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Eurobattery Minerals AB (NGM Nordic SME: “BAT”; the “Company”), a growth company in the mining and exploration industry, has signed an investment and shareholders agreement including an option for a staged acquisition of 100 per cent of the shares in Vulcan Hautalampi Oy (“VHOy”), 100 per cent owner of the Hautalampi Nickel-Cobalt-Copper Project, in eastern Finland. The option under the Investment and Shareholders Agreement is linked to an obligation to provide successive cash financing for investments in the Hautalampi nickel-cobalt-copper Project (the “Hautalampi Project”). The consideration to be paid by BAT for acquired shares in VHOy and the option premium, and the cash financing to be provided by BAT for the Hautalampi Project amount to approximately €8.6M in total, payable during 48 months. The Board of Directors of the Company has decided, subject the approval of an Extraordinary General Meeting, on a rights issue of units to finance some of the mining activities in connection with the acquisition. For the partial payment of the option premium, the Company will issue new shares to the existing shareholders of VHOy amounting to €0.2M. More information regarding the rights issue of units will be given through a separate press release.
The Hautalampi Project is located at the same site as the famous Keretti (Outokumpu) copper mine (1912-1989). The Hautalampi Ni-Co-Cu orebody is located parallel to and above the exploited copper deposit. Existing surface and underground infrastructure provide significant location advantages in what is already a tier 1 mining jurisdiction.
– This acquisition is an important milestone for Eurobattery Minerals as it accelerates our business strategy and shortens the time to us being producers. As the foundation of the battery value chain we are committed to provide ethically produced and traceable battery minerals from Europe critical for the rapidly growing electric vehicle industry, said Roberto García Martínez, CEO of Eurobattery Minerals.
Key points:
- BAT has acquired an option to acquire VHOy, owner of all the mining rights to the Ni-Co-Cu deposit and 280 hectares of mining concession (approximately 94 per cent of the mining lease area).
- Aggregate consideration for the acquisition of VHOy amount to €6.05M in total, payable in different tranche payments, consisting of €1.35M in cash and €4.70M in BAT shares. Each payment tranche is triggered upon value accretive project milestones.
- The Company pays €0.05M in cash and €0.2M in BAT shares at the closing of the investment and shareholders agreement in consideration for the option to acquire VHOy.
- The Company has the option to invest €2.0M, in the way it sees fit, in the Hautalampi Project during 24 months from the acquisition and an additional €0.5M, in the way it sees fit, during the first 36 months from the acquisition. Approximately €10-15M is estimated to have been invested on the Hautalampi Project by the previous owner so far, including 22,000m of core drilling, a decline and additional underground mine development works, mineral resource and reserve estimations, multiple mineral processing studies and a feasibility study. Previous investment enables BAT to fast-track project to an updated feasibility study status.
- A historical NI 43-101 compliant Mineral Resource Estimate of 3.2Mt @ 0.43% Ni, 0.35% Cu and 0.12% Co. Significant potential for resource upside identified by historical and recent studies.
- The mineral deposit contains nickel and cobalt sulphide minerals and copper sulphide minerals with gold and silver by-products. Processing methods have been investigated and high value concentrates have been produced. Further process test work by Outotec Oyj has demonstrated that a combined nickel-cobalt concentrate can be leached and chemicals suitable for battery industry can be produced.
- Lower risk than exploration project as ore body has already been defined by previous owners. Existing decline and additional underground development totalling 2,100 meters also completed by previous owners. Underground mining permit is also in place.
- Much of the critical infrastructure is still in place, such as the high voltage power line, concrete foundations for the process plant, roads and the town itself (population 7,700).
- The acquisition is a further step in building a high-quality exploration and production company with several projects in different stages of advancement throughout Europe and thereby provide ethically sourced and traceable battery minerals to the EV industry.
Acquisition terms
The Company has options to acquire 100 per cent of VHOy in a multi-staged transaction in consideration for €6.05M in cash and BAT shares over a 48 months period. The acquisition is structured as follows:
- The Company pays €0.05M in cash and €0.2M in BAT shares – the subscription price for which correspond to the volume weighted average price of the Company’s shares on NGM Nordic SME the 10 trading days immediately prior to 27 May 2020 – for the option to acquire VHOy according to below terms.
