The company intersected a thin 30-centimetre semi-massive sulphide skarn mineralisation with visual chalcopyrite from 58.30 metres in the first hole at the prospet.
Although narrow, the company believes this intercept is significant because its situated at the contact zone between limestone and one of several feldspar-porphyry apophyses - which are believed to be ‘feeders’ for the mineralisation.
Alicanto managing director Peter George said: “These are more promising results which highlight the immense potential at Greater Falun.
“While it is still early days in our exploration program, the latest diamond drill core suggests there could be proximal high-grade copper-gold or polymetallic skarn to be found nearby.
“We are extremely encouraged by the combination of the visible sulphides and chalcopyrite, the pervasive skarn alteration, the location of the mineralisation below old surface workings and the extensive sequence of limestones.”
Wolf Mountain Prospect
The company has also intersected intense biotite-amphibole-garnet alteration footprint in all recently drilled holes at the Wolf Mountain Prospect, proving the area has hosted a larger active alteration system than previously demonstrated.
The alteration footprint has now increased to around 2.5 kilometres long and up to 1 kilometre wide at surface with the strongest alteration containing distal copper-gold skarn located at the original Wolf Mountain historical workings.
Going forwards, exploration at Wolf Mountain is now vectoring in towards the causative intrusion driving the strong alteration which could be at depth below the Wolf Mountain distal copper-gold skarn mineralisation.
Location of targets and Magnetic Signatures within the Greater Falun Project area
Alicanto is currently undertaking field work and an initial 4,000 metre drilling program within the Greater Falun Project and along strike from the historical Falun mine (which produced 28 million tonnes at 4.0% copper, 4.0 g/t gold, 35 g/t silver, 5.0% zinc and 2.0% lead).
The program is 75% complete and is now scheduled to be completed in February 2021 with assays expected soon after.
Phase two follow up drilling is being planned with the company fully funded for these phases of exploration.
George said: “We have now intersected copper-gold and polymetallic skarn mineralisation, including visible and/or assayed chalcopyrite/copper, at multiple targets (Wolf Mountain, Lustebo, Green Mile and Heden).
“There are also new surface targets we have yet to test (Stone Lake, Sagittarius, Oxberg 46 and Birch Mt), all of which sit within 15 kilometres of each other.
“With our fully funded initial diamond core and geophysical program expected to be completed in the coming weeks, we look forward to generating strong news flow over coming months.”