Gubbträsk mining project

Gubbträsk is located approx. 100 km northwest of Lycksele in the municipality of Storuman.

The Company has 4 exploration permits in Gubbträsk and has carried out drilling on the northernmost of these since 2004, with 187 percussion drill holes for geochemical bottom till and bed rock chip sampling. During this investigation a large number of gold-arsenopyrite and zinc-silver anomalies have been encountered. Many of these have been identified through diamond drilling. As of 2006 there has been 29 diamond drill holes completed, totaling 4,695 m. Within a 1.5 km long and 0.5 km wide area the drilling has intersected several parallel zones with zinc-lead-silver mineralizations in brecciated meta-graywacke of Svärtträsk type. The best mineralization of this type is found in drill hole 200622 with 7 m of 3.2 % zinc, 0.2 % lead and 5 g/t silver. The mineralizations are found at widths of 5-15 m along the drill holes. In addition there are gold-arsenopyrite mineralizations where the meta-volcanics and the meta-greywackes make contact. The best gold mineralization is found in drill hole 200504 with 6 m of 3.15 g gold per ton.

As new mineralizations are discovered in Gubbträsk they will be defined through diamond drilling. There will also be complementary drilling carried out to upgrade the "inferred mineral resource" to "indicated mineral resource" in locations close to the surface. During 2007 there will be intensive exploration work carried out in Gubbträsk to ascertain the area's mineral potential.

The ”inferred mineral resource is for gold mineralization 700,000 tons at 1.6 g/t gold and 2.1 million tons at 11 g/t silver, 1.2 % Zn and 1.1 % lead, see pressrelease ov 13 June 2007.

Beneficiation tests have been carried out on drill cores from Gubbträsk. The results indicate very good recovery of zinc.



Diamond drillcores and rock chips sampling until 2006 and interpreted mineralized zones where grades from analyses of the drillcores are noted. Click to enlarge (PDF)

Prospecting licenses of Lappland Goldminers in Gubbträsk. Red rectangle shows the position of the diamond drill hole program. Click to enlarge (PDF)