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Sienna Resources kicks off ground survey at exciting Slättberg cobalt-nickel-copper project

The survey will cover the central portion of the trend of historic mine workings..

periodic table
Cobalt, along with lithium, is used in the manufacture of electric cars

Sienna Resources Inc (CVE:SIE) told investors it has kicked off a high resolution ground magnetic survey at the Slättberg cobalt-nickel-copper project in Sweden.

Slattberg is a historic mining camp hosting cobalt-nickel-copper-rich massive sulphide mineralisation that occurs within a 2km belt of historic nickel-copper mines and Sienna last month struck an exploration and option agreement with EMX Royalty Corp for the site.

READ: Sienna Resources brings in C$2.5mln from oversubscribed placing

Field teams have been deployed and  around 50-100 survey lines of 500 meters length are planned at 25 meter spacing.

The survey will cover the central portion of the trend of historic mine workings where the initial drill program will be focused.

"We are pleased to have started up operations on the Slättberg Cobalt-Nickel-Copper," said Jason Gigliotti, the president of Sienna Resources.

"We have recently closed an oversubscribed placement of $2.5 million and we plan to deploy this cash strategically and immediately. 

"We plan to be very active on this project and expect to be drilling in the coming weeks. The global demand on battery metals such as cobalt continues to strengthen and we are very optimistic about our 2018 work programmes."

Sweden is at the forefront of a boom in the mining industry, the company said last month, and boasts a low corporate income tax rate, a proactive geological survey, and broad public support for export-led mining.

Gigliotti had said: "We are very pleased to receive approval for this exciting cobalt-nickel-copper prospect. Cobalt prices have just crossed fresh ten year highs, and we look forward to advancing this prospect. 

READ: Sienna Resources ups size of recently announced placement of shares

"There are 12 historic mines on this property and with modern mining approaches, we are very optimistic about what this project could contain."

Gigliotti also noted that Northvolt was planning to be the largest battery factory in Europe at around the same size as Tesla's (NASDAQ:TSLA) gigafactory and wanted to source locally as much as possible.

"There are now more than 20 megabattery factories currently being planned or constructed globally, creating a massive demand on the battery metals such as lithium, cobalt and nickel," he noted.

Slättberg contains drill defined massive sulphide mineralisation that extends to around 100 meters in depth, and remains open for expansion at depth and along strike. 

The site is accessible year round, with nearby rail, power and 5 smelters in the Nordic region.

Quick facts: Sienna Resources

Price: 0.065 CAD

Market: TSX-V
Market Cap: $6.87 m

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