Eurobattery Minerals expands operations in Finland
Stockholm, 8th February 2022 – Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announces that FinnCobalt Oy has informed the company about its expansion in eastern Finland with a new granted reservation for applying an exploration permit over the highly prospective Varislahti prospect (“the Varislahti prospect”). The prospect covers over 23.6 km2 of ground highly prospective for Outokumpu-type deposits (cobalt-copper-nickel-zinc-gold). Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
“To meet Europe’s high and ever-increasing demand for battery minerals, the region needs to open more mines for these critical raw materials. Based on this demand, exploring new mineral deposits is a fundamental part of our business and I am very pleased that we are expanding our operations further in Finland, one of the most mining friendly countries in Europe", said Roberto García Martínez, CEO of Eurobattery Minerals.
FinnCobalt expands its footprint in eastern Finland being granted a reservation for exploration over the highly prospective Varislahti project.
Located ~10km west from the FinnCobalt Hautalampi project, Varislahti contains similar prospective rocks known to contain Co-Cu-Ni-Zn deposits.
In the area there is already one known deposit, Riihilahti deposit with historical mineral resources defined at total 0.7 Mt @ Cu 0.72 %, Co 0.09 %, Ni 0.03 %, Zn 0.09 %, Au 0.3 ppm, Ag 6 ppm, S 3.84 %
In addition, the area has historical drilling with some very interesting battery metals drill core intersections including:
Usi-11 8.6m @ Cu 0.23 %, Co 0.25 % inc. 1.25m @ Cu 0.46 %, Co 0.61 %
Usi-10 0.95m @ Cu 0.59 %, Co 0.09 %
FinnCobalt Oy will commence works in the area by compiling existing geological information and will prepare a plan for future exploration in the area.
The Varislahti cobalt-copper-nickel-zinc prospect is ideally located to infrastructure and FinnCobalt’s current base of operations being approximately 10 km west of the Hautalampi project (Fig. 1).
Importantly, the prospective Outokumpu-type rock formations occur in the reservation area. The same formation hosts the Hautalampi Ni-Co-Cu deposit and other major mineral prospects and deposits. A reservation gives priority right to FinnCobalt to apply for an exploration permit over the area.
Figure 1. Varislahti reservation area (green area) in relation to Hautalampi project (red).
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.