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Alicanto Minerals hits chalcopyrite copper at second target within Greater Falun project in Sweden

Last updated: 23:40 09 Nov 2020 GMT, First published: 23:34 09 Nov 2020 GMT

Alicanto Minerals - Alicanto Minerals hits sulphide skarn mineralisation at second target within Greater Falun project
Mineralisation style encountered in diamond drill hole HED20-01 at Heden East.

Alicanto Minerals Ltd (ASX:AQI) has hit chalcopyrite copper at Heden East prospect, the second regional target drilled within the Greater Falun Copper-Gold Project in Sweden and has repeated the success from the first target, Green Mile.

This drilling has intersected 2.85 metres of massive pyroxene pro-grade skarn with blebs of chalcopyrite and pyrrhotite, including 1.02 metres of 5-10% sulphides, from 69.65 metres downhole.

Proof of concept

Alicanto considers this result significant because it reveals the presence of high-grade copper and provides more proof of concept for its exploration strategy at Greater Falun.

Assay results are expected to be released later this quarter and early in 2021.

The Heden intersection follows the intersection of visible chalcopyrite copper in two holes at the Green Mile target with only 30% of the current drilling program completed.

Shares have been as much as 11% higher in early trade to 15.5 cents.

“Closing in on copper-gold skarn”

Managing director Peter George said: “This is an outstanding result and means we have hit visible chalcopyrite copper at the first two targets we have drilled at Greater Falun in this current campaign.

“These visuals justify the direction we have taken in concentrating on the copper-gold skarn hosted within limestone.

“This theory has been developed this year after visiting over 2,000 outcrops and historical workings at surface within the Greater Falun area.

“The pieces of the puzzle are coming together well and we now have the best possible indicators to allow us to close in on the proximal part of the copper-gold skarn at Heden.”

Heden target.

Exploration at Heden

Alicanto believes that Greater Falun is a district-scale opportunity in a Tier 1 location and is undertaking a 4,000-metre drilling program starting at the Green Mile Target, 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% zinc and 2% lead.

Recent mapping at Heden has revealed undrilled garnet-pyroxene-chalcopyrite alteration, coincident with a regionally extensive limestone mineralised horizon over at least 3 kilometres of strike.

George said: “The Heden target is a classic example of boots on the ground geology, coupled with the ability to identify an active mineral system and highlights the immense potential at Greater Falun.

“The drill rig will continue to drill further west along strike towards where we have observed garnet dominated copper-gold skarn in surface workings.”

There has been 30% of the current drilling program at Greater Falun completed and two drill rigs are currently drilling at the Heden target.

The drilling program is expected to be completed by the end of 2020.

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