European Energy Metals Commences Finnish Pegmatite Project Phase I Exploration
Vancouver, British Columbia--(Newsfile Corp. - July 13, 2023) - European Energy Metals (TSXV: FIN) (FSE: W28) ("European Energy" or the "Company") is pleased to announce commencement of the 2023 Phase I Exploration Program at its Lithium-Cesium-Tantalum ("LCT") and Rare Earth Element ("REE") Finnish Pegmatite Project, consisting of five exploration concessions covering 2,300 square kilometers in central and southern Finland.
Phase I will consist of mapping and sampling of the documented pegmatite occurrences throughout the Finnish Pegmatite Project. Prospecting for new occurrences will also form part of the program. Resourceful Geoscience Solutions Inc., a Canadian consulting firm with in-country experience, will undertake the program, with assistance from Finnish company GeoPool OY.
"We are very pleased to commence 2023 exploration, with Phase I focussed on evaluating Finnish Pegmatite Project to highlight high priority areas for subsequent permitting for Phase II drilling," stated European Energy Metals CEO Jeremy Poirier. "European Energy's objective remains H1 2024 drilling as we continue to work toward developing the Finland Pegmatite Project portfolio into one of Europe's major sources of lithium and REE's, critical metals to the green future," he continued.
The exploration crews plan to work north to south commencing with the Nabbia concession, through Lappajarvi East and West, to Katalia and finally wrapping up at the Kovelo concession. Samples will be sent to the ALS Minerals geochemical prep lab in Sodankylä, Finland. The samples will be analyzed with procedure ME-MS89L, utilizing a sodium peroxide fusion and ALS's Super Trace ICP-MS methodology.
Pursuant to an earn-in agreement with Capella Minerals Ltd., European Energy has the right to earn an 80% interest in the Finnish Pegmatite Project by issuing 1,750,000 shares, paying Cdn$500,000 and incurring Cdn$2,500,000 dollars in exploration expenditures staged over a 4 year earn in period. A detailed assessment of the historic and government exploration data compiled by the Finnish Geological Survey ("GTK") identified a series of permissive tracts for LCT pegmatites. The concessions comprising the Finnish Pegmatite Project were identified as a result of this pegmatite research.
About the Finland Pegmatite Project
The Finland Pegmatite Project consists of four exploration concessions in central Finland and one exploration concession in southern Finland. These reservations cover a total area of 2,300 square kilometres and are focused on Lithium-Cesium-Tantalum or LCT pegmatite complexes located within the Jarvi-Pohjanmaa and Seinajoki lithium-permissive tracts as defined by the Geological Survey of Finland (GTK). Four of the reservations (Nabba, Lappajarvi West, Lappajarvi East and Kaatiala) lie immediately adjacent to, and to the south of, Keliber Oy's spodumene mine development project in the Kaustinen district.
Keliber Oy is a consortium, comprised of Sibanye-Stillwater (79%), Finnish Minerals Group (20%) and Finnish shareholders (1%). A Definitive Feasibility Study by Hatch dated June 14, 2018 states a JORC Code 2012 compliant Measured and Indicated Mineral Resource of 9.47 million tonnes at a grade of 1.16% Li2O.1
European Energy cautions investors the presence of lithium mineralization at Keliber Oy is not necessarily indicative of similar mineralization at the Nabba concession.
1. Definitive Feasibility Study – Executive Summary June 14, 2018 by Hatch. http://mb.cision.com/Public/14755/2547948/b83a99f0255413fe.pdf
R. Tim Henneberry, P.Geo. (BC), a Director of European Energy Metals Corp., is the Qualified Person who has reviewed and approved the technical content disclosed in this release.
About European Energy Metals Corp.
European Energy Metals Corp. is a junior mining company currently focussed on the Lithium-Cesium-Tantalum Finnish Pegmatite Project in central Finland. Governing bodies in Europe and Finland are legislating environmentally friendly and energy independent laws and policies. One of the key components is access to REE and, specifically, lithium. The Company is also focusing on its Champ Copper Project located in Southeast British Columbia.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier, CEO
Telephone: 604-722-9842
Email: info@europeanenergymetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the future planned exploration programs for, and the exploration potential of, the Finland Pegmatite Project. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made by the Company in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include the costs of any anticipated work programs and the ability to fund such costs, required approvals in connection with any work programs and the ability to obtain such approvals, risks inherent in exploration as well as those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.
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