Sienna Resources Receives Results from Initial Mag Survey at Cobalt-Nickel-Copper Project in Sweden and Defines Additional Drill Targets - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 31, 2018) - Sienna Resources (TSXV: SIE) (FSE: A1XCQ0) (OTCPink: SNNAF) has received initial results from the ongoing magnetic survey work on its Slättberg Cobalt-Nickel-Copper Project in Sweden. The project, consisting of two adjacent exploration permits comprising approximately 9,513 contiguous acres, is located 25 kilometres northwest of Falun, Sweden.
InvestmentPitch Media has produced a "video" which discusses this news. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Sienna" in the search box.
Cannot view this video? Visit:
http://www.investmentpitch.com/video/0_22kzl9lu/Sienna-Resources-TSXVSIE-defines-additional-drill-targets-at-project-in-Sweden
Slättberg is a historic mining camp hosting cobalt-nickel-copper rich massive sulphide mineralization that occurs within a two kilometre belt of historic nickel-copper mines.
High resolution magnetic surveys in the area of historic nickel-copper-cobalt mines have defined multiple strong magnetic responses along the trends of mineralization. Slättberg's massive sulfide mineralization is known to be strongly magnetic, owing to its high concentrations of pyrrhotite, a magnetic ferrous sulfide mineral associated with the cobalt-nickel-copper mineralization. Further work prior to drilling will include additional magnetic surveys and integration of the new geophysical data with historic data sets.
Approximately 180-200 survey lines of 500 meters in length at 25 meter spacing are planned, covering the central portion of the trend of historic mine workings where the initial drill program will be focused. Additional surveys will be conducted across other prioritized areas in the coming months.
Jason Gigliotti, President, stated: "We are very pleased with the pace and quality of the data being
gathered to date on the Slättberg Cobalt-Nickel-Copper Project in Sweden. Field crews have diligently defined multiple new targets and we expect to be drilling in the coming weeks. We have just closed an oversubscribed placement for $2.5 million and we plan to deploy this cash strategically and immediately. Battery metals demand has never been stronger as most car companies and even countries have a plan for an expanded Electric Vehicle program putting significant long term upward pressure on cobalt, lithium, nickel, copper and graphite. We plan to very active in this space in 2018."
Cobalt reached US$36.40 on January 29th, the highest price in 10 years.
The project, which is accessible year round, with nearby rail, power and 5 smelters in the Nordic region, contains drill defined massive sulphide mineralization extending to approximately 100 metres in depth, remaining open for expansion at depth and along strike.
At least 12 historic mines are located on the property, with historic operations dating back to the late 1880s. These historic mines are positioned along an east-west trend of massive sulphide occurrences, developed in and around a similarly oriented body of "leptite", a local term used to describe rocks commonly associated with sulfide mineralization in Bergslagen.
Sweden, with a long history of mining and host to some of Europe's largest active mines, is at the forefront of an exploration and development boom in the mining industry. With Europe rapidly moving towards electrification, Sweden has a unique position to establish large-scale battery production to support this transition with its clean and affordable energy, proximity to raw materials, and a strong industrial tradition.
There are now more than 20 mega battery factories currently being planned or constructed globally, creating a massive demand for battery metals such as lithium, cobalt and nickel. Northvolt recently announced plans to build Europe's biggest electric car battery factory in its home country, Sweden, which is expected to be larger than Tesla's 'Gigafactory' in the US and LG Chem's proposed site in Poland.
For more information, please visit the company's website at www.siennaresources.com, contact Jason Gigliotti, President, at 604-646-6900 or email info@siennaresources.com.
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
bmorgan@investmentpitch.com