Alicanto Minerals Ltd (ASX:AQI) is set to start a diamond drilling program next month at the Greater Falun Copper-Gold Project in Sweden.
The program of more than 4,000 metres will target extensions to known high-grade mineralisation in several areas, all of which are within a 15-kilometre radius.
This is part of Alicanto's strategy to underpin a central processing hub in this Tier-1 mining jurisdiction.
Copper-gold skarn
No concerted exploration campaign has ever been undertaken in the Greater Falun area with previous work reflecting the belief that Falun hosted a Volcanogenic Massive Sulphide (VMS) system.
However, upon acquiring the Greater Falun area in early 2020, Alicanto instigated an extensive review which concluded that the dominant mineralisation is copper-gold skarn with high-grade by-products of silver, zinc and lead.
Chief executive officer Peter George said the Greater Falun Project was an outstanding opportunity which would have been exploited many years ago had the geology been understood and it not been held in part by companies which were focused on other projects.
“Full potential” hasn’t been unlocked
He said: “The presence of extensive high-grade copper-gold mineralisation at Falun has been well-established through both mining and exploration, however, nothing like the full potential in the Greater Falun area has been unlocked.
“Previous owners were often focused on other projects in their stable and therefore did not dedicate the resources to exploring Falun and its highly mineralised surrounds.
“And those that did undertake exploration, based their programs on the belief that Falun is a VMS-style system.
“Major breakthrough”
“We believe we have made a major breakthrough in the Greater Falun Project with the discovery of copper-gold Skarn at our Wolf Mountain, Heden and Lustebo targets, among others.
“This has led us to the realisation that Falun is also likely to be a copper-gold skarn and explains some of the mineralogy surrounding the old mine.”