Nussir
Overview
Nussir is a privately held mining company incorporated under the laws of Norway, established in 2005. Its aim is to develop the Nussir Property copper-silver-gold mine located in Finnmark, Norway. Former open pit mining occurred near the project during the 1970s in 4 shear-hosted open pits targeting high grade copper mineralization. Nussir has been focused on advancing a sedimentary hosted copper deposit on the same project with analysis, study work and permits granted over a 20-year period.
Nussir is considered to be a stratabound sediment hosted copper deposit. The Nussir Cu mineralized zone is an almost continuous layer over a strike length of 9 km, which is dolomite dominated in the west and mostly calcite-dominated sandstone-limestone, along with medium dark schist with chalcocite/bornite dissemination in the east. This mineralized zone is within the Gorohatjohca sedimentary formation, which consists of claystone and is 200- 400m thick in the west, thinning out to a few meters wide in the east. The Gorohatjohca overlies the Stangvatn conglomerate formation and underlies the Nussir volcanic formation.
The Nussir deposit is open to the west and to depth. In particular, the current limit of Inferred resources excludes the influence of three deep drillhole intersections, because they are excessively distant to the grid of holes above. The block of material around these deeper intersections therefore represents an exploration target, with a tonnage between 8.5 Mt and 16.5 Mt, and a Cu grade between 0.7 and 1.3% Cu, between 9 and 17g/t Ag, and 0.1 to 0.15 g/t Au.
There are also a number of mineralized targets occur both downdip and along strike of the mineralized exploration target that has been defined. This mineral potential has not been properly tested by drilling. Additionally, a number of mineral targets currently outside of the resource area of the Nussir and Ulveryggen deposits are supported by geological mapping and limited drilling. This means that additional infill and exploration drilling is warranted to more fully test favourable stratigraphy both regionally and directly at Nussir and Ulveryggen deposits.
Please refer to the technical report filed on SEDAR+ dated February 27.
High potential to increase global resources through:
- Upgrading undrilled areas of the ~10 km resource trend and infilling high-grade resource (+2% CuEq) areas that have seen limited drill density
- Defining the parallel zone at the Nussir Property, which does not currently have any resources, and could have meaningful strike length
- Drilling underneath the historical open pit production through the existing 2.5 km underground tunnel, and expanding resources that are open
- Drilling a geochemical anomaly between the historical open pits and the Nussir Property
- Groundbreaking ore sorting technology is being tested which could provide major reduction in waste, increase processing capacity and lower operating costs
Blue Moon will be investigating all of these opportunities. With substantial drilling from the underground decline and test mining different options for tailings deposition will be investigated prior to completing a feasibility study and making a full construction decision. This work is projected to be the bulk of the use of proceeds from the Concurrent Equity Financing.
(1) As at the date of this news release, a qualified person has not completed sufficient work to classify this historical estimate as current mineral resources or mineral reserves in accordance with NI 43-101, and Blue Moon is not treating the historical estimate as current mineral resources or mineral reserves. In order to verify the historical estimate, the Company needs to engage a qualified person to review the historical data, review any work completed on the property since the date of the estimate, and complete a new technical report. Blue Moon views this historical data as an indicator of the potential size and grade of the mineralized deposits, and this data is relevant to the Company’s future plans with respect to the property.
(2) The effective date of this estimate is December 31, 2020, and it is contained in the Nussir Feasibility Study 2023, dated May 2023 and prepared by Sabine Anderson, Richard Oldcorn, and Guy Dishaw of SRK Consulting (UK) Limited.