- Tranche 1: The Company has to invest €2.0M, in the way it sees fit, in the Hautalampi Project during 24 months from the acquisition. Once invested, the Company can acquire 40 per cent of VHOy in consideration for €0.25M in cash and €1.0M in BAT shares.
- Tranche 2: The Company has to invest an additional €0.5M, in the way it sees fit, in the VHOy project during 36 months from the acquisition. Once invested, the Company can acquire an additional 30 per cent of VHOy in consideration for €0.25M in cash and €1.0M in BAT shares.
- Tranche 3: The Company can acquire the remaining 30 per cent of VHOy in consideration for €0.3M in cash and €1.0M in BAT shares within 48 months from the Acquisition of the option.
- At the announcement of commercial production, the Company will pay the sellers of VHOy €0.5M in cash and €1.5M in BAT shares.
- The sellers of VHOy will have a one (1) per cent net metals royalty, which can be bought by the Company.
The sellers’ shares will be locked-up for nine (9) months from the point in time when new shares are issued to them. There is a drag-along clause at a valuation exceeding €15.0M, where the Company has to sell its shares if the old shareholders decide to sell to another party (this at a point when the Company has invested a maximum of €3.5M).
The Board of Directors of the Company has decided, subject the approval of an Extraordinary General Meeting, on a rights issue of units to finance some of the mining activities in connection with the acquisition. More information regarding the rights issue of units will be given through a separate press release.
The Hautalampi Project
Please see the attached full report for details.
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com//en/
This information is the sort of information that the company is obliged to disclose under the EU market abuse regulation.
The information was submitted by the above contact person for publication on 11 May 2020 at 08:00 CEST.
Eurobattery Minerals is a mining and prospecting company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The Company has one mining licence and eight exploration licences. The headquarters are located in Stockholm.Augment Partners AB, email: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor
Eurobattery Minerals AB (Nordic Growth Market: “BAT”; “the Company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announce the preliminary results for sulphide mineral tests at the nickel, cobalt, copper Castriz prospect in Galicia, northern Spain. In the larger Corcel project, Castriz is one of three primary prospect areas together with Monte Mayor and Monte Castello.
Key points:
- Preliminary results received from nickel sulphide mineral tests on mineralised samples from recent drilling at Castriz.
- Analytical methods that distinguish between nickel in sulphide minerals and nickel in non-sulphide minerals determined that on average 87% of the whole rock nickel assay previously reported is sourced from nickel sulphide minerals.
- Nickel from sulphide assay results of up to 0.64% Ni were recorded in the latest tests. Several samples contain nickel from sulphide concentrations of between 0.3-0.4% Ni which is considered to be an economic grade for low-cost, open pit mining.
- Remaining samples from previously announced mineralised intervals are to be submitted for nickel sulphide analysis. Samples have also been submitted for more detailed mineralogy studies and QEMSCAN analysis to determine sulphide species and mineral liberation characteristics.
- Castriz prospect now confirmed as a significant discovery of nickel sulphide minerals, with an extensive prospective area confirmed for over 700m in strike length and approximately 700m in width. The nickel sulphide mineralisation at Castriz commences from surface to a depth of over 200m and remains open along strike and at depth.
- Studies assessing potential mining scenarios at Castriz have commenced. Preparatory works are also underway for 2020 field activities at Castriz and the wider Corcel Project.
In total, 11 samples from three different drill holes from the 2019 Castriz drilling were analysed by ALS Global1 in Perth, Australia, using a methodology applicable for analysing the proportion of nickel in a rock sourced from sulphide minerals. Nickel sulphide, also known as Class 1 nickel, is the preferred mineral for producing the intermediate products required for electric battery applications. The results show that the vast majority of the nickel intersections previously announced from Castriz are sourced from economic nickel sulphide minerals.
– We are extremely happy with the latest test results from the Castriz prospect. With the results in hand we can conclude the proportion of economic nickel sulphide minerals in the ground is high. Going forward, the results provides great confidence for us in realising the full potential of the Corcel project and provide battery minerals, thus being a significant part of the foundation of the battery value chain in Europe.
