Mahvie Minerals sees good analysis results from exploration in Mo i Rana.

Mahvie Minerals AB (publ) (“Mahvie Minerals” or the “Company”) has received assay results from the initial drilling campaign in the spring of 2023. The results are very good, shorter intervals with nearly 14% zinc equivalents and consistently good metal concentrations over long intervals. The company will use these results in the ongoing work on a first, modern, mineral resource assessment for the Mo i Rana deposit.

Mahvie Minerals AB (publ), “Mahvie Minerals” or the “Company” has received assay results from the first, initial drilling campaign in Mo i Rana during the spring and early summer. A selection of the results is shown in Table 1. The results are in line with what the Company expected but over shorter intervals the results are significantly better than expected, see in particular drill hole MM0001 and drill hole MM0003.

The results support the Company’s assumption that there is significant unexploited mineralization in the Mo i Rana deposit. After the initial mineral resource assessment that is expected shortly, a natural next step is extended drilling to map the size of the remaining mineralization as well as initial engineering, environmental and economic studies.

“These are extremely encouraging results we have now received. The results are completely in line with expectations and the levels are even better than expected in some locations. Our assumption about the development potential of Mo i Rana has been strengthened by the results and we now hope to proceed with project development as soon as possible.” comments Mahvie Minerals CEO Per Storm

As a basis for planning the drilling campaign, the Company worked with an exploration idea that the remaining mineralization existed as a folded structure where large parts of the structure were not mapped at the time of mine closure. The results now obtained support this assumption. The assessment is thus that there are near-surface mineralized parts where initial mining is much easier than if mineralization only existed at depth.

For individual elements, a total of 423 samples have been analyzed. Of these, 12 have gold grades above 1 g/tonne and of these, three samples have a gold grade above 2 grams per tonne and one above 5 grams per tonne. The company has known that both gold and silver are present in the mineralization but older sampling did not always analyze for gold (as it was previously too expensive to analyze for gold). The gold grades now obtained in results indicate that gold represents a significant portion of the total value of the mineralization. This is also true for silver where 50 samples had silver concentrations above 20 grams per ton, 18 of these above 30 grams per ton, four above 50 grams per ton and one sample above the detection limit of 100 grams per ton. Both gold and silver contribute to the fact that the zinc equivalent (all valuable metals converted to zinc content by using input metal content and current market price) in several samples is significantly higher than if the gold and silver content had been lower.

For the main metals, 26 samples had a zinc content above 3 % zinc, of which 10 samples had contents above 5 % and four contents above 10 % zinc. These are very high values indeed. For lead, 20 samples had lead levels above 1 % lead, six of these above 2 % and two above 3 % lead. Since it is already known that the area now drilled is not particularly rich in copper, the copper levels are in line with expected values. In total, 19 samples had a copper content above 0.5 % copper and five samples above 1 %. In total this means that 57 samples had a zinc equivalent above 3 % (Zneq > 3 %), 26 samples above 5 % and 6 samples above 10 % zinc equivalent. So these are also very high levels.

In addition to these samples, both bismuth and antimony were found at elevated levels compared to background levels in the samples. However, these elements have not been used in the equivalence calculations even though they may prove valuable at a later stage when enrichment trials are carried out.

Table 1. Selection of results from analyses

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