Tulikivi mineral resources in Suomussalmi increase by 10 million tonnes

TULIKIVI CORPORATION  STOCK EXCHANGE RELEASE  3 OCTOBER 2022 AT 10.00 AM

Tulikivi mineral resources in Suomussalmi increase by 10 million tonnes

Tulikivi has carried out additional drilling and surveys and updated the JORC mineral resource estimate for the Haaponen talc deposit in the mining district of its Suomussalmi plant.

According to the report, the indicated mineral resources of the Haaponen deposit are 22.3 million tonnes and their average talc content is 44.4 per cent. The update of the mineral resources takes into account the results from the new drilling, the test pits made for extracting samples for beneficiation tests and the analyses carried out on these. The new drill holes penetrate adjoining rock and the deep extension of the ore contacts and confirm that the deposit extends deeper than previously estimated. Based on the samples, the sulphur content of the adjoining rock in the deposit is very low, which significantly reduces the environmental impact of mining operations. The rock mechanical properties were also determined from the samples. The information will be used for risk management in the quarrying plan.

The mineral resources were previously estimated at 12.3 million tonnes. According to the Geological Survey of Finland (GTK), the Kivikangas, Sivusuvanto and Kivisuvanto deposits, which are located in the same mining district, have a total mineral resource potential in excess of 10 million tonnes. Beneficiation tests carried out by GTK show that the talc is suitable for most commercial products.

The mineral resource estimate was prepared by Markku Meriläinen, MAusIMM JORC (2012), and Pekka Loven, MAusIMM (CP) JORC (2012), as the Competent Persons. 

"The modelling demonstrates that the Haaponen talc deposit is of very uniform quality and has a clear shape. Together with the significantly larger mineral resource, this forms a strong foundation for developing the deposit for responsible and energy and cost-efficient use. I'm very pleased with the good work that has been done. We are in a good position to proceed," says Erkki Kuronen, who will soon start as Managing Director of Nordic Talc.

It is too early to evaluate whether the project will be carried out or to estimate its financial impacts.

TULIKIVI CORPORATION

Board of Directors

Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555

Distribution: Nasdaq Helsinki

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