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Wednesday, 29th March 2006 (4085 views)

Lappland Goldminers has discovered gold indications to the south of its Faboliden gold bearing zone.

The exploration company is carrying out an exploration program that involves bottom till and bedrock chip sampling at 200 metre intervals in a two-kilometre stretch south of Faboliden.

Results from 80 samples carried out so far indicated that the gold in several locations is of high quality – 3.8, 1.8 and 1.4 grams per ton. The company will now intensify its exploration in the area and drill 12 core holes at points with proven gold mineralisation samples.

Chief executive Karl-Ake Johansson said: "For quite some time now, we considered the area south of Faboliden to have huge potential, based on the discovery of several gold bearing boulders and a robust magnetic zone."

Lappland announced in November 2004 that Faboliden had yielded a mineral deposit of 1.9 million ounces of gold down to about 350 metres, with more gold thought to exist further down.

Johansson continued: "Right now, we don't know too much about the area south of Faboliden. But considering the gold mineralization, which is thought to be within at least two kilometers along strike to the south, this could be a deposit of the same size as the present one at Faboliden."

 

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