Thursday 8th December 2016

Resource Clips


Posts tagged ‘Finore Mining Inc (FIN)’

Nickel One Resources moves closer to PGE-copper-nickel acquisition in Finland

October 19th, 2016

by Greg Klein | October 19, 2016

Nickel One Resources moves closer to Finnish PGE-copper-nickel acquisition

Over $10 million in previous work has given Lantinen Koillismaa
resource estimates for two potential open pits.

Nickel One Resources’ (TSXV:NNN) Finland entry took another step forward with a binding letter agreement announced October 19. Already holding the Tyko project in western Ontario, Nickel One would get a 100% interest in Finore Mining’s (CSE:FIN) Lantinen Koillismaa platinum group element-copper-nickel project in north-central Finland. An LOI was announced in August.

The property would come through the purchase of Finore subsidiary Nortec Minerals Oy in a deal costing five million shares and 2.5 million warrants exercisable at $0.12 for two years. Nickel One has paid $50,000, which would be applied to a private placement of up to $100,000 into Finore following due diligence.

Benefiting from over $10 million in previous work, LK has 2013 resource estimates for two potential open pits.

The Kaukua deposit shows:

  • indicated: 10.4 million tonnes averaging 0.73 g/t palladium, 0.26 g/t platinum, 0.08 g/t gold, 0.15% copper, 0.1% nickel and 65 g/t cobalt

  • inferred: 13.2 million tonnes averaging 0.63 g/t palladium, 0.22 g/t platinum, 0.06 g/t gold, 0.15% copper, 0.1% nickel and 55 g/t cobalt

The Haukiaho deposit has three zones totalling:

  • inferred: 23.2 million tonnes averaging 0.31 g/t palladium, 0.12 g/t platinum, 0.1 g/t gold, 0.21% copper, 0.14% nickel and 61 g/t cobalt

The acquisition would bring Nickel One into “a mining-friendly jurisdiction with some of the best infrastructure in the world,” commented president Vance Loeber. The project also provides “a foothold in Finland from which we will be taking a hard look at other opportunities to continue to build a strong portfolio of projects,” he added.

Read more about Nickel One Resources and the Lantinen Koillismaa acquisition.

A second flagship

August 11th, 2016

Nickel One Resources plans a Finnish acquisition as well as Ontario drilling

by Greg Klein

A position in Scandinavia would give Nickel One Resources TSXV:NNN a dual approach or, as president/CEO Vance Loeber describes it, “a double-barrelled shotgun.” On August 11 the company announced an LOI to gain a Finore Mining CSE:FIN subsidiary with a 100% interest in Lantinen Koillismaa, a nickel-copper-PGE deposit in an active mining region of Finland. Additionally, encouraged by positive results from last spring’s assays, the company plans to resume drilling on its Tyko project in Ontario.

Nickel One Resources plans Finnish acquisition as well as Ontario drilling

With equally spectacular aurora borealis, arctic Finland
boasts far greater infrastructure than northern Canada.

A 3,750-hectare property just 65 kilometres south of the Arctic Circle, LK actually enjoys a favourable location—and that demonstrates the contrast between the Canadian and Scandinavian north. An all-weather, government-maintained road comes right to the property, a rail line runs 40 kilometres away and Oulu, a Gulf of Bothnia port that’s home to 200,000 people, sits 160 kilometres west. Work is practical right through the winter, as several mines and three smelters in the region attest.

“The local community is very supportive, the Finnish Geological Survey is very supportive and it’s a beautiful place to work,” enthuses Loeber.

Finore took LK to resource level in 2013 for two deposits with open pit potential. The Kaukua deposit shows:

  • indicated: 10.4 million tonnes averaging 0.73 g/t palladium, 0.26 g/t platinum, 0.08 g/t gold, 0.15% copper, 0.1% nickel and 65 g/t cobalt

  • inferred: 13.2 million tonnes averaging 0.63 g/t palladium, 0.22 g/t platinum, 0.06 g/t gold, 0.15% copper, 0.1% nickel and 55 g/t cobalt

Three zones at the Haukiaho deposit total:

  • inferred: 23.2 million tonnes averaging 0.31 g/t palladium, 0.12 g/t platinum, 0.1 g/t gold, 0.21% copper, 0.14% nickel and 61 g/t cobalt

Further study might put a new perspective on the resource. “Although the plan is to look at it from a fresh approach, a higher-grade/lower-tonnage point of view, we’re not going to lose sight of the higher-tonnage aspect either,” explains Loeber. “But in the short term we’ll be looking at some higher-grade tonnage, both through additional exploration and a re-engineered 43-101 report.”

