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- Alicanto Minerals (AQI) is set to acquire the “world-class” Falun mine and some surrounding tenements in Sweden for $200,000
- Through a binding deal with Falun’s current owners, Explora Mineral AB, Alicanto will take ownership of the land, extending its landholding in the area to 312 square kilometres
- The land comes with a $200,000 price tag, comprising an immediate cash deposit of $10,000 and a cash payment on completion of $40,000, along with $150,000 worth of AQI shares
- Alicanto’s geologists are now compiling and reviewing data from the historic Falun mine, which has not been explored since its closure in 1992
- Alicanto Minerals last traded at five cents on November 8
Alicanto Minerals (AQI) is set to acquire the “world-class” Falun mine and some surrounding tenements in Sweden for $200,000.
Through a binding agreement with Falun’s current owners, Explora Mineral AB, Alicanto will take ownership of the land, extending its total tenement holding in the area to 312 square kilometres.
The land comes with a $200,000 price tag, comprising an immediate cash deposit of $10,000 and a cash payment on completion of $40,000, along with $150,000 worth of AQI shares.
The AQI shares will be issued at a price equal to the company’s volume-weighted average price over the 30 days prior to the date of completion.
Alicanto Managing Director Rob Sennitt said this was an “exceptional” acquisition opportunity.
“There has been no exploration of any note at Falun since it closed in 1992 amid low commodity prices, meaning there is substantial upside,” he said.
“The strength of the opportunity is also demonstrated by Falun’s location along-strike from our Greater Falun project, where we have just intersected visible zinc, copper and silver in the first hole at the new Skyttgruvan-Naverberg target.
“This result builds on our thesis that the Greater Falun project is part of a major mineralised belt that includes the historic Falun mine.”
The mine historically produced 28 megatonnes at four per cent copper, four grams per tonne (g/t) gold, five per cent zinc, two per cent lead and 35 g/t silver.
Today’s sale remains subject to Alicanto being satisfied with the outcome of its due diligence investigations of the assets and approval of the deal by the Mining Inspector, pursuant to the Minerals Act of Sweden.
Alicanto’s geologists are now compiling and reviewing data from the historic Falun mine.
Alicanto Minerals last traded at five cents on November 8.