The attached report contains detailed analysis about the latest assay results.
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com//en/
This information is the sort of information that the company is obliged to disclose under the EU market abuse regulation. The information was submitted by the above contact person for publication on 04 May 2020 at 08:00 CEST.
About Eurobattery Minerals
Eurobattery Minerals is a mining and prospecting company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The Company has one mining licence and eight exploration licences. The headquarters are located in Stockholm.
Augment Partners AB, email: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor.
1 ALS Global is the leading full-service provider of analytical geochemistry services to the global mining industry.
- First results from Eurobattery Mineral’s collaboration with Uppsala University and the AGH University of Science & Technology in Krakow
- According to field studies and microprobe analyses conducted by the scientists from the universities, a certain type of the mineral Rutile is the carrier of vanadium in Eurobattery Mineral’s prospect area in Fetsjön
- Next step in research project is to initiate test to obtain the vanadium in a sustainable way
Eurobattery Minerals AB (NGM; “BAT”), a growth company in the mineral exploration industry with a corporate vision to help Europe become self-sufficient in ethical battery minerals, are pleased to share the results from the preliminary experiments on prospects of vanadium recovery from shales conducted by scientists from Uppsala University and AGH University of Science & Technology in Krakow.
The scientists have conducted both field studies and microprobe analysis of material from Eurobattery Mineral’s prospect area in Fetsjön in Västerbotten located in the Northern parts of Sweden as part of the collaboration that was announced in December 2019.
Previous vanadium, which is a key component in a vast number of electronic equipment including electric vehicles, smart phones and computers, has been identified in the bedrock in the prospect area without detailed knowledge about the specific carrier of the metal. Following the analysis that was carried out on thin section cuts from drill core samples, the scientists can now conclude that a certain type of the mineral Rutile is the carrier of vanadium in Fetsjön.
– Even if early results, it’s encouraging to see that the scientists have now identified the carrier of the vanadium in our prospecting area in northern Sweden, said Roberto García Martínez, CEO of Eurobattery Minerals. In order to provide ethical and fully traceable minerals and support the electric revolution, it is important that all stakeholders collaborate, why we are looking forward to continue to support this important research project.
The research project continues in accordance with the plan and the next step is to initiate test on sustainable ways to extract vanadium from this specific mineral.
The full report written by Dr. Maciej Manecki at the AGH University of Science & Technology in Krakow and Dr. Jaroslaw Majka at the Uppsala University is attached to this press release.
About Eurobattery Minerals
Eurobattery Minerals is a mineral exploration company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The company has one mining license and eight exploration licenses. The headquarters is located in Stockholm.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor
For further information, please contact:
Roberto García Martínez, CEO
roberto@eurobatteryminerals.com
https://eurobatteryminerals.com//en/
Fourth quarter 2019 (same period previous year)
- Net sales amounted to KSEK 0 (0).
- Operating income after depreciation/amortisation and financial items totalled KSEK –2,547 (–1,737).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK -0.26 (–0.58).
- Cash flow from operating activities was KSEK –3,494 (–1,305).
Year of 2019 (same period previous year)
- Net sales amounted to KSEK 0 (0).
- Operating income after depreciation/amortisation and financial items totalled to KSEK –11,808 (–3,483).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK –1.21 (–0.8).
- Cash flow from operating activities was KSEK –12,504 (–1,308).
Significant events during the period
- During the Quarter, the Company completed a 4 hole, 998m drill programme testing several large geochemical and geophysical anomalies previously defined the Castriz prospect, part of its flagship Corcel nickel-cobalt-copper (Ni-Co-Cu) project in northwest Spain.
- Diamond drilling commenced at Castriz on 17 September and was completed on 7 November. Geological logging and geochemical sampling of the drill holes has determined there to be large areas of ultramafic rock with elevated Ni-Co-Cu metal contents. Mineral and rock studies have commenced to determine any potential for economic extraction.
- During the Quarter, the Company completed new samples for petrographic and chemical analysis on our swedish projects and previously found and analyzed bouldes and outcrops have been investigated further.