A new perspective maybe, but from experienced eyes. “With this acquisition we also get the combined geological talent of Finore’s founders, Mohan Vulimiri and Peter Tegart,” Loeber points out. “They’re pretty serious guys so it’s not like we’re going in blind.”

Another Finland veteran is Nickel One VP of exploration and former PDAC president Scott Jobin-Bevans. “He did his PhD dissertation on this type of mineralization,” says Loeber.

The deal would cost Nickel One five million shares. The company would also contribute up to $100,000 towards any future private placement undertaken by Finore. Loeber doesn’t offer an anticipated closing date but says his team wants the deal wrapped up “sooner rather than later.”

But looking at Finland doesn’t mean neglecting western Ontario. “Tyko is still very much in our sights. We had some great results in our initial program and we’re planning a late-summer, early-fall follow-up program.”

That would take the crew about 40 kilometres north of Hemlo in an area that’s surprisingly more remote than arctic Finland. Still, Tyco’s accessible by highway, logging roads and float plane.

The 14 holes and 1,780 metres drilled so far this year followed 13 holes and 2,230 metres sunk by North American Palladium TSX:PDL up to 2007. Nine North American holes revealed mineralization.

Near-surface intercepts reported by Nickel One in June returned as much as 1.47% nickel, 0.49% copper and 0.71 ppm PGEs over 6.05 metres. Another assay showed 1.06% nickel, 0.35% copper and 0.65 ppm PGEs over 6.22 metres. Along with the other results, the company sees increasing optimism in its magma conduit theory suggesting a potential link between the property’s RJ and Tyko zones, 1.5 kilometres apart.

The extent of Tyco’s upcoming program remains “finance-dependent,” Loeber says. But given market response to the LOI, he’s confident of raising funds. As for a closing date for LK, “We’re going to make this happen as quickly as we can.”

Finore announces $5.9-Million Private Placement

May 11th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningFinore Mining Inc CNX:FIN announced a non-brokered private placement of up to 23.6 million units at $0.25 per unit, for gross proceeds up to $5.9 million. Net proceeds will be used for general working capital purposes and for the exploration and development of its Läntinen Koillismaa Project. Work at LK will include completion of a 15,000-metre drill program, additional metallurgical test work and the completion of an updated mineral resource estimate for the Haukiaho and Kaukua targets.

Under an option with Nortec Minerals Corp TSXV:NVT, Finore may earn an undivided 80% interest in the LK Project, which comprises 3,750 hectares in north-central Finland. According to a February 43-101 resource estimate, it contains 86,322 ounces PGE + gold, 4,908 tonnes copper and 3,464 tonnes nickel indicated and 602,550 ounces PGE + gold, 63,153 tonnes copper and 40,534 tonnes nickel inferred.

View Company Profile

Contact:
Peter Hughes
Chairman
604.688.9588

by Ted Niles

Finore reports Finland Assays of 0.48 g/t Palladium, 0.18 g/t Platinum, 0.15 g/t Gold, 0.28% Copper over 44m

January 31st, 2012

Resource Clips - essential news on junior gold mining and junior silver miningFinore Mining Inc CNX:FIN announced results from its Läntinen Koillismaa Project in north-central Finland. Highlights include

0.48 g/t palladium, 0.18 g/t platinum, 0.15 g/t gold, 0.28% copper and 0.19% nickel over 44 metres
(including 0.71 g/t palladium, 0.27 g/t platinum, 0.17 g/t gold, 0.38% copper and 0.27% nickel over 13 metres)
0.38 g/t palladium, 0.14 g/t platinum, 0.12 g/t gold, 0.2% copper and 0.14% nickel over 12 metres
(including 0.63 g/t palladium, 0.23 g/t platinum, 0.19 g/t gold, 0.33% copper and 0.24% nickel over 5 metres)
0.03 g/t palladium, 0.01 g/t platinum, 0.07 g/t gold, 0.1% copper and 0.11% nickel over 0.8 metres

Under an option with Nortec Minerals Corp TSXV:NVT, Finore may earn an undivided 80% interest in the project.

