European Energy Metals to Conduct Gold Exploration on Northern Finland Licences
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2024) - European Energy Metals (TSXV: FIN) (FSE: W28) ("European Energy Metals" or the "Company") is pleased to announce that beginning in May, it will begin conducting gold exploration on its Northern Finland portfolio of projects. The Company currently holds 5 individual mineral reservations covering approximately 300,000 ha (3,000 km2) primarily in the Central Lapland Greenstone Belt ("CLGB) in Northern Finland (see Figure 1). The Company also continues to advance its lithium exploration targets on the Nabba and Nabba 2 Exploration Licences recently granted (Press Release of February 14, 2024).
Figure 1
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The Paleo-Proterozoic Greenstone Terrane of Northern Finland is comprised of multiple greenstone belts including the CLGB which hosts world-class gold (eg Kittila Deposit, owned by Agnico Eagle and Ikkari Deposit, owned by Rupert Resources) and base metal deposits (eg Kevitsa owned by Boliden and Sakatti owned by Aglo-American). The belt's potential is also suggested by the presence of several major mining companies in the belt. The belt has very recently garnered significant interest following an offer from Rupert Resources to buy B2Gold's 70% interest in a Joint Venture between B2Gold and Aurion Resources which lies adjacent to Ruperts Ikkari Deposit, for $102 million. The joint venture ground is strategic to Ruperts proposed development of the Ikkari Deposit but is also host to numerous gold prospects along a structural corridor that extends >125 km.
The Company's projects occur in an underexplored part of the CLGB but are underlain by favourable host rocks of the CLGB and numerous throughgoing faults, domain boundaries and unconformities, considered favourable sites for gold mineralization. Ikkari occurs adjacent to a domain boundary. Preliminary reconnaissance prospecting has identified gold and/or copper occurrences locally on the company's licences.
Jeremy Poirier, the Company's Chief Executive Officer, commented, "We are super excited to initiate gold exploration field programs on our Northern Finland project portfolio. The recent surge of interest in the belt highlighted by Rupert Resources offer to acquire B2Gold's 70% interest in a joint venture between B2Gold and Aurion adjacent to its Ikkari gold project, suggests there is significant potential within our Northern Finland project portfolio. We believe our exploration teams can unlock the project's potential under the guidance of our VP Exploration, Mike Basha, who has worked extensively in the CLGB as the founder and former CEO and President of Aurion Resources."
The Company Also Wishes to Announce it will be attending the Capital Event Management Conference in Scottsdale this weekend April.19th to April.21st. The details are included below.
Dates: April.19th to 21st
Location: JW Marriott, Scottsdale, Arizona
Details: The conference introduced growth stage companies to active high net worth investors, brokers and institutions. Through a day of 1 on 1 meetings and networking activities.
Website: www.cem.ca
About European Energy Metals Corp.
European Energy Metals Corp. is a junior mining company primarily 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's concessions are located within 15 kms of the Keliber mine and production complex, currently under construction and expected to begin production in H2 2025. The Company cautions the presence of lithium mineralization on Keliber's properties is not necessarily indicative of similar mineralization on the Company's mineral reservations.
An estimated €600 million investment by Keliber's parent company Sibanye-Stillwater Limited (NYSE: SBSW) in partnership with the Finnish Minerals Group (www.mineralsgroup.fi) is underway in the Kautinen Region and will see the development of open-pit and underground mining from several deposits, construction of a central spodumene concentrator plant and a lithium hydroxide chemical plant at tidewater in Kokkola. When completed, this complex will comprise a complete hard-rock spodumene pegmatite lithium supply chain (source: www.sibanyestillwater.com).
The Finnish Pegmatite Project covers approximately 2,500 km2 within geological terrane that hosts numerous LCT spodumene pegmatite prospects and deposits. The company's exploration Licences are situated less than 10 km from Keliber's Spodumene Concentrator Plant The 2023 inaugural exploration season saw the discovery of multiple occurrences of lithium-bearing spodumene pegmatite mineralization. The highlight was the discovery of the Kyrola Prospect, a 350m long by 110m wide spodumene-bearing boulder field, where 49 rock chip grab samples assayed from 3.84% Li2O to 0.003% Li2O, with 15 of the 49 samples returning grades in excess of 0.50% Li2O (Li2O = lithium oxide). The extent of the boulder field is constrained only by low-lying overburden covered areas and farm fields. The mean assay of these samples was 0.53% Li2O. Fifteen samples assayed greater than 0.50% Li2O, eleven assayed greater than 1.00% Li2O, 4 assayed greater than 2.00% Li2O and 1 assayed greater than 3.00% Li2O. It is interpreted, based on glacial history of the area, that the boulders have only been transported 300-500 m from source.
QA/QC Statement
Mike Basha, P.Eng., P.Geo. (NL), VP Exploration of European Energy Metals Corp., a Qualified Person as defined by National Instrument 43-101, has prepared this press release.
Samples were submitted to ALS Laboratories in Sodankyla Finland. ALS inserted internal standards, blanks and pulp duplicates within each sample batch as part of their own internal monitoring of quality control protocols. European Energy Metals monitors precision and bias performance by inserting certified lithium standards (OREAS 750 and OREAS 753) as well as blanks into each batch submitted to ALS at a rate of 1:25.
The major element oxides and trace elements including Li, Cs, Ta and Be were analysed by ALS analytical package ME-MS89L + B-MS89L involving digestion by Na2O2 fusion followed by ALS's super trace ICP-MS methodology. QAQC results to date do not indicate any analytical accuracy issues with all standards returning values Li values within 3 standard deviations of their certified mean and blanks returning expected values.
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 completion of the transactions contemplated by the Purchase Agreement and the presence of lithium mineralization at, and the exploration and development potential of, the Finland Pegmatite Project as well as the timing of any future exploration at 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 failure of the Company to obtain approval of the TSX Venture Exchange for the transactions contemplated by the Purchase Agreement, 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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