This strategic initiative follows an extensive seismic survey conducted in the area since 2014 and from the 3D seismic survey conducted in 2019, which was reported in Malehmir et al. (2021), confirming earlier 2D surveys. The investigations revealed several promising seismic features and exciting reflection seismic properties with varying characteristics and at different depths, indicating good potential for additional reserves at depths and laterally beyond those known from earlier drilling in the area. The drilling of the first borehole has now been completed, resulting in the discovery of promising mineralization in the form of two lenses of mineralization, which do not entirely match the mineralized lenses located higher up in Blötberget, mineralogically. Nevertheless, the drilling indicates that there may be interesting mineralization extending down from the known mineralized lenses higher up and along the seismic profile, down to this partially new pattern of mineralization. For these hits, and any potential mineralization between the known and the newly found mineralization, to be included in Blötberget's mineral resources and/or mineral reserves, further drilling programs and analyses are needed.

Summary of encountered iron mineralization:

• Hematite, from approximately 1044 to about 1052 meters in the length of the drill hole. A total of approximately 8 meters with an estimated average grade of 60-65% Fe*
• Hematite, from approximately 1063 to about 1074 meters in the length of the drill hole. A total of approximately 11 meters with an estimated average grade of 40-45% Fe*

*The averages are based on point analyses performed with handheld XRF analyzer along the drill core. Not verified by a certified laboratory, and final results may deviate from these indicated grades.

"It is incredibly exciting that this deep drilling program encountered interesting mineralization and provides strong arguments for continued investment in exploration in and around Blötberget," says Ronne Hamerslag, CEO of Nordic Iron Ore AB. “But one first hit is just a first hit; more work must be conducted before this mineralization can potentially be quantified in volumes, grades, and economic terms. However, it could ultimately be a significant addition to future iron ore mining in Blötberget.”

"We are proud to see these early indications made possible through innovative technical methods in resource exploration. By leveraging advanced seismic methods for deep targeting, developed by our team for over ten years ago in the area, we have been able to identify significant resources hidden below and confidently propose a deep drilling program. This achievement underscores our commitment to sustainable practices while opening up new opportunities for the SERC partners and Sweden as a whole," says Alireza Malehmir, Research Director at SERC.

"We are excited to be part of these exciting discoveries, and we are closely monitoring how prospecting drilling in Blötberget progresses," says Anders Persson, Global Technology and Methods Manager at Epiroc.

For more information, please contact:
Ronne Hamerslag (CEO, Nordic Iron Ore AB)
Alireza Malehmir (SERC, alireza.malehmir@geo.uu.se), www.smartexploration.se

This collaboration is supported by the Smart Exploration Research Centre (SERC). The center has received funding from the Swedish Foundation for Strategic Research (SSF) under grant agreement No. CMM22-0003.