Finore CEO Ian Laurent remarked, “We are extremely pleased with these results from hole 2 confirming the extension of mineralization along strike to the west. It is interesting to note that the precious metal grades are nearly double their grades estimated in the inferred mineral resource on the Haukiaho Deposit. We recognize that this is just the beginning, as we still have another two kilometres of strike to drill-test at Haukiaho.”

View Company Profile

Contact:
Finore Mining Inc.
Peter Hughes
Chairman/Director
604.802.7372

Read feature interview with Finore CEO Ian Laurent.

Read feature story about Finore Mining Inc.

Disclaimer: Finore Mining Inc is a client of OnPage Media and the principals of OnPage Media may hold shares in Finore.

by Greg Klein

Finore CEO Ian Laurent on updated Finland resource estimate

January 19th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningFinore Mining Inc CNX:FIN announced an updated NI 43-101 resource estimate for its Läntinen Koillismaa palladium-platinum-gold-copper-nickel project in north-central Finland. The LK project’s Kaukua deposit is calculated to have indicated resources of 2.6 million tonnes containing 56,112 ounces palladium, 18,425 ounces platinum, 5,862 ounces gold, 4,429 tonnes copper and 3,126 tonnes nickel. The Kaukua and Haukiaho deposits together have inferred resources of 28.1 million tonnes containing 370,998 ounces palladium, 130,311 ounces platinum, 84,770 ounces gold, 60,567 tonnes copper and 38,703 tonnes nickel. Finore is currently earning an undivided 80% interest in the LK Project as part of the Option Agreement with Nortec Minerals Corp TSXV:NVT.

Finore CEO Ian Laurent tells ResourceClips.com, “It’s a project that was initially discovered by the Geological Survey of Finland in the late 1960s. They drilled a few holes every odd year between the late 1960s up until 2004. They had intersected some mineralization but never really drilled it to any resource level. But they kept all the core in an all-weather storage facility just outside of Helsinki, and you’re allowed to go in and log it and even sample it. In 2007 [the project] was presented to Nortec Minerals for an option agreement for 70% initially, then 100%. I was VP of Nortec at the time, and it was my responsibility to take that project at least to a resource stage. So we drilled 10,000 metres on Kaukua, and we relogged the 7,000 metres on Haukiaho. Kaukua is the northern prospect, and Haukiaho is the southern one.

“With all that drilling in 2010 Nortec commissioned a 43-101 technical report. That mineral resource estimate came back with inferred resources at both projects combined of just over 32 million tonnes for nearly 700,000 ounces of palladium, platinum and gold combined, 60,000-odd tonnes of copper, and 40,000-odd tonnes of nickel. In the meantime, we’d also conducted some metallurgical test work through a consultant out of Vancouver by the name of Chris Martin, who’s done a lot of work on this style of deposit, which is a layered mafic-intrusion hosted complex. Chris had a lot of experience with this type of deposits in Russia, Finland, South Africa and northern Ontario. So he was instrumental in finding the right recipe for this and was quite encouraged. Even more so, because he was working on a project 80 kilometres to the west of ours, owned by Gold Fields, called the Arctic Platinum project. It sits at about 250 million tonnes of indicated and measured resources, with over 12 million ounces of palladium-platinum-gold and about 2 million tonnes of copper and nickel. Coincidentally, when Nortec released the metallurgical results, Gold Fields had got in contact with Chris Martin and commissioned him to help unlock the recipe for their project. Now Gold Fields have already put in a pilot plant; it was quite successful; and their now moving ahead in leaps and bounds. Their project is 10 years older than ours, and they’ve drilled 10 times as much.

