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Today, Arctic Minerals communicated that it has analyzed all of the 76 samples taken from Nutukka in September 2020. Previously only 38 of these had been analyzed. 51 of the samples contained gold. Ten samples were from a cluster of gold-bearing samples and three just outside it. The theory is that there is a naturally occuring concentration of gold, i.e. a mineralization, at a certain location inside the cluster. From there the particles have been spread through geological or environmental processes, such as erosion.
The positive result means that Arctic Minerals has enough data to proceed with more advanced exploration methods. The application for an exploration permit was handed in in January 2021, according to TUKES. Previously Arctic Minerals only had an exploration reservation, which is only valid for two years and permits noninvasive exploration methods such as sampling. An exploration permit, on the other hand, will allow drilling and more advanced sampling methods. During 2021 the plan is to perform base-of-till drilling, trenching, further soil sampling and magnetic survey by drone in order to pinpoint the location of the mineralization. Following this, selected diamond drilling should be the next step in 2022 if the results are positive (read more about mineral exploration in our analysis, pp. 15-19). The image to the right below shows the Nutukka exploration reservation in light blue and the recent application for an exploration permit inside the dotted circle in light brown.
The Nutukka region
Nutukka is located in the Finnish Central Lappland Greenstone Belt. It has been a hot area for mineral exploration ever since the discovery of the Kittilä gold mine and Kevitsa mine. The image to the left below shows the location of this region in the north of Finland, inside the dotted circle. Kittilä is located in the western end and Kevitsa to the east. The areas shaded in various colours represent permits. The area in light blue is the Nutukka exploration reservation, which is located to the north of the main concentration of permits. It is obvious that the zone is very active with a large part of it covered by permits. Agnico Eagle (Mcap ca CAD 15bn) owns Kittilä, the largest active gold mine in Europe while Boliden (Mcap ca SEK 90bn) owns Kevitsa, the largest mine in Finland. Rupert Resources, who has made important discoveries of gold at the closed mine of Pahtavaara and has a market cap of around CAD 630m, is also located in the belt between Kittilä and Kevitsa.
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