Capella leaves gold prospecting at Southern Gold Line, Sweden
VANCOUVER, BC, September 28, 2022 /PRNewswire/ – Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) (“Capella” or the “Company”) announces that it has informed EMX Royalty Corp (TSXV: EMX) (NYSE: EMX) (“EMX”) of its intention to return 7 gold prospecting claims comprising approximately 90% (466 sq km) of the original Southern Gold Line property package in Northern Sweden. However, Capella will retain a 100 percent interest in an eighth license (Fäboliden Södra 103) which covers an area of 44 square kilometers and is currently being explored for high-grade copper targets.
Erik RothCapella’s President and CEO, commented: “Capella’s decision to cease gold exploration activities in the Southern Gold Line area is directly attributable to two factors. First, the company will focus its Scandinavian exploration efforts on its portfolio of high quality copper and battery metal projects in Norway and Finland (including the Løkken and Kjøli projects, which were also acquired from EMX). Second, Dragon Mining Ltd (HK: 1712) recently announced that its environmental permit application to begin full-scale gold mining at the adjacent Fäboliden project has been rejected by the Court of Sweden. Given the Fäboliden decision, it would be prudent for Capella not to continue investing in a project that currently does not have a clear path to obtaining permits for potential future development.
However, Capella will continue to retain exposure to gold exploration success through its two Canadian Joint Ventures – Savant and Domain, operated by Prospector Metals Corp. (TSXV: PPP) and Yamana Gold Inc (TSX: YRI) respectively – as well as the Katajavaara-Aakenus project in Finland. I look forward to keeping the market informed of the progress of all projects.”
Qualified persons and information statement
The technical information contained in this press release regarding the Southern Gold Line project has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Erik Roth, the company’s president and CEO, a board member and a qualified person under NI 43-101. Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and is a Fellow of the Society of Economic Geologists (SEG). Roth has 30 years of experience in international mineral prospecting and evaluation of mining projects.
On behalf of the board of Capella Minerals Ltd.
“Eric Roth”
__________________________
Erik RothPh.D., FAusIMM
President and CEO
About Capella Minerals Ltd
Capella is engaged in the acquisition, exploration and development of quality mineral resources in favorable jurisdictions with a focus on high quality copper and battery metal projects. In terms of base and battery metals, the company’s current focus is on i) advancing the recently acquired Hessjøgruva project and the adjacent Kongensgruve and Kjøli projects in the northern Røros copper mining district in central Norway, as well as ii) the discovery of additional high-grade VMS-type deposits in a district-scale land position around the previously producing Løkken copper mine (Løkken Verk District). The latest reservation application from Perho i Finland covers part of the Eräjärvi pegmatite field and is also expected to give the company exposure to new deposits of lithium, cesium and tantalum (“LCT pegmatite”).
The company’s precious metals focus is on the discovery of high-value gold deposits at the Katajavaara-Aakenus JV in Finland and its active Canadian joint ventures with Prospector Metals Corp at Savant (Ontario) and Yamana Gold Inc. at Domain (Manitoba). The company also retains a residual interest (subject to a call option agreement with Austral Gold Ltd) in the Sierra Blanca gold-silver disposal in Santa Cruz, Argentina.
Cautionary Notes and Forward-Looking Statements
This press release contains forward-looking information in accordance with applicable securities laws. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are such expressions that by their nature refer to future events. Such statements include, without limitation, statements about the future operating results, performance and achievements of Capella, including the timing, completion of and the results of the exploration and drilling programs described in this release. Although the Company believes such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyzes made by Capella in light of its experience and understanding of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate under the circumstances. However, this information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include those described under the heading “Risks and Uncertainties” in Capella’s most recently filed MD&A. Capella does not intend to, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this press release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the TSXV’s policies) assumes responsibility for the adequacy or accuracy of this release.
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SOURCE Capella Minerals Limited