The upside is we’re hoping to triple the resource. And that’s going to be maybe only 20% of the known mineralization—Ian Laurent

“In 2011, Nortec was trying hard to develop its Ecuadorian interests, with mixed results, and the Finnish project got a bit of a back seat,” Laurent continues. “Cash flow was quite tough for the company. So a decision was made to develop a spinoff or find a suitor. And Otterburn Ventures—renamed Finore Mining—was a perfect vehicle for that. We had $4.5 million to $5 million dollars in the kitty and already had a very strong team. They saw the opportunity. They saw that this project had substantial value because, let’s face it, at the moment it has an inferred resource of nearly 700,000 ounces of palladium, platinum and gold, which has a weighted average spot price of $1,000 an ounce. As well as 60,000 tonnes of copper, 40,000 tonnes of nickel. You’re already dealing with a multimillion-dollar project in the ground. And of course, there’s the upside.

“So Finore—Otterburn at the time—signed a deal to option an 80% interest from Nortec, and one of the provisos was that I leave Nortec and take on the role of CEO for Finore. Since then, we’ve commissioned the drill rigs—we’re drilling now—and you’ll get results soon.”

Regarding the LK project’s recent press release, Laurent comments, “Even the original [resource estimate] that was done for Nortec in March of last year was not up to my expectations.” He explains, “The qualified person that carried out the resource estimate—a very experienced resource geologist—was very biased to nickel and base metals. What I struggled to tell him was that over 40% of the mineralization is held in the precious metals. So if you’re going to be limiting your geological model to anything, it should be the precious metals. He disagreed, so it was like it or lump it. I lumped it.

“It’s not a bad thing,” Laurent continues, “because it helps me when I’m explaining to others where the upside is, that the resource we will do after Finore’s drilling campaign is complete will show a much more realistic estimate based on the precious metals. And the copper and nickel credits, which are very substantial, will support this resource. The importance is the upside of the project. This southern target Haukiaho is 3.8 kilometres of strike right now which we’re testing, which is going to involve a lot of drilling. We have another seven kilometres of strike with drilling every 200 or 300 metres that has intersected exactly the same sort of mineralization. So the upside is we’re hoping to triple the resource. And that’s going to be maybe only 20% of the known mineralization.

“There is the perception that the CNSX is not a strong liquid marketplace, which is a reason to move the company across to the TSXV. Finore still has $2 million to $3 million in the kitty, and we already have a lot of strong interest on this side of the ditch, and in Canada as well, to participate up to $10 million. Canaccord’s been a very strong supporter of Finore; they’ve seen the story now and like what it is and what it’s got. So now it’s just a matter of getting that information out there.

Laurent adds, “The claim areas of the project make up 3,750 hectares. It’s Finland, so low political risk. Groups like Agnico-Eagle TSX:AEM, First Quantum TSX:FM, Australian companies Altona Mining and Dragon Mining, and of course Anglo American are all quite active operators in the country. It’s not necessarily known by the North American market that you have two large Canadian-listed companies operating in Finland, or that you have the fourth largest gold producer—Gold Fields—operating there. And their’s isn’t even a gold project. We can operate all year round; we’re close to infrastructure; we have sealed roads all the way through the project. So from an operating point of view it’s quite pleasing to be in Finland. And we have huge community support.

“We’re an exploration company first and foremost, and have an excellent exploration team out there. Our experience is taking the projects to prefeasibility, with the view that once we have this project fully permitted and ready to go it then becomes a product of value to a lot of the majors that are already operating in Scandinavia, and a lot of majors who wish to get into Scandinavia. Gold Fields hopes to be in production with their project by 2015, which fits in well because they could easily look at us as the next target acquisition. So there are a lot of potential exit strategies as well.

