(Alliance News) - Erris Resources PLC on Wednesday said it was awarded four new permits in Norway but has scaled back operations in Sweden after relinquishing two licences there.
The mineral exploration firm said the four new permits, which total 10 kilometres each, are situated in the Mauken and Gautelis gold prospects in northern Norway.
Ground truthing of the new projects confirmed mineralisation potential, Errin said.
Chief Executive Anton du Plessis explained: "The new permits in Norway have been subject to very limited exploration in the past but historical reports suggest that high-grades and favourable styles of mineralisation are present and a modern systematic approach to exploration is warranted to assess the economic potential."
In Finland, where the company has operations alongside Canadian firm Centerra Gold Inc, Erris has completed a drone aeromagnetic survey at the Sakiatieva project. New drill targets for gold mineralisation have been identified at the project.
Sampling and mapping at the Pirunkoukka reservation permit in central Finland, and on newer targets in Sweden, led to the projects being downgraded. Erris received roughly EUR11,800 in refunds on two relinquished permits in Sweden.
The company said these funds will go towards its work alongside Centerra.
Du Plessis said: "Erris Resources has expanded its activities in Scandinavia into Norway with the granting of four new 100%-owned permits, for prospects which we believe are highly prospective for gold while the company continues to be active on the ground as part of its strategic alliance with Centerra Gold in Finland.
"The new permits are in line with the company's stated strategy to identify highly prospective gold and base metal targets in safe and supportive European jurisdictions and to elevate priority targets to drill-ready status."
Erris shares were untraded in London on Wednesday morning, last quoted at 5.65 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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