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Sienna Resources primed for busy 2018 as it hails initial work at Slattberg project


Slattberg is a historic mining camp hosting cobalt-nickel-copper-rich massive sulphide mineralization..


Quick facts: Sienna Resources

Price: 0.075 CAD

Market: TSX-V
Market Cap: $7.92 m

Energy metals group Sienna Resources Inc (CVE:SIE) has had a busy couple of months, culminating with exciting news from the newly acquired Slattberg 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, in December, struck an exploration and option agreement with EMX Royalty Corp.

The prospect houses 12 past mines and the firm has said it's optimistic about what new mining techniques could achieve here.

Encouraging results..

Encouragingly, initial results from continuing magnetic survey work has defined additional drill targets.

"We are very pleased with the pace and quality of the data being gathered to date….,”Jason Gigliotti, president of Sienna told investors.

READ: Sienna Resources says initial magnetic survey work defines additional drill targets at Slattberg cobalt-nickel-copper project

“Field crews have diligently defined multiple new targets and we expect to be drilling in the coming weeks.”

He added: “We have just closed an oversubscribed placement for $2.5mln and we plan to deploy this cash strategically and immediately.

“Battery metals demand has never been stronger as most car companies and even countries have a plan for an expanded electric vehicle program putting significant long-term upward pressure on cobalt, lithium, nickel, copper and graphite. We plan to be very active in this space in 2018."

At the forefront of a boom..

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

Gigliotti has 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 has said.

Nevada lithium claims too..

Sienna also has exposure to the lithium market  via its property in the famous Clayton Valley, Nevada - home to the only lithium brine basin in production in North America and just miles from Tesla’s (NASDAQ:TSLA) Gigafactory 1.

In November last year, the firm said it planned to begin operations on its lithium claims in Nevada.

The claims lie directly inside of Pure Energy Minerals' Clayton Valley lithium deposit.

"Pure, which signed a lithium supply agreement with electric car behemoth Tesla Inc (NASDAQ:TSLA), has made good progress on their deposit and we are very optimistic about our project as well," Gigliotti said.

In September, Sienna renewed 60 lithium claims, which lie directly inside of Pure Energy Minerals Ltd's Clayton Valley lithium deposit.

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