Capella Receives Drill Permits for Hessjogruva Copper Project, Central Norway, and Provides Update on Tumad Joint Venture
Capella’s JV partner exits its low-grade Finnish project while Norwegian drilling is delayed to 2027.
Capella Minerals Limited has secured drill permits for its Hessjøgruva copper-cobalt-zinc project in Norway, authorizing an initial 4,400 meters of drilling across 2027 and 2028 to define a maiden NI 43-101 Mineral Resource Estimate. The company’s Year 1 minimum investment commitment with joint venture partner Tümad Madencilik for Hessjøgruva has been extended to December 31, 2027, following permit delays.
At the Killerö W project in Northern Finland, Capella completed 669.2 meters of reconnaissance drilling. Results were low-grade, with a maximum intercept of 0.98% copper over 1.0 meter and no significant gold values. Due to the low-grade results at Killerö W, as well as previously reported results from Killerö E, Tümad elected not to proceed to Phase II of the earn-in agreement. Capella retains an 80% interest in the project, Cullen Resources holds 20%, and Tümad retains a 1% Net Smelter Royalty.
Additional updates include a binding letter of intent for the Solana IOCG project in Spain and a carried 10% interest at the Løkken project in Norway.
Capella Minerals Limited (CMIL) reported that its latest update confirms permitting progress at Hessjøgruva but highlights a significant delay in execution, with drilling now pushed to 2027/2028. Additionally, the termination of Tümad's Phase II commitment at Killerö W represents a loss of a major funding partner for that specific portfolio. Capella will now fund further exploration independently while retaining an 80% stake.
The low-grade results at Killerö W align with earlier disappointing results at Killerö E, suggesting that the Central Lapland targets may not meet the high-grade thresholds required to attract further strategic interest or justify immediate development. While the news is incremental to the exploration cycle, it introduces a negative shift in the joint venture structure and funding outlook for the Finnish assets.
Capella Minerals Limited (CMIL) is a pre-revenue exploration company focused on gold-copper and copper-cobalt-zinc projects across Finland, Norway, and Spain. The company’s flagship asset is Hessjøgruva in Central Norway, an advanced-stage copper-cobalt-zinc volcanogenic massive sulfide (VMS) deposit. Historical drilling at the site has highlighted high-grade intersections, including 14.5m @ 4.3% Cu + 1.3% Zn. Capella Minerals aims to deliver a maiden resource estimate for the project by 2027/2028.
In Northern Finland, the company’s portfolio includes the Killerö E, Killerö W, Saattopora, Jolhikko, and Seisunselka projects. These targets focus on orogenic gold-copper deposits within the Central Lapland Greenstone Belt, situated adjacent to Agnico Eagle's Kittila Gold Mine. Recent drilling at these sites has yielded low-grade results. Additionally, the Solana project in Spain is a district-scale iron oxide copper gold (IOCG) target, for which the company holds a binding letter of intent for an earn-in agreement.