View Company Profile

Read more about Finore Mining

Contact:
Finore Mining Inc
Peter Hughes
Chairman/Director
604.802.7372

Disclaimer: Finore Mining Inc is a client of OnPage Media and the principals of OnPage media may hold shares in Finore.

by Ted Niles

Finore issues updated Resource Estimate for Finland PGM-Gold-Copper-Nickel Project

January 19th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningFinore Mining Inc CNX:FIN announced an updated NI 43-101 resource estimate for its Läntinen Koillismaa palladium-platinum-gold-copper-nickel project in north central Finland. The LK project’s Kaukua deposit is calculated to have indicated resources of 2.6 million tonnes containing 56,112 ounces palladium, 18,425 ounces platinum, 5,862 ounces gold, 4,429 tonnes copper and 3,126 tonnes nickel. The Kaukua and Haukiaho deposits together have inferred resources of 28.1 million tonnes containing 370,998 ounces palladium, 130,311 ounces platinum, 84,770 ounces gold, 60,567 tonnes copper and 38,703 tonnes nickel. Finore is currently earning an undivided 80% interest in the LK Project as part of the Option Agreement with Nortec Minerals Corp TSXV:NVT.

Finore CEO Ian Laurent tells ResourceClips.com, “It’s a project that was initially discovered by the Geological Survey of Finland in the late 1960s. They drilled a few holes every odd year between the late 1960s up until 2004. They had intersected some mineralization but never really drilled it to any resource level. But they kept all the core in an all-weather storage facility just outside of Helsinki, and you’re allowed to go in and log it and even sample it. In 2007 [the project] was presented to Nortec Minerals for an option agreement for 70% initially, then 100%. I was VP of Nortec at the time, and it was my responsibility to take that project at least to a resource stage. So we drilled 10,000 metres on Kaukua, and we relogged the 7,000 metres on Haukiaho. Kaukua is the northern prospect, and Haukiaho is the southern one.

“With all that drilling in 2010 Nortec commissioned a 43-101 technical report. That mineral resource estimate came back with inferred resources at both projects combined of just over 32 million tonnes for nearly 700,000 ounces of palladium, platinum and gold combined, 60,000-odd tonnes of copper, and 40,000-odd tonnes of nickel. In the meantime, we’d also conducted some metallurgical test work through a consultant out of Vancouver by the name of Chris Martin, who’s done a lot of work on this style of deposit, which is a layered mafic-intrusion hosted complex. Chris had a lot of experience with this type of deposits in Russia, Finland, South Africa and northern Ontario. So he was instrumental in finding the right recipe for this and was quite encouraged. Even more so, because he was working on a project 80 kilometres to the west of ours, owned by Gold Fields, called the Arctic Platinum project. It sits at about 250 million tonnes of indicated and measured resources, with over 12 million ounces of palladium-platinum-gold and about 2 million tonnes of copper and nickel. Coincidentally, when Nortec released the metallurgical results, Gold Fields had got in contact with Chris Martin and commissioned him to help unlock the recipe for their project. Now Gold Fields have already put in a pilot plant; it was quite successful; and their now moving ahead in leaps and bounds. Their project is 10 years older than ours, and they’ve drilled 10 times as much.

The upside is we’re hoping to triple the resource. And that’s going to be maybe only 20% of the known mineralization—Ian Laurent

“In 2011, Nortec was trying hard to develop its Ecuadorian interests, with mixed results, and the Finnish project got a bit of a back seat,” Laurent continues. “Cash flow was quite tough for the company. So a decision was made to develop a spinoff or find a suitor. And Otterburn Ventures—renamed Finore Mining—was a perfect vehicle for that. We had $4.5 million to $5 million dollars in the kitty and already had a very strong team. They saw the opportunity. They saw that this project had substantial value because, let’s face it, at the moment it has an inferred resource of nearly 700,000 ounces of palladium, platinum and gold, which has a weighted average spot price of $1,000 an ounce. As well as 60,000 tonnes of copper, 40,000 tonnes of nickel. You’re already dealing with a multimillion-dollar project in the ground. And of course, there’s the upside.

“So Finore—Otterburn at the time—signed a deal to option an 80% interest from Nortec, and one of the provisos was that I leave Nortec and take on the role of CEO for Finore. Since then, we’ve commissioned the drill rigs—we’re drilling now—and you’ll get results soon.”

