periphery of primary VMS mineralization in the vicinity of the Östra Silvberg Mine, where the new high-grade South Zone was discovered and where preliminary results from a down-hole geophysical survey indicate significant conductors may be present.

The link below offers additional insights, delving deeper into the project and its host country:

Boreal Metals (BMX.V): homing in on multiple prospective zones at Gumsberg in Sweden

Crossing the border and tracking north

Burfjord Project

In early December, the company completed a seven hole diamond drill campaign, on time and under budget, totaling 951 meters at its Burfjord copper-gold project in Norway.

A little background:

Burfjord’s 5,500 hectares belong to the Iron Oxide Copper Gold (IOCG) deposit clan. It’s characterized by high-grade copper mineralization with related bulk tonnage copper potential exposed along surface. IOCG’s are the giants of the ore deposit world.

Burfjord is a large system. Over 30 historic mines and prospects were developed along the flanks of a prominent 4 x 6 kilometer anticlinal structure comprised of interbedded metasedimentary and metavolcanic rocks. Here, multiple zones of copper‐bearing veins dot the landscape.

Many of the rocks in the anticline have been subjected to intense hydrothermal alteration (geologists get excited when they see this).

Rock porn courtesy of Boreal’s project page

Burfjord assay news dropped just a few days ago:

Boreal Intersects High-Grade Copper Gold at Burfjord Project

These seven holes were part of a reconnaissance program designed to test a number of high-grade veins within associated copper-rich envelopes.

The highlight hit – Hole BUR-18-003 – tagged 32 meters grading .56% copper and 0.26 g/t gold with a high-grade sub-interval of 3.36 meters grading 4.31% copper and 2.22 g/t gold.

Nice hit.

Executive Chairman, Patricio Varas:

“The results from this widely spaced reconnaissance drill program confirm the presence of broad zones of copper mineralization enveloping high-grade copper veins at Burfjord. The 32 metre mineralized zone in BUR-18-003 hole, at the Gamlegruve workings area, has added to the prospectivity of the property in conjunction with historical drilling at Cedarsgruve, where high copper grades had historically been drilled tested.”

Additional insights into Burfjord and the Norwegian way of life can be gleaned via the following Guru offering:

Boreal Metals (BMX.V): mobilizing a drill rig to test highly prospective Cu-Au-Co targets in Norway

Final thoughts

Boreal is an aggressive ExplorerCo run by a highly competent crew determined to create shareholder value with the drill bit.

The company has a market cap, based on its 75.91 million shares and sub-dime share price, of $7.21M.


~ ~ Dirk Diggler

Feature image courtesy of Boreal’s i-deck cover page.

Full disclosure: Boreal is not an Equity Guru marketing client.

Written By:

Greg Nolan

Greg Nolan is a writer and investor based in Victoria, BC. He's had an extensive career in the resource sector, working with over a dozen reforestation companies before stepping out on his own. He found his niche running high-production crews specializing in logistically challenging helicopter projects on the West Coast of Vancouver Island and the remote coastal inlets of mainland B.C. His focus on environmental resources also extends to mining, having followed resource stocks since his teens. His writings at Equity.Guru reflect his deep understanding of the historical cycles and major players' performances over time within the natural resources sector. Talk to him about the more untamed locales of Western Canada, his book, and all things mining-related.

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