Lapp Plats main countries of operation
Lapp plc derives the majority of its income from operations in the following geographical region: Sweden
The Board of Lapp Plats is pleased to provide an operational update on its Swedish exploration activities and on its general investment strategy.
Swedish Mining Properties
Following an independent review of the licence blocks held by the Company since 2004, Lapp Plats has decided to reduce its existing ground holdings and it has also taken the opportunity to acquire a new property.
The following Table set outs the revised Claim Table following the payment to the Swedish Mining Directorate (Sw: Bergsstaten) of the relevant licence fees and renewal fees, as applicable.
Exploration Licence Name
Elements covered under licence
Claim Area (hectares)
Licence Renewed/Applied
Licence Expires
Riberget Nr 1
Au,Ag,Cu,Ni,Pt,Pd
3,949
August 2007
August 2010
Tjårro Nr 1
Fe, Au,Cu
2,241
August 2007
August 2010
Glossary of Symbols: Au – Gold; Ag – Silver; Cu – Copper; Ni – Nickel; Pt – Platinum; Pd – Palladium; Fe- Iron
Work completed during the initial 3 year period on the Riberget Nr 1 licence initially consisted of target definition using the Lapp Plats proprietary geochemical database (“LP-PGD”). This work lead to the identification of Ni and Cu-Ni soil geochemical targets. Follow up field work including; geological mapping, surface rock geochemical sampling and detailed surface till sampling were also carried out. The results of the above work have defined a series of surface Cu-Ni targets that require follow up field work. The plan is to undertake base of till sampling to locate the bedrock source for the surface geochemical anomaly, followed by diamond drilling.
The new Tjårro Nr 1 block, which was generated from the LP-PGD, is located approximately 20km north east of the mining town of Kiruna in northern Sweden. The Kiruna Mine wholly owned by LKAB (Sw: Luossavaara-Kiirunavaara Aktiebolag), is the one of the world's largest and most modern underground iron-ore mines. The Kiruna district has also been explored more recently for Iron Oxide Copper Gold (IOCG) deposits and to the south of Kiruna at Gallivare, Boliden operates the Aitik copper mine. Iron and gold-silver-copper deposits mentioned indicate the general prospectivity of the region for such styles of mineralization but such deposits are not necessarily indicative of the potential for economic mineralization within the new Tjårro Nr 1 block.
The Tjårro claim is located along the contact zone of 1.88 billion-year- old intrusive rock unit. There are four target areas displaying mineralisation at surface comprising disseminated chalcopyrite and magnetite in the mafic volcanic host-rock around the contact with the intrusive. Grades from previous Swedish Geological Survey (Sw: SGU) surface rock samples have returned up to 40% Fe, 1.23% Cu and 0.2 g/t Au. After compilation of all previous work a detailed base of till sampling programme will be undertaken over the four target areas and subject to encouraging results will undergo diamond drill testing.
Corporate
The Board are pleased too report that the current cash available to the Company totals over ST£1.27 million (US$2.52 million) and the Company is well financed for its immediate requirements.
New Opportunities
The Board are in advanced discussions on a new opportunity in the oil and gas sector which the Board believe could add significant value to the Company. Discussions and related due diligence are expected to be completed in the near term. While no deal has yet been finalised the Board are optimistic that a deal can be executed which would be subject to legal agreement and completion.