Regarding the LK project’s recent press release, Laurent comments, “Even the original [resource estimate] that was done for Nortec in March of last year was not up to my expectations.” He explains, “The qualified person that carried out the resource estimate—a very experienced resource geologist—was very biased to nickel and base metals. What I struggled to tell him was that over 40% of the mineralization is held in the precious metals. So if you’re going to be limiting your geological model to anything, it should be the precious metals. He disagreed, so it was like it or lump it. I lumped it.

“It’s not a bad thing,” Laurent continues, “because it helps me when I’m explaining to others where the upside is, that the resource we will do after Finore’s drilling campaign is complete will show a much more realistic estimate based on the precious metals. And the copper and nickel credits, which are very substantial, will support this resource. The importance is the upside of the project. This southern target Haukiaho is 3.8 kilometres of strike right now which we’re testing, which is going to involve a lot of drilling. We have another seven kilometres of strike with drilling every 200 or 300 metres that has intersected exactly the same sort of mineralization. So the upside is we’re hoping to triple the resource. And that’s going to be maybe only 20% of the known mineralization.

“There is the perception that the CNSX is not a strong liquid marketplace, which is a reason to move the company across to the TSXV. Finore still has $2 million to $3 million in the kitty, and we already have a lot of strong interest on this side of the ditch, and in Canada as well, to participate up to $10 million. Canaccord’s been a very strong supporter of Finore; they’ve seen the story now and like what it is and what it’s got. So now it’s just a matter of getting that information out there.

Laurent adds, “The claim areas of the project make up 3,750 hectares. It’s Finland, so low political risk. Groups like Agnico-Eagle TSX:AEM, First Quantum TSX:FM, Australian companies Altona Mining and Dragon Mining, and of course Anglo American are all quite active operators in the country. It’s not necessarily known by the North American market that you have two large Canadian-listed companies operating in Finland, or that you have the fourth largest gold producer—Gold Fields—operating there. And their’s isn’t even a gold project. We can operate all year round; we’re close to infrastructure; we have sealed roads all the way through the project. So from an operating point of view it’s quite pleasing to be in Finland. And we have huge community support.

“We’re an exploration company first and foremost, and have an excellent exploration team out there. Our experience is taking the projects to prefeasibility, with the view that once we have this project fully permitted and ready to go it then becomes a product of value to a lot of the majors that are already operating in Scandinavia, and a lot of majors who wish to get into Scandinavia. Gold Fields hopes to be in production with their project by 2015, which fits in well because they could easily look at us as the next target acquisition. So there are a lot of potential exit strategies as well.

View Company Profile

Read more about Finore Mining

Contact:
Finore Mining Inc
Peter Hughes
Chairman/Director
604.802.7372

Disclaimer: Finore Mining Inc is a client of OnPage Media and the principals of OnPage media may hold shares in Finore.

by Ted Niles

Small Cap, Big Plans

September 20th, 2011

Otterburn drills Palladium-Platinum in Finland

By Greg Klein

(UPDATE: Effective Sept. 26, 2011, Otterburn Ventures Inc will change its name to Finore Mining Inc. The company’s CNSX trading symbol will change from OTB to FIN.)

Nano-caps—companies with market caps often well below $75 million—”have the greatest potential for outsize performance,” according to Paul Zweng, a Portfolio Manager with Resource Venture Advisors. “You can literally generate 10-times returns with these tiny companies.” Needless to say, there is risk. “That is why you really need to understand the geology, the prospectivity and the management team,” he emphasizes. “Are these people who can husband their money and their resources carefully?”

Following Zweng’s advice, these would be the criteria to evaluate Otterburn Ventures’ recently optioned Läntinen Koillismaa Project (LK) in Finland. A palladium-platinum property with gold, copper and nickel, it’s further advanced than the projects Zweng referred to, despite Otterburn’s nano $14-million cap. LK already has a resource estimate, an experienced drill team, a highly regarded management team and, Otterburn President Steven Green says, plenty of blue-sky potential.

