Uunimäki Gold Project

Overview

The Uunimäki Gold Project (“Uunimäki”) is located 80 kilometres southwest of Tampere in the Satakunta Region in southern Finland.

The Uunimäki gold occurrence was discovered by the Geological Survey of Finland (”GTK”) during 2008. It represents an advanced gold opportunity within trucking distance to the Company’s Vammala Plant. 

The Company made application for the area in 2020 and was advised by the Finnish Safety and Chemicals Agency (”Tukes”) that the Uunimäki Exploration Licence was granted on the 11 January 2022. The Tukes decision was subsequently appealed and the appeal process is ongoing.  

Geology and Mineralisation

The Uunimäki Gold Project is situated in the Palaeoproterozoic Häme Belt, which comprises calc-alkaline and tholeitic volcanic rocks, migmatites, granitoids, and mafic to ultramafic intrusions.

Identified gold mineralisation is associated with arsenopyrite-bearing quartz veins that are hosted within a sheared metamorphosed gabbro. The most common ore minerals identified are pyrrhotite and ilmenite, with minor arsenopyrite and quartz veins.  Native bismuth and various bismuth-tellurium minerals are also common with gold mineralisation.

Exploration
The Company holds a single Exploration Licence  at Uunimäki encompassing an area of 92.99 hectares. The Uunimäki gold occurrence was discovered by the GTK during 2008 following outcrop mapping, heavy mineral studies, and drilling, which returned gold results ranging from 2.00 g/t to 12.00 g/t gold in three 1 to 2 metre thick zones. These results justified further studies by the GTK, which included ground geophysical surveys,  geochemical till surveys and further diamond core drilling (36 holes – 3,424 metres).  Better intercepts reported by the GTK include:
  • 9.00 metres grading 5.10 g/t gold from 97.00 metres;
  • 6.00 metres grading 3.70 g/t gold from 41.70 metres;
  • 1.00 metre grading 35.70 g/t gold from 23.80 metres;
  • 8.00 metres grading 2.20 g/t gold from 99.00 metres; and
  • 4.00 metres grading 4.60 g/t gold from 71.50 metres.
Resources and Reserves
No Mineral Resource or Ore Reserve estimates in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) have been reported for Uunimäki.