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Centerra Gold drops Erris' Brännberg gold project in Sweden


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Centerra Gold drops Erris' Brännberg gold project in Sweden

Centerra Gold Inc. decided not to continue drilling on Erris Resources PLC's Brännberg gold project in northern Sweden after discovering that the site's mineralized system could not host a deposit of at least 1 million ounces of gold.

Highlights from recent drilling, which covered 14 holes totaling 2,681.7 meters, included 1.65 meters grading 8.14 g/t of gold, 0.67% arsenic and 0.01% copper from a depth of 52.90 meters.

As it reclaims full ownership of the project, Erris said Dec. 13 that it will undertake follow-up work to determine if the project can be advanced on its own or with a junior gold developer.

Centerra also dropped Erris' Käringberget gold project as recent drilling failed to intersect significant mineralization.

Centerra in January nominated Brännberg as an elected designated project area under a 2016 agreement, which will continue and has expanded into Finland despite the developments.

Under the terms, Centerra has committed to spend US$250,000 on generative exploration work in 2019, with the option to elect individual projects to earn a 70% interest by spending US$3 million.