Gubbträsk shows great promise for Lappland Goldminers

In Sweden, at the end of July/beginning of August excavation work was carried out underneath a previously discovered boulder, which when analysed showed grades of over 30% Pb and 283 g/t Ag. The excavation resulted in the discovery of around 15 additional strongly lead/silver mineralized boulders. The mother lode for the boulders is thought to be located close to the site of the discovery. Lappland Goldminers has initiated a drilling program, comprising 22 holes totalling 2,200 m, to upgrade the previously encountered gold, zinc-lead-silver mineralization to an indicated mineral resource. The new discovery of boulders with galena will be further explored, with an expanded excavation program and with geochemical sampling, in order to locate the source of the rich boulder discovery at Gubbträsk.

The entire project is situated within the company’s exploration permit ‘Gubbträsk no 1′, located some 100 km northwest of Lycksele. It includes 1,802 ha at Gubbträsk in an area with well-developed infrastructure. The company holds adjacent exploration permits for 2,447 ha. The distance to Lappland Goldminers’ planned concentrator plant in Fäboliden is about 70 km.

The zinc-lead-silver mineralization is found in brecciated meta-greywackes and the gold-arsenopyrite mineralization in quarts-skarn rich zones where the meta-sediments and the volcanites meet. A large number of gold-arsenic and zinc-lead-silver anomalies have been encountered during the geochemical sampling. Many of these anomalies have been intersected with diamond drilling.

Lappland Goldminers has secured a number of gold deposits along the so-called Guldlinjen (The Gold Line) in Västerbotten. The company’s strategy is to develop a profitable, producing mining company with centrally located processing plants in Fäboliden in Sweden and in the Haveri area in Finland, which are supplied with ore from one or several mines through the company’s own exploration, or alternatively through acquisitions.