- The Company welcomed the election of Monia Benbouzid as Chairman. Monia is a market and green tech expert and has held senior roles with several large groups including UN, Green Party, African Union.
Significant events after the period
- The Company released the final results from the remaining two diamond drill holes at Castriz. Results show that the anomalous levels of nickel now intersected for over 700m in strike and 700m in width. This is much larger area then previous analysis and drilling activities indicated
- The Company has been inserted as a partner in the EU project S3-MINE. S3-MINE main objective is the development and implementation of a mining pilot at 10 different facilities in 6 different EU countries to demonstrate the feasibility of innovative digital technologies throughout the mining life cycle as a powerful tool to increase efficiency, selectivity and profitability of the mining operations while minimizing environmental impacts and associated health & safety issues. As a preselect member in the S3-MINE project the Company can apply for monetary funding from a fund assigned to this project.
Summary of CEO comments:
- During the quarter the Company completed the maiden drilling programme at the Castriz prospect.
- Drilling has confirmed what the historical explorers originally reported and identified that the extensive zone of bedrock with elevated Ni-Co-Cu contents is much larger than previously thought, measuring approximately 700m in strike and up to 700m in width.
- In 2020 the Company will complete the remaining tests at the Castriz prospect needed to assess its economic potential.
- The Company has also commenced planning its 2020 work programme at the Corcel Project and will look to expand the zones of prospectivity to other areas of the project.
- The Company completed new samples for petrographic and chemical analysis on our Swedish projects and previously found and analyzed boulders and outcrops have been investigated further.
- The Company is proud of what it has achieved to-date and continues to implement its strategy to become a European-based mining company targeting extraction of ethical and fully traceable battery minerals which are critical to the EV market in Europe.
Eurobattery Minerals AB’s year-end report January – December 2019 is attached to this press release and is available to download from the Company’s website: https://eurobatteryminerals.com//en/economic-reports/
For further information, please contact:
Roberto García Martínez, CEO
Email: roberto@eurobatteryminerals.com
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on February 26, 2020 at 08:00 CEST.
Eurobattery Minerals in brief
Eurobattery Minerals is a mining and prospecting company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The company has one mining license and eight exploration licenses. The headquarters is located in Stockholm.
Augment Partners AB, tel. +46 8 505 651 72, email: info@augment.se is Eurobattery Minerals’ Mentor
Eurobattery Minerals AB (NGM; “BAT”), a growth company in the mineral exploration industry with a corporate vision to help Europe become self-sufficient in ethical battery minerals, today announced that the company has been inserted as partner in the S3-MINE programme that has been founded and supported by the European Union.
Eurobattery Minerals is a partner in the S3-MINE programme and can apply for monetary support from the fund assigned to this programme. At this point, it is specifically Eurobattery Minerals’ rare earth element and vanadium project in Fetsjön, Sweden that is part of the programme, although this may be expanded to include other projects. Fetsjön is located in Västerbotten, a region that is also one of the prioritized regions for the S3-MINE project.
“Securing the supply of sustainable battery minerals to the European automotive industry is a necessity in order to manage the transition to electric vehicles. Therefore, it is great to see that EU is committed in supporting this transition,” said Roberto García Martínez, CEO of Eurobattery Minerals.
The primary objective of S3-MINE is the development and implementation of mining pilot programmes at ten different facilities in six different EU countries to demonstrate the feasibility of innovative digital technologies throughout the mining life cycle as a powerful tool to increase efficiency, selectivity and profitability of the mining operations, while at the same time minimizing environmental impacts and associated health & safety issues.
The project is supported and founded by the European Commission and run by ICAMCyl (the International Center of Advanced Materials and raw materials of Castilla y León), a private non-profit research foundation. Visit their website www.icamcyl.com/en.
“As a provider of ethical and fully traceable battery minerals from Europe we are committed to play an important role in the transition to a more sustainable transportation industry and we are extremely excited to be part of this project,” said Roberto García Martínez.
Following qualification for the programme, the next step is an initial project meeting in order to define work processes and next steps. This meeting will take place in September 2020.
