Sienna Resources Inc. (CVE:SIE) said initial results from the continuing magnetic survey work on the Slattberg project in Sweden has defined additional drill targets at the cobalt-nickel-copper development.
In a statement, Sienna Resources said high-resolution surveys in the area of historic nickel-copper-cobalt mines have defined multiple strong magnetic responses along the trends of mineralisation.
It added that these areas of strong magnetic response are interpreted to represent steeply plunging bodies of massive sulphide mineralisation that is rich in pyrrhotite.
The group said the magnetic data appear to confirm additional continuity of drill-defined zones of mineralisation known from the historic drilling.
Along with the historic drill data, the new magnetic data are being used to define multiple high-priority drill targets for the upcoming drill program.
Further work prior to drilling will include additional magnetic surveys and integration of the new geophysical data with historic data sets.
Slattberg's massive sulphide mineralisation is known to be strongly magnetic, owing to its high concentrations of pyrrhotite, a magnetic ferrous sulphide mineral associated with the Co-Ni-Cu mineralisation.
The new magnetic data are being used to potentially generate additional high-priority drill targets on the project. Drilling is slated to commence in the coming weeks.
Sienna boss “very pleased with the pace and quality of the data”
Jason Gigliotti, president of Sienna Resources, said: "We are very pleased with the pace and quality of the data being gathered to date on the Slattberg Cobalt-Nickel-Copper project in Sweden.
“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."
Shares were unchanged at C$0.38 on Wednesday.