Sienna Resources Significantly Increases Land Holdings at its Sl??ttberg Cobalt-Nickel-Copper Project in Sweden - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - February 15, 2018) - Sienna Resources (TSXV: SIE) (FSE: A1XCQ0) (OTC Pink: SNNAF) has significantly increased its land holdings at its Slättberg Cobalt-Nickel-Copper Project in Sweden. The Slättberg Cobalt-Nickel-Copper Project, located 25 kilometres northwest of Falun, Sweden, now consists of 3 exploration licenses covering 12,733 acres and at least 16 historic mines.
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This new Slättberg exploration license contains 4 old mines with one being the historic Mårtanberg copper mine, which was operated in the late 1700's and early 1800's. The Mårtanberg field is known for its copper-rich skarn-style mineralization, with underground workings extending to depths of 80-100 metres. Sienna plans to bring modern techniques and views to this added acreage, which to date has experienced little to no modern exploration.
On January 30th. the company announced that initial results from the ongoing high resolution magnetic surveys in the area of historic nickel-copper-cobalt mines have defined multiple strong magnetic responses along the trends of mineralization. These areas of strong magnetic response are interpreted to represent steeply plunging bodies of massive sulfide mineralization that is rich in pyrrhotite.
The magnetic data appears to confirm additional continuity of drill defined zones of mineralization known from the historic drilling, which along with the historic drill data, will be used to define multiple high priority drill targets for the upcoming drill program, slated to commence in the coming weeks.
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.
Jason Gigliotti, President, stated: "We are very pleased to significantly expand our Swedish landholdings. We are in a strong cash position right now and with the new data obtained from the magnetic survey recently completed, we are ready to commence drilling shortly. Cobalt prices are currently at fresh 10 year highs right now and show no signs of slowing as the global demand on the battery metals continues to strengthen. We look forward to a very active 2018."
Cobalt reached US$36.97 on February 13th, 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.
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 cobalt, nickel and lithium.
Northvolt recently announced plans to build Europe's biggest electric car battery factory in its home country, Sweden.
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.
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