For more information, please visit https://s3platform.jrc.ec.europa.eu/mining-industry
About Eurobattery Minerals
Eurobattery Minerals is a mineral exploration company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The company has one mining license and eight exploration licenses. The headquarters is located in Stockholm.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor
For further information, please contact:
Roberto García Martínez, CEO
roberto@eurobatteryminerals.comhttps://eurobatteryminerals.com//en/
Eurobattery Minerals AB (Nordic Growth Market: “BAT”; “the Company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announced the final results from the drilling campaign for nickel, cobalt and copper at its Castriz prospect in Galicia in northern Spain. In the larger Corcel project, Castriz is one of three primary prospect areas together with Monte Mayor and Monte Castello.
Key points:
-
Final assay results received from recent drilling at Castriz prospect. Results received from the remaining two holes of the four hole, 998m drilling program.
- Previously identified coincident geochemical and geophysical anomalies tested by drilling. Maximum assay results of up to 0.69% Ni, 0.28% Cu and 0.02% Co were intersected.
- Anomalous levels of nickel now intersected for over 700m in strike and 700m in width. Much larger area then previous analysis and drilling activities indicated.
- Mineral analysis underway to evaluate economic potential for a large tonnage resource.
- Additional elevated levels of nickel (Ni), copper (Cu) and cobalt (Co) intersected at Castriz, extending the prospective zone along strike and in width. Assay highlights include:
-
75m @ 0.24% Ni, 0.04% Cu & 0.01% Co from 131.5m (19DD0003)
- including 9.0m @ 0.44% Ni, 0.14% Cu & 0.02% Co from 191.5m
- 28.8m @ 0.20% Ni, 0.14% Cu & 0.01% Co from 6.8m (19DD0004)
- Planning underway to apply proven mineral exploration strategy at the Monte Mayor and Monte Castello prospects.
A total of 314 samples were geochemically analysed following the Company’s four hole, 998m drilling programme during Autumn of 2019. The results from these two remaining two drill holes has expanded the zone of anomalous levels of nickel.
–We are very pleased with the updated results. The drilling results have significantly increased the size of the prospective resource, confirmed the grade, and demonstrated the continued existence of a potential for large tonnage resource,said Roberto García Martínez, CEO of Eurobattery Minerals.
Field activities completed by BAT in 2019 at the Castriz prospect identified large zones, up to 1km in strike, with anomalous nickel (Ni), copper (Cu) and cobalt (Co) geochemistry and coincident increased magnetic response in the underlying bedrock.
Three of the zones were drill tested to assess the potential for mafic-ultramafic hosted Ni-Cu-Co sulphide deposits. Drilling intersected a sequence of variably mineralised sepentinite and amphibolite units at the northern and western anomalies.
The Company previously announced the results of the first two drill results (see NGM release 10th December 2019), including 69m @ 0.30% Ni, 0.04% Cu & 0.01% Co from 78m (19DD0001) and 24.5m @ 0.30% Ni, 0.12% Cu & 0.01% Co from 14.5m (19DD0002) and identified a prospective zone of over 500m in strike length. Assay highlights from the final two holes include:
- 75m @ 0.24% Ni, 0.04% Cu & 0.01% Co from 131.5m, including 9.0m @ 0.44% Ni, 0.14% Cu & 0.02% Co from 191.5m (19DD0003)
- 28.8m @ 0.20% Ni, 0.14% Cu & 0.01% Co from 6.8m (19DD0004)
The results of the final two drill holes have now expanded this zone to over 700m in length and 700m in width, further increasing the prospective zone of near-surface metal-rich rock.
BAT has commenced mineral studies which will be used in conjunction with the assay data to assess the economic potential at Castriz to host large, bulk tonnage resources or selective mining of higher-grade resources.
–The development activities remain on schedule to assess the economic potential of the project advancing towards to pre-feasibility studies during 2020 and we are looking forward to give continuous updates on the progress, Roberto García Martínez concludes.
Further to this, the Company will also look to apply its successful exploration strategy elsewhere in the Corcel Project, including the Monte Mayor and Monte Castello prospects in close proximity to Castriz.
