Nidhogg Resources Holding AB (publ), (the "Company"), has carried out ground-based magnetic surveys at Tuna Hästberg in Borlänge Municipality. The results show a clear, strong continuous magnetic anomaly over large parts of the license area.

The surveys cover the main part of Tuna Hästberg 1 and parts of Tuna Hästberg 2. The predominant contiguous magnetic structure extends over more than 1,500 metres in a southwest-northeast direction and exhibits consistently elevated magnetic values compared to the background, with a width varying between approximately 30 and 600 metres within the license area.

The highest magnetic values coincide with areas where historic mining was conducted until 1968, including zones north of the former open pit mine. This strengthens the interpretation that the iron-bearing structure continues through the area and that it has now been mapped with significantly higher resolution than before. SGU's aeromagnetic maps have previously shown a very strong and coherent magnetic anomaly over the Tuna Hästberg 1 and 2 exploration permits, with indicated iron concentrations of 30–40 per cent and manganese concentrations of 4–5 per cent.

"The results are very encouraging. We have identified a large and coherent magnetic structure, stronger than at Vintjärn–Kölen and closely aligned with historically mined areas. This gives us a solid foundation to move forward with more detailed sampling and the planning of a drilling campaign to better understand the extent and character of the mineralization,” says Niclas Biörnstad, CEO of Nidhogg Resources Holding AB (publ).

Next steps:

1. Collect and analyze samples from waste rock material from the historical mining that occurred in the area and bedrock. During the fieldwork, several areas with volumes of waste rock material were identified in the area.
2. Conduct a drilling program to confirm the geometry, extent, and grade of the orebody as a basis for a formal resource estimate.
3. Finalize a test mining plan based on the results of the drilling program and permit process, with a focus on identifying the most suitable and economically viable mining method.
4. To advance the permitting process and the consultation process with authorities and relevant stakeholders. The nature resource inventory has been completed and forms part of the environmental impact assessment for test mining to be submitted to the relevant authorities.

Contact

Niclas Biörnstad, CEO Nidhogg Resources Holding AB (publ)

E-mail: niclas@nidhoggresources.com
Phone: +46 70 7299769

About Nidhogg Resources Holding AB (publ)

Nidhogg Resources Holding AB (publ), www.nidhoggresources.se, is a Swedish limited liability company with a focus on natural resources. Nidhogg was founded by individuals with a total of over 60 years of experience in the commodities market, with a background from exploration to exploitation as well as sales and a passion for extracting natural resources by applying innovative technology together with existing infrastructure.