Otterburn drills Palladium-Platinum in Finland

Value for money was what brought Otterburn to Finland and LK. The company pulled out of a venture in Tanzania when drill results turned spotty. “We decided we’d better preserve our cash and look at properties elsewhere,” Green explains. “Shortly thereafter, the opportunity in Finland came up. After the Tanzanian experience, we really wanted to see the stability of the country and the stability of the mining environment. Then on top of that you’re looking for all the usual things related to a potential property—that it’s underfunded but doesn’t have any serious flaws, that politically and environmentally it looks like it has growable mineralization. That’s what attracted us to LK. I went over in mid-July, and what I found were four interesting properties. A good, small, knowledgeable staff was on site; they knew what they wanted to do and why they wanted to do it. It looks like there’s a lot of potential along strike and at depth. It has power, a lot of infrastructure. This is a country that is quite interested in mining. In fact, the local community could actually get involved in funding. There’s a nearby vanadium mine that they’re opening, and the community is actually investing in it. We thought we had a much more attractive place to do business.”

A February 2011 resource by Nortec Minerals estimates 60,332 ounces palladium, 19,492 ounces platinum, 6,497 ounces gold, 4,908 tonnes copper and 3,464 tonnes nickel indicated and 378,263 ounces palladium, 133,007 ounces platinum, 91,279 ounces gold, 63,153 tonnes copper and 40,534 tonnes nickel inferred. The estimate covers just two of LK’s four properties and suggests potential large-tonnage, open-pit mining.

A JV with Nortec came through last August, granting Otterburn the option to acquire up to an 80% interest in LK. The agreement has Otterburn earning the initial 49% by paying Nortec $4.5 million, issuing Nortec $2 million in shares and spending $5 million on the project. As for the additional 31%, Otterburn must pay Nortec $3 million, issue Nortec $1 million in shares and spend $5 million. Otterburn must also issue 400,000 common shares to Nortec and 1.85 million common shares to a third party as a finder’s fee.

Green says that even without the extra financing that Otterburn is now working on, the company has enough cash on hand for up to a year of drilling. The next program starts in November, despite LK’s location 65 kilometres south of the Arctic Circle.

“There are sections in all four properties which are on hard ground; they can be drilled any time of the year,” Green says. “There’s an all-weather highway right in the middle of it, power lines right through the middle of it and a rail head about 40 kilometres south. A two-hour drive along the highway takes you to the city of Oulu, which has the main airport and a seaport leading to the Baltic.”

It looks like we could turn this into a potential operating deposit which would give us revenue. We’re in a stable environment; we’ve got room to grow; and we’ve got a good team in place —Steven Green

Green explains that, apart from drilling, geophysics normally constitute the largest exploration expense, and this is an expense Otterburn won’t face for some time, thanks to the advance work done by Nortec.

As it explores the property further, Otterburn intends to apply for a listing on a more senior stock exchange.

Returning to Zweng’s criteria for a successful nano-cap—”the geology, the prospectivity and the management team”—it’s time to ask whether the company is led by “people who can husband their money and their resources carefully.”

A geologist with over 25 years’ experience, Green has worked for Freeport McMoRan, Noranda, Santa Fe Pacific Gold and Cambior. Most recently, he took charge of geological data for Fronteer’s US operations. With experience in Alaska and northern Canada, he’s undaunted by Finland’s Arctic.

CEO/Director Peter Hughes is co-founder of Pirie Hughes Consulting and has over 25 years of management experience in pharmaceuticals, alternative energy and mineral exploration.

Director David Eaton also acts as CEO/Executive Director of Jayden Resources and Managing Director of the Baron Group, a few highlights of his more than 20 years experience building junior resource companies.

Geological Adviser Lawrence Dick is noted for a number of significant discoveries and holds or has held senior positions with companies including Jayden Resources, Sprott Resource, Golden Fame Resources, Evolving Gold, Timmins Gold and Confederation Minerals.

As if he’s directly addressing Zweng’s criteria, Green sums up the LK Project this way: “We have an interesting platinum-palladium property with gold, copper and nickel. It looks like we could turn this into a potential operating deposit which would give us revenue. We’re in a stable environment; we’ve got room to grow; and we’ve got a good team in place.”

At press time Otterburn had $3.5 million in cash and 38.4 million shares at $0.34 for a $13.1 million market cap.

Disclaimer: Otterburn Ventures Inc is a client of OnPage Media.

Disclaimer: Jayden Resources Inc is a client of OnPage Media.