The attached report contains detailed analysis about the drill results at the Castriz prospect.
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com//en/
This information is the sort of information that the company is obliged to disclose under the EU market abuse regulation. The information was submitted by the above contact person for publication on 28 January 2020 at 08:00 CEST.
Eurobattery Minerals is a mining and prospecting company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The Company has one mining licence and eight exploration licences. The headquarters are located in Stockholm.
Augment Partners AB, email: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor.
Today the independent securities broker Mangold Fondkommission announced that they will start monitoring Eurobattery Minerals (NGM; “BAT”). The company issued an analysis on Eurobattery Minerals that sets a target stock price at 106 SEK in a 12 month period.
In the analysis Mangold writes:
“Eurobattery Minerals is something as unusual as a green-tech mining company that focuses on producing the necessary metals for the European battery and electric car market, in an environmentally friendly way. Mangold believes that due to the extreme growth of electric cars, tough consumer demands and little competition, Eurobattery Minerals has great potential to become a successful supplier of metals to the battery industry.”
To read the full analysis, please go to https://insight.mangold.se/
About Eurobattery Minerals
Eurobattery Minerals is a mining and prospecting company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The company has one mining license and eight exploration licenses. The headquarters is located in Stockholm.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor
For further information, please contact:
Roberto García Martínez, CEO
roberto@eurobatteryminerals.comhttps://eurobatteryminerals.com//en/
Eurobattery Minerals AB (Nordic Growth Market: “BAT”; “the Company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announced that Monia Benbouzid has been elected new board member and chairman of the board to the company at an extra ordinary board meeting that has taken place on the 17th of December 2019.
As chairman of the board she replaces acting chairman of the board Martin Boldt Christmas who will assume a position as member of the board.
– I welcome Monia to our team. She brings valuable experiences to us and as the chairman of the board she will play an important role when we now increase the pace in providing European battery minerals for the booming EV-market, said Roberto García Martínez, CEO at Eurobattery Minerals.
As a market and Green Tech expert, Monia has led many organizations expansion through sustainable partnership and exchange of knowledge and she has a vast experience from both public and private sectors. Monia has served in senior positions in the UN, the Green Party, African Union, Clavister, Sensys among others. She currently has a role as VP Marketing and Sales in EMEA at the green tech company Nanol.
– As the foundation of the battery value chain we play a crucial role in transforming to a sustainable automotive industry, said Monia Benbouzid, new elected chairman of the board at Eurobattery Minerals. In my role I will work closely with policy makers for standardizations, the EV industry and with the investor community that are increasingly looking for sustainable investments.
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com//en/
Eurobattery Minerals is a mining and prospecting company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The company has one mining license and eight exploration licenses. The headquarters is located in Stockholm.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor.
Eurobattery Minerals AB (Nordic Growth Market: “BAT”; “the Company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announced the first results from the drilling campaign for nickel, cobalt and copper at its Corcel project in Galicia in northern Spain. In the larger Corcel project, Castriz is one of three primary prospect areas together with Monte Mayor and Monte Castello.
Key points:
- Initial assay results received from recent drilling at Castriz prospect. Results received from the first two holes of the recent four hole, 998m drilling program.
- Previously identified coincident geochemical and geophysical anomalies now tested by drilling.
- Elevated levels of nickel (Ni), copper (Cu) and cobalt (Co) intersected in underlying bedrock. Assay highlights from the first two drill holes include:
- 69m @ 0.30% Ni, 0.04% Cu & 0.01% Co from 78m (19DD0001)
- 24.5m @ 0.30% Ni, 0.12% Cu & 0.01% Co from 14.5m (19DD0002)
- Extensive zone of Ni-Cu-Co anomalous rocks interpreted to exist at Castriz, with aforementioned drill holes separated by over 500m of strike length.
- Assay results pending from two additional drill holes. Results anticipated to be received in early 2020.
A total of four diamond drill holes were completed for a total of 998m with the Company receiving assay results for two of the drill holes and the results confirms high level of nickel.
