First Nordic finds new gold bodies at Aida in Sweden

Recent drill results by First Nordic Metals (TSX.V: FNM; US-OTC: FNMCF), in which Agnico Eagle Mines (TSX, NYSE: AEM) holds a stake, have identified new gold-bearing structures at its Aida target in Sweden’s north near a producing mill. Shares rose.

Highlight hole 2025-AID-038 cut 21.5 metres grading 1.94 grams gold per tonne from 317 metres depth in the Central zone, First Nordic reported on Thursday. That intercept included 7 metres at 1.3 grams gold in the eastern contact of the main Aida shear and 6.7 metres grading 1.45 grams gold in the newly-identified Pharao zone. Aida, inside the company’s Paubäcken project, is about 630 km north of Stockholm.

“This is early days at Aida however we see this as an encouraging start that points to the potential to define mineable ounces there,” Haywood Capital Markets analyst Jamie Spratt said in a note on Friday. “With these early results from Aida daylighting its promising potential, we anticipate that an additional 25 holes to be released in September will provide critical further data on the geometry and continuity of these emerging gold zones.”

Grade-width combos

Notable grade-width combinations were seen in many of the gold intercepts, First Nordic CEO Taj Singh said in a release.

“The identification of multiple parallel mineralized zones adjacent to the Central zone (original discovery) is particularly compelling,” he said. “Not only does it build on cumulative strike length, but any future development could potentially be shared across the zones.”

First Nordic shares gained 4% to 39¢ apiece on Friday morning in Toronto, for a market capitalization of $121 million. The stock has traded in a 12-month range of 28¢ to 63¢.

Aida on Gold Line

The company’s Aida target, a structural trend more than 4 km long, sits in the regional Gold Line corridor and is 40 km south of the company’s resource-stage Barsele project that it holds in a joint venture with Agnico. The gold major last year invested $8.2 million to help advance First Nordic’s Oijärvi gold project that Agnico used to own, in neighbouring Finland. Agnico holds a 13% interest in Nordic. It’s also 4 km northeast of the Svartliden mill, processing gold from Botnia Gold’s (STO: BOTX) Fäbodtjärn mine, the country’s newest.

Another noteworthy hole at Aida, 2025-AID-027, cut 17.5 metres at 1.17 grams gold from 335 metres depth in the freshly identified Pharao zone, a blind-to-surface structure with no identifying features on the ground. The zone is 40 metres wide and has been traced to 250 metres in drilling, First Nordic said.

New Northern zone

A third impressive result was in 2025-AID-030 that returned 4.6 metres grading 5.45 grams gold from 296 metres depth inside the newly identified Northern Mafic zone, parallel to the main Aida corridor. This year’s drill program, aimed at expanding known mineralization inside the Aida corridor comprised 10,304 metres across 39 holes.

Gold-bearing structures were intercepted in 12 of 14 holes, including visible gold in five holes. Results are pending for most of the remaining holes.