Vancouver, British Columbia--(Newsfile Corp. - April 24, 2018) - Sienna Resources (TSXV: SIE) (FSE: A1XCQ0) (OTCPink: SNNAF) has completed the first phase of drilling on its Slättberg Cobalt-Nickel-Copper Project in Sweden. A total of 942 metres were drilled with 72 samples submitted for assaying. The results are expected in 2 to 6 weeks.
InvestmentPitch Media has produced a "video" which discusses this news. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Sienna" in the search box.
Cannot view this video? Visit:
The Slättberg Project, which consists of three adjacent exploration permits comprising approximately 12,733 contiguous acres, is located 25 kilometres northwest of Falun, Sweden. It is a historic mining camp hosting cobalt-nickel-copper rich Massive Sulfide Mineralization that occurs within a two kilometre belt of historic nickel-copper mines.
Slättberg's massive sulfide mineralization is known to be strongly magnetic, owing to its high concentrations of pyrrhotite, a magnetic ferrous sulfide mineral associated with the Co-Ni-Cu mineralization.
The Project contains drill defined massive sulfide mineralization that extends to approximately100 meters in depth, and remains open for expansion at depth and along strike. The Project is accessible year-round, with nearby rail, power and 5 smelters in the Nordic region.
At least 16 historic mines are located on the property, with historic operations dating back to the late 1800's. The historic mines are positioned along an east-west trend of massive sulfide occurrences developed in and around a similarly oriented body of "leptite", a local term used to describe rhyolitic/felsic tuffaceous rocks commonly associated with sulfide mineralization in Bergslagen. Mafic and ultramafic rocks also occur in and around the mine workings.
Sweden is at the forefront of an exploration and development boom in the mining industry. The country's favorable business environment includes a low corporate income tax rate, a proactive geological survey, and broad public support for export-led resource extraction.
Cobalt prices have more than doubled in the last year, and are currently trading at US$41.50, near 10-year highs.
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, nickel and lithium. Northvolt recently announced plans to build Europe's biggest electric car battery factory in its home country, Sweden.
Jason Gigliotti, President, stated: "Northvolt wants to locally source as much battery material as possible such as cobalt and nickel. There are now more than 20 mega battery factories currently being planned or constructed globally, creating a massive demand on the battery metals such as lithium, cobalt and nickel. Sienna is focused on exploring and developing projects that will meet this insatiable demand."
For more information, please visit the company's website at www.siennaresources.com, contact Jason Gigliotti, President, at 604-646-6900 or email [email protected].
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
Barry Morgan, CFO