– With the first drilling results in hand we can now confirm the high level of battery minerals in the ground that the previous analyses from field work this year have indicated. We are following our time plan and, in the beginning of 2020, we will receive the additional results from the remaining drill holes. However, already now we can conclude that there is a high level of nickel in the area and this is very encouraging, said Roberto García Martínez, CEO of Eurobattery Minerals.
Earlier field activities that BAT completed in the Castriz prospect identified four large zones, up to 1km in strike, with anomalous nickel (Ni), copper (Cu) and cobalt (Co) geochemistry and coincident increased magnetic responses in the underlying bedrock.
Three of the zones were drill tested to assess the potential for mafic-ultramafic hosted Ni-Cu-Co sulphide deposits. The drilling intersected a sequence of variably mineralised serpentinised ultramafic units, banded amphibolite and massive amphibolite units at the northern and western anomalies. Assay highlights from the first two holes includes:
- 69m @ 0.30% Ni, 0.04% Cu & 0.01% Co from 78m (19DD0001)
- 24.5m @ 0.30% Ni, 0.12% Cu & 0.01% Co from 14.5m (19DD0002)
The first two drill holes are separated by over 500m in strike indicating the potential for an extensive zone of near-surface metal-rich rock may occur in the area.
After receiving the final results in the beginning of 2020, BAT will assess the broader potential of the Castriz prospect for containing Ni-Cu-Co sulphide resources in near-surface ultramafic units and at depth, and Cu-sulphide resources in the amphibolite units similar to the Touro Copper Project (46.5Mt @ 0.37% Cu) located ~60km southeast of the Castriz prospect, owned by Atalaya Mining PLC.
The attached report contains detailed analysis about the drilling results received to date.
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com//en/
This information is the sort of information that the company is obliged to disclose under the EU market abuse regulation. The information was submitted by the above contact person for publication on 10th of December at 08:00 CEST
Eurobattery Minerals is a mining and prospecting company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The company has one mining license and eight exploration licenses. The headquarters is located in Stockholm.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor.
Eurobattery Minerals AB (NGM; “BAT”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announced a collaboration with two leading universities in efforts to find new ways to recover rare earth elements (REE) from apatite without the risk of getting unwanted residuals.
– Rare earth elements are key raw material to source in order to make the electric revolution real, and we have to source it in a controlled and sustainable way. In this development, science and new innovations plays an important role. Therefore, I am very pleased that we have entered in to this collaboration with these prominent researchers and we are looking forward to new results that hopefully will lead to full scale tests, said Roberto García Martínez, CEO.
In the project, professor Jaroslaw Majka at the Department of Earth Sciences at the Uppsala University and professor Maciej Manecki at the AGH University of Science & Technology in Krakow are studying ways which may potentially open new more efficient and cost effective methods to obtain battery minerals as complements to current used technologies in the industry.
– As researchers we have an important role to play in collaborating with the mining industry to find new, sustainable and more efficient ways to obtain critical raw material and I am looking forward to our continuous collaboration with the Uppsala University and mining companies like Eurobattery Minerals, said Dr. Maciej Manecki at the AGH University of Science & Technology in Krakow.
Several REE occurrences in Sweden are included in the study and among them is Eurobattery Minerals deposit in Fetsjön in Västerbotten in northern Sweden. In this occurrence the researchers will conduct field studies that will lead to laboratory tests of the material.
– Apatites in the shales at Fetsjön are very promising for recovering REE and we are looking forward to conduct further tests and analysis, said Dr. Jaroslaw Majka at the Uppsala University.
More information about the research project can be found here (in Swedish) – https://www.geo.uu.se/nyheter/?tarContentId=821318.
About Eurobattery Minerals
Eurobattery Minerals is a mining and prospecting company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The company has one mining license and eight exploration licenses. The headquarters is located in Stockholm.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor
For further information, please contact:
Roberto García Martínez, CEO
roberto@eurobatteryminerals.com
https://eurobatteryminerals.com//en/
Dr. Jaroslaw Majka,
Department of Earth Sciences,
Uppsala University, Sweden
Dr. Maciej Manecki,
Department of Mineralogy, Petrography and Geochemistry,
AGH University of Science & Technology, Krakow, Poland
gpmmanec@cyfronet.krakow.pl