Boreal Metals has secured a four-year extension for its Gumsberg No. 1 Exploration Permit in Sweden, with operations now set to last until 21 January 2023.
The exploration permit was granted an extension as the company continues to define and expand new zones of mineralisation on Gumsberg.
The Gumsberg project comprises seven distinct project target areas in the Bergslagen Mining District totalling more than 18,300ha.
At the Gumsberg No. 1 permit, which is host to the newly discovered South Zone silver-zinc-lead mineralisation at Östra Silvberg, Boreal intercepted 12.60m of 6.73% zinc, 18.53 g/t silver and 1.99% lead last year.
Boreal Metals CEO Patricio Varas said: “The renewal of the exploration permit is a direct result of the drill testing, where a new high-grade mineralised deposit has been discovered.
“We look forward to further drill testing at Östra Silvberg to continue to expand the new discovery, as well as future testing of other prospective targets on the property.”
The Gumsberg No. 1 permit has been valid for a period of six years.
According to the Swedish Mining Inspectorate Bergsstaten, exploration permits are subject to a sixth-year renewal where a sufficient volume of mineralisation must be defined and approved by it.
Once approved, the exploration permits can be extended or converted to exploitation licenses.
In March this year, Boreal announced plans to conduct around 1,500m of diamond drilling at Gumsberg to test various shallow drill targets across the prospective high grade volcanogenic massive sulphide mineral trends.
As part of this programme, Boreal said it will conduct additional exploration drilling at the Östra Silvberg South Zone to extend the strike length and down-plunge continuation of the high-grade zone.