BASTUTJÄRNEN

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Summary

The Bastutjärnen gold project is situated in the Skellefte district some 5 kilometres outside the town of Boliden, adjacent to the Kankberg/Åkulla Östra gold deposit.
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Wiking Mineral has encountered anomalous gold grades in both reconnaissance percussion drilling programs and follow-up core drilling. These anomalous grades are associated with a large alteration halo with abundant silicification, chlorite and sericite alteration believed to be a part of a metamorphosed epithermal gold system.

Exploration 2008-2011

During 2008-2009 percussion drill sampling of basal till and bedrock was performed to identify potential grade anomalies and alteration halos associated with gold mineralisation. This program defined a central anomalous area, approximately 500 by 300 metres with gold grades in bedrock up to 0,7 g/t.
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During April through June 2010 a first-pass core drilling program was undertaken and 15 holes were drilled in five profiles across the defined gold anomaly. Several holes intersected wide intervals with anomalous gold grades and local narrower intersections with up to 2,4 g/t gold.
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A follow up Induced Polarization survey (IP ) was conducted during late September to early October 2010 to help guide further exploration and highlight additional structures of interest. The result indicates several interesting anomalies that are being followed up during 2011.

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In November 2010 a second-pass drilling program was initiated to follow up earlier gold hits and the untested IP anomalies identified in October. Drilling was completed in March 2011.

Geology

The bedrock in the area consists of more or less altered volcanic rocks (probably dacites) with minor sedimentary units. All these rocks have been subjected to partially patchy intense alteration with silica, chlorite and sericite. Gold grades are generally associated with sulfides and sericite + silica alteration and also correlate with anomalous values of arsenic, zinc, silver and copper. Weak to moderate dissemination of pyrite or pyrrhotite is common.

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The altered area coincides with a larger rounded structure bordered by quartz porphyry dikes.

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