Suhanko Arctic Platinum (“SAP”) consists of three large project areas in northern Finland, named Suhanko, Narkaus and Penikat, and covers large undeveloped platinum, palladium and gold (PGEAu) deposits with significant by-product copper and nickel. The deposits are shallow and subcrop below thin overburden for many kilometres.

SAP is located approximately 50 kilometres south of the city of Rovaniemi, which is the large regional capital of Lapland with excellent infrastructure and services. There is also a network of well - established roads in all the project areas, with all year access to the ports of Kemi and Oulu.

The total SAP project area, including new applications and tenement renewals, amounts to 140.67 square kilometres (14,067 hectares). There has been no commercial mining of these deposits but Suhanko, the most advanced project, is at a technical feasibility stage. The Suhanko area consists of exploited commercial forest and swamp and the project has strong support from local stakeholders. Notably, Suhanko and Narkaus are not located near environmentally sensitive Natura 2000 areas.

The Suhanko and Narkaus deposits are hosted by the 2.44Ga-old layered mafic intrusive rocks of the Portimo complex. All the intrusive rocks, including the Penikat intrusion located to the southwest, are intruded into the Archaean Basement and are exposed along or close to the erosional contact with the overlying Peräpohja schist belt.

The precious metal deposits at Suhanko are palladium-rich and occur at shallow depths. The zones range from 10 to 60 metres in thickness and extend on strike for 900 metres at Konttijarvi to 2,600 metres at Suhanko North. The precious metals are found in platinum group minerals in association with base metal sulphides which are easily recovered through conventional sulphide flotation processes. Analogous geological deposits are found in South Africa, Canada and Russia. The style of mineralisation at Narkaus and Penikat is different from Suhanko, occurring as narrower but higher - grade reefs. The reefs are developed along the contact between gabbroic footwall rocks and overlying ultramafic stratigraphic units. Offset-style palladium and copper-rich mineralisation also occurs at Narkaus in granites of the Archaean Basement with the best developed example being the Kilvenjarvi deposit. The Suhanko, Narkaus and Penikat deposits have been defined with 457,000 metres of diamond core drilling.

Technical studies at Suhanko are at an advanced stage with positive results for mining and sulphide flotation to produce metal concentrates for sale to smelters. Associated permits include a valid Suhanko mining licence, for mining and processing of up to 10Mtpa of ore, environmental and water management permits, local and regional land use plans, and an approved environmental impact assessment for an expanded Suhanko project which includes the Suhanko North deposit. The current permits allow for open pit mining of the Konttijarvi and Ahmavaara deposits at Suhanko and the flotation concentration of the ores.

SAMREC Code Compliant Mineral Resources were reported in 2016(1) by Gold Fields Limited for the Suhanko and Narkaus deposits. The Mineral Resources were reported at 1.0g/t 2PGEAu cut-off within open pit mining shells and were based on recovery of metals by hydrometallurgical processing of sulphide concentrates.

The Competent Persons for the Mineral Resources declaration are MJ Botha, VP Strategic Projects, BSc (Hons) MSc Geology, MAusIMM (226388) with 34 years’ experience in exploration, mining and project development, and A Trueman, Chief Resource Geologist, BSc Geology (Hons), PGeo, APEGBC 149753 and MAusIMM CP 110730 with 26 years’ experience in mining, exploration and resource evaluation. Both persons are full-time employees of Gold Fields Limited. MJ Botha has been actively involved in the exploration and development of the Suhanko, Narkaus and Penikat projects since 2000. He was the lead Competent Person and responsible for the overall accuracy, standard and compliance of the declaration.

Links

Press releases

Terms & Conditions

Suhanko Arctic Platinum Oy (Registration No. 2855223-7) is incorporated in Finland.