News Release: 2013-09-19
Finore Reports an Increased Mineral Resource Estimate for the Lantinen-Koillismma Project, Finland
Vancouver, British Columbia – September 19, 2013. Finore Mining Inc. ("Finore" or the "Company") announces that it has filed an independent Technical Report ("Technical Report") on Sedar detailing the results on the updated resources and potential on the Lantinen-Koillismma Project (the "LK Project"). The Technical Report, entitled "A Technical Report on the Läntinen Koillismaa Project, Finland For Finore Mining Inc.", was prepared by Mining Plus Canada Consulting Ltd. ("MP Consulting"), an accredited international mining consulting corporation. The report complies with the NI 43-101 guidelines. Further details are provided at the end of the press release.
Summary of Mineral Resource Estimates for LK Project at a cut-off grade of O.1 g/t Palladium*
Kaukua Deposit (Main Zone)
|Category||Tonnage Mt||Pd g/t||Pt g/t||Au g/t||Cu %||Ni** %|
Haukiaho Deposit (Melarame, Torkoaho and West Torkoaho zones)
|Category||Tonnage Mt||Pd g/t||Pt g/t||Au g/t||Cu %||Ni **%|
* A sharp boundary Pd assay at a cut-off of 0.1 g/t was interpreted as the waste contact. The high correlation for Pt and Pd means that both metals can be used for defining the geometry of mineralization for the Kaukua and Haukiaho deposits. The grade is continuous along the strike of both deposits. At higher cut-off grades of 0.2 g/t Pd for Haukiaho and 0.3 g/t Pd for Kaukua the total resource estimates do not change significantly. **Ni is the total Nickel content
"The recent mineral resource estimates place the LK Project as the second largest undeveloped PGE+Gold deposit in Finland," said Peter Tegart, President & CEO of Finore Mining Inc. "In addition, considerable upside potential remains to these deposits, with opportunities to expand both deposits along strike and depth. There is also excellent potential to discover entirely new deposits within the Koillismaa-Narankavaara intrusive complex which has only been investigated for a small portion of the strike length as exposed on surface. I feel confident that we will achieve our objective to efficiently define a large, economically viable Palladium-Platinum-Gold-Copper-Nickel near-surface resource bodies through our implementation of (a) increasing the confidence level of the known mineral resources, (b) expanding the known deposits and (c) testing for potential new deposits." The LK Project is located in north central Finland approximately 60 km north of the Company‘s exploration office in the village of Taivalkoski. The property is 130 km ESE of the town of Rovaniemi and 160 km NE of the port town of Oulu. The LK Project is accessed by major paved roads and local access on gravel or dirt roads. The LK Project consists of 40 claims and 5 pending claims totaling 3,787 hectares and cover three distinct ultramafic blocks within the Koillismaa-Narankavaara intrusive complex.
Finore has an option to earn 100% on the LK Project through the acquisition of Nortec Minerals Oy ("NorMinOy"), a wholly-owned subsidiary of Nortec Minerals Corp., a TSX Venture listed Company ("Nortec"). Nortec is the majority shareholder and controls 60% of the issued and outstanding shares of Finore. The LK Project is comprised of four target areas, Haukiaho, Kaukua, Murtolampi and Lipeavaara. Over 33,000 metres of drilling by Nortec and Finore was carried out on Haukiaho and Kaukua, with historical drilling by Geological Survey of Finland ("GTK") on the Mutolampi and Lipeavaara zones. The Haukiaho Target consists of three mineralized fault separated blocks: West Torkoaho (West) Zone, Torkoaho (Central) Zone and Melarame (East) Zone. The Torkoaho Zone appears to thicken and flatten to the East with only three drill holes Hau11-10, Hau11-18 and the GTK drill hole R386 drilled over a strike distance of 400 metres. As reported in the Company‘s and Nortec?s press releases dated September 11, 2012, the results from the three drill holes are listed below. The intersections are core lengths only and true thicknesses are not calculated.
- Hole Hau11-010: 25.0 metres @ 0.72g/t PGE+Au; 0.23% Cu; 0.18% Ni from 66 metres
- Hole R-386: 46.65 metres @ 0.88g/t PGE+Au; 0.30% Cu; 0.20% Ni from 36.05 metres
- Hole Hau12-018: 26.0 metres @ 1.01g/t PGE+Au; 0.33% Cu; 0.26% Ni from 104 metres and 31.6 metres @ 1.04g/t PGE+Au; 0.34% Cu; 0.22% Ni from 134m
As recommended in the MP Consulting Report a systematic drilling program is planned along strike and dip from these holes over a length of 500 metres. The objective of this drilling is to improve the confidence level of this inferred resource to an indicated category.
The West Torkoaho Zone is also planned with infill drilling to generate an indicated resource from an inferred resource now estimated in the MP Consulting Report. As reported in the Company?s and Nortec‘s press releases dated September 11, 2012, the West Torkoaho Zone was identified by only two holes drilled on the western margins of the Torkoaho Zone where Hau11-16 returned 30 metres grading 1.04g/t PGE+Au, 0.30% Cu and 0.20% Ni including 16.3 metres of 1.45g/t PGE+Au, 0.42% Cu and 0.28% Ni. These intersections are also core lengths only and more drilling is required to calculate the true thicknesses. The West Torkoaho Zone is open along strike to the west for over 500 metres. From the drilling done to date, both Zones have the potential for higher grades than what was identified to date in the Melarame Zone.
In the Kaukua East Zone several intersections returned significant results not included in the resource estimation by MP Consulting and a systematic drilling campaign is recommended to bring the Kaukua East Zone to resource level.
MP Consulting in consultation with Finore recommends implementation of a two phase program to increase the size and definition of the Haukiaho and Kaukua zones. The budget for this phase of the project is estimated to be about C$1,733,000. MP Consulting and Finore believe that additional mineral resources will likely be found in these zones in addition to better defining the zones to an Indicated category. A second phase of work is recommended to explore along the strike extent of the Kollismaa-Narankavaara ultramafic intrusive complexes and defined by geophysical surveys, and owned by NorMinOy. This includes known zones within the Lipeavaara and Murtolampi zones, where preliminary drilling was carried out by GTK, is estimated to cost about C$540,000.
Finore is very pleased with the current resource estimates from the Haukiaho and Kaukua targets as contained in the MP Consulting 43-101 Report which has been filed on Sedar for reference. Finore wants to implement the recommendations made in the report, improve the quality of the resource, increase the total resource, expand the total resource into new target areas to potentially increase the total resource within the area held. Finore‘s experience in Finland has been straight forward with good interaction with the laws of the country and the professionals working for NorMinOy. The country was ranked 1st in the world on the Policy Potential Index of the Fraser Institute‘s 2012-2013 survey (PDAC International Convention 2013). Finland was also recently ranked as the best place in the world for mining investments, according to Resource Stocks Magazine‘s 2012 World Risk Survey. According to the GTK website, a total of 50 mines and quarries were operating in 2012.
Peter F. Tegart, President and CEO of Finore and Mohan R. Vulimiri, M.Sc., P.Geo., Director of Finore are the persons responsible for initiating and guiding the work programs on the LK Project and Mohan Vulimiri is the Qualified Person responsible for the contents of this press release.
About Finore Mining Inc.
Finore is currently nearing the completion to acquire 100% interest in the LK Project through the acquisition of NorMinOy, a wholly-owned subsidiary of Nortec. Finore?s goal is to define a large-tonnage PGE+Au-Cu-Ni deposit in Finland, thereby maximizing value on behalf of its shareholders.
On behalf of the board of directors of Finore Mining Inc.,
President & CEO
The CNSX does not accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.