Vancouver, British Columbia–(Newsfile Corp. – July 6, 2023) – European Energy Metals Corp. (TSXV: FIN) (FSE: W28) (“European Energy Metals” or the “Company“) is pleased to announce the receipt and subsequent SEDAR filing of an independent technical report entitled “Finland Pegmatite Project Central Ostrobothnia, Western Finland” by Warren D. Robb, P.Geo. (BC) with an effective date of May 30, 2023 (the “Technical Report“). European Energy Metals has the option to earn up to an 80% interest in the Finland Pegmatite Project (“FPP“) from Capella Minerals Ltd. (TSXV: CMIL) as detailed in the Company’s 2023-March-06 and 2023-March-20 news releases. The report can be found on SEDAR or the company’s website: europeanenergymetals.com,
The FPP consists of five mineral reservations prospective for lithium-cesium-tantulum and cover an area of 2300 square kilometers. The report focused on the four northern reservations Nabba, Lappajarvi W, Lappajarvi E, and Kaatiala, located 350 kilometers north of Helsinki and road accessible from the city of Kokkola.
“The Technical Report supports the Company’s decision to acquire the Finland Pegmatite Project and provides a good technical base for our geological crews as they design our 2023 Phase I exploration program,” stated European Energy Metals CEO Jeremy Poirier. “We believe our Finland Pegmatite Project portfolio has the potential to become a significant source of lithium and REE’s for Europe’s domestic critical metals industry,” he continued.
The Geological Survey of Finland (“GTK“) has been conducting regional studies since the 1960’s, including: till geochemistry, airborne magnetics and radiometrics, and rock sampling. They combined their data with industry data from Kebiler Oy and other companies to complete a study for a predictive model for LCT pegmatites in Finland, identifying several “permissive tracts” with potential to host LCT pegmatite deposits. The Finnish Pegmatite Project lies within two of the tracts: the 255 km² Kaustinen tract, host to the Kebiler Oy LCT lithium project, and the 3,672 km² Järvi-Pohjanmaa tract.
GTK identified anomalous areas in the Kaustinen tract and followed up with detailed geochemical till sampling between 2003 and 2023, sampling at 100 metre intervals along lines spaced approximately 1000 metres apart, with the lines oriented perpendicular to the ice flow direction at 240o. An anomaly was identified on the Nabba concession.
Figure 1. Hilo Finland Lithium Project Exploration Reservations
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GTK identifed and described pegmatite mineralization in boulder trains and in outcrop on the three southern reservations Lappajarvi W, Lappajarvi W, and Kaatiala, but did not analyze the rocks for lithium.
Figure 2. Permissive Tracts for Lithium
(3 is Järvi-Pohjanmaa tract; 5 is Kaustinen tract) Source: Quantitative assessment of undiscovered resources in lithium-caesium-tantalum pegmatite hosted deposits in Finland by R.Kalevi, E.Pasi, A.Timo, H.Tapio, K.Niilo, K.Janne, L.Panu and T.Tuomo dated 2018. Geological Survey of Finalnd Bulletin 406.
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The four exploration reservations* all lie within the Pohjanmaa belt of rocks and are underlain by mica schists and mica gneisses, which are intercalated with metavolcanic rocks. The Pohjanmaa belt, which includes the Kaustinen and Järvi-Pohjanmaa tracts, hosts several rare element pegmatites in the north proximal to the Nabba reservation. Li pegmatites of the Kaustinen province belong to the albite spodumene type according to the classification of Černý & Ercit (2005). The Li pegmatites have intruded after the metamorphic peak conditions of the area and crosscut the metavolcanic and metasedimentary rocks at the northern edge of the belt.
*Mineral Reservations in Finland are valid for two years and grant the holder the right to evaluate the reservation’s geology to identify and subsequently secure areas within the reservation deemed worthy of further exploration. The holder can then apply for an Exploration permit over the smaller worthy areas to explore further.
The Technical Report recommends the Company design a ground follow up exploration program consisting of prospecting, geological mapping combined with rock sampling and infill till geochemical sampling to identify target areas with the exploration reservations for follow up exploration permit applications. The cost of the recommended exploration program is budgeted at $500,000.
The data disclosed in this news release is related to historical base of till sampling results. European Energy has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. European Energy considers these historical base of till results relevant as the Company is using this data as a guide to plan exploration programs.
R. Tim Henneberry, P.Geo. (BC), a Director of European Energy Metals Corp., is the Qualified Person who has reviewed and approved the techgnical content disclosed in this release.
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 W, Lappajarvi E 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 Definitve 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 Metals cautions investors the presence of lithium mineralization at Keliber Oy is not necessarily indicative of similar mineralzation at the Nabba concession.
Under the terms of an Earn In Agreement with Capella Minerals Limited, European Energy may earn an 80% interest in the Finland Pegmatite Project by issuing 1,750,000 shares, paying Cdn$500,000.00 and incurring Cdn$2,500,000.00 dollars in exploration expenditures staged over a 4 year earn in period.
1. Definitive Feasibility Study – Executive Summary June 14, 2018 by Hatch. http://mb.cision.com/Public/14755/2547948/b83a99f0255413fe.pdf
About European Energy Metals Corp.
European Energy Metals. 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.