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Boreal Metals (TSXV:BMX) added to its portfolio of projects with the acquisition of the Modum Project from EMX Royalty Corporation

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The Project, which is accessible year-round, with robust infrastructure including road, rail, power, and skilled labour, surrounds southern Norway’s historic Skuterud Mine.

Additional Information:

Company: Boreal Metals Corp.
Website: http://www.borealmetals.com
Stock Symbol: TSXV: BMX
Date Published: Jan 16, 2018
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Boreal Metals has added to its portfolio of projects with the acquisition of the Modum Project from EMX Royalty Corporation

The 13,115 hectare project is located approximately 75 kilometres west of Oslo, Norway.

The Project, which is accessible year-round, with robust infrastructure including road, rail, power, and skilled labour, surrounds southern Norway’s historic Skuterud Mine.

The Modum property position surrounds an inlier of exploration licenses held and explored by third parties that partially cover the historic Skuterud Mine, with historic mine workings, prospect and trends of mineralization extending onto Boreal’s property.

The Skuterud Mine, also known as the Modum Mine, was Europe’s largest and highest grade producer of cobalt through the nineteenth century, supplying more than 80% of the world’s commercially produced cobalt in the 1820’s and 1830’s with some copper byproduct.

Modum was the primary source of the cobalt used for blue pigment in Europe during the late eighteenth and nineteenth centuries.

Historic production from the Skuterud Mine is estimated to have been approximately 1 million tons of mineralized material, with significant copper and gold.

Boreal, focused on the discovery of Cobalt, Zinc, Copper, Silver and Gold deposits, now has five exceptional, historic mining project areas spanning Sweden and Norway.

Karl Antonius, President and CEO, stated: "The Modum Project includes an impressive 12,000 Ha with 12 kilometers of cobalt prospective geology, with stand-alone mining potential. Boreal is excited about the timely acquisition of a high grade cobalt project within an emerging battery production sector in the Nordic Region."

The property has had limited modern exploration, although the Geological Survey of Norway completed an aeromagnetic geophysical survey covering the entire land position in 2013.

Drilling programs are currently underway on inlier claims covering about 20% of the prospective strike length at Modum.

Much of the remaining strike length, including the extensions onto Boreal ground, has never been drill tested before.

Importantly, gold is known to accompany the cobalt mineralization, with the precious metal potential largely unassessed at this time.

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, lithium, and nickel.

Northvolt announced plans to build Europe's biggest electric car battery factory in its home country, Sweden, and has indicated that they plan on utilizing as much locally sourced materials as possible.

It is expected to be larger than Tesla's 'Gigafactory' in the US and LG Chem's proposed site in Poland.

At closing, Boreal will issue EMX 1,324,181 shares, bringing EMX’s share of equity ownership in Boreal to 19.9%, including the right to participate pro-rata in future financings.

In addition to a 3% NSR, EMX will receive annual advance royalty payments starting at US$20,000 on the second anniversary with small annual increases.

Boreal Metals, which began trading on the TSX Venture Exchange on November 21st, is trading at $0.33 and with 52 million shares outstanding, the company is capitalized at $17.2 million.

For more information, please visit the company’s website at www.borealmetals.com, contact Alexandra Woodyer Sherron, at 604-922-8810 or email alexandra@borealmetals.com.

I’m Megan Edwards for Investmentpitch Media