Alicanto Minerals Ltd. announced that the Company has completed the first diamond drillhole at Skyttgruvan-Naverberg target, within the Greater Falun Project. The hole has intersected multiple zones of massive to semi massive zinc, lead, copper sulphides within a broad zone of disseminated Sphalerite (zinc) mineralisation, along with some native silver. The Company cautions that visual intersections of sulphides should never be considered a proxy or a substitute for laboratory analysis.

Laboratory assay results are required to confirm widths and degree of visual intersections of sulphides reported in the preliminary geological logging. The Company will update the market when laboratory analytical results become available which it expects to occur before the end of the quarter. The Skyttgruvan-Naverberg target is located within the Greater Falun Project and is situated only 3.5km from the historical Falun Mine which produced 28 Mt at 4.0% Cu, 4.0 g/t Au, 35 g/t Ag, 5.0% Zn and 2.0% Pb.

Mining at Falun continued up until 1992. For centuries, the mine was the largest supplier of copper in the western world. An operation from 1890-1908 at the Skyttgruvan-Naverberg area targeted copper-zinc production from a small underground mine.

No modern exploration has tested the mine horizon since the mine closure despite the close proximity and analogous lithostratigraphis position to Falun. Skyttgruvan-Naverberg and the historic Falun deposit are both hosted by strongly altered felsic metavolcanics at the lower contact of a regional limestone. The limestone is overlain by a semi-regional basaltic extrusive (Fire Fountain formation) in turn overlain by a thick sequence of juvenile to reworked rhyolitic pyroclastic massflows.

The main mineralization style in the district is stratabound copper-gold-zinc-lead-silver replacement type, hosted by crystalline limestone and skarn. Drillhole GRO22-19 has been completed targeting the down plunge continuation 100 meters below the Skyttgruvan-Naverberg workings at a depth of 280m below surface. The drillhole collared in metamorphosed felsic volcaniclastics and has drilled through the hangingwall stratigraphic sequence and into the target limestone sequence; host to mineralisation at both Falun and Skyttgruvan-Naverberg.

At the target horizon a broad sulphide rich interval in anthophyllite-chlorite altered rocks was intersected over 43.1m in the core with further narrower zones located further down hole. The sulphide rich zone is summarised in Table 1 which highlights polymetallic massive to semi-massive sulphide zones consisting of sphalerite, galena, chalcopyrite, pyrrhotite, pyrite sulphide assemblage with native silver mineralisation observed locally. The zones of semi massive sulphide are up to 7.1m in core length within the interval.

Downhole electromagnetic survey was undertaken immediately at the completion of the drillhole with a series of strong conductors detected including three in-hole conductors and a longer-wave off-hole conductor ("Main Conductor") situated some 30 to 50 meters north of the hole (detection radius). Assays for GRO22-19 have been rushed and results are expected before the end of the quarter. Due to the encouraging visual results from the drill hole the Company has commenced a second step out diamond hole at the Skyttgruvan-Naverberg target.

The Company considers the visual results of the first drillhole as significant as the drilling has appeared to define a significant alteration halo, with a broad mineralised interval punctuated by higher sulphide content zones. The Skyttgruvan-Naverberg target remains open down dip and along strike and highlights the prospectivity of the entire target limestone sequence from the Falun Mine and beyond.