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15 June, 2021

Eurobattery Minerals starts new drilling campaign at Corcel project in Spain

  • A new drilling campaign starting in June 2021 will target the Castriz prospect zone. Castriz is one of three primary prospects in the larger Corcel project in Spain, together with Monte Mayor and Monte Castello. 
  • With a target of approximately 1,000 metres of new drilling, the campaign ­– along with an estimate of inferred resources as stipulated in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC code) ­– will be finalised in December 2021.
  • The previous drilling campaign in 2019 confirmed a larger-than-expected mineralised zone and demonstrated the existence of extensive Ni-Cu-Co anomalies with higher grade values than initially anticipated (especially in Ni).

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, hereby announces the start of a new drilling campaign as part of its Spanish Corcel project. The new drilling campaign will target the Castriz prospect zone. Castriz is one of three primary prospects in the larger Corcel project, together with Monte Mayor and Monte Castello. The aim of the drilling campaign is to obtain an estimate of inferred resources, as stipulated in the JORC code. The drilling campaign and the JORC resource estimate will be finalised in December 2021. The Corcel project is located in northwest Spain, some 50 kilometres from the city of La Coruña.

“I am excited about the start of the new drilling campaign in our Spanish battery minerals project. We already know that the Corcel project has significant potential. This year’s drilling and subsequent JORC will give us a more precise calculation of the ore potential. With this in hand, we will be able to take the next step in preparing for an open-pit mine for European-mined battery minerals, which is our objective in Corcel,” says Roberto García Martínez, CEO of Eurobattery Minerals. 

The drilling campaign will begin in June and be finalised in December 2021, with a target of carrying out new drilling totalling approximately 1,000 metres. The aim of the new campaign is to define an accredited resource estimation using the JORC code. The code sets out the minimum standards, recommendations and guidelines for estimating and public reporting of exploration results, mineral resources and ore reserves. 

The previous drilling campaign in 2019 demonstrated extensive Ni-Cu-Co anomalies with higher grade values than initially expected (especially in Ni). The final results of the work carried out in 2019 showed that the mineralised area prospected was more significant than initially expected. The drilling results considerably increased the size of the prospective resource, confirmed the grade and demonstrated the continued potential for large tonnage resource. The results of the mineral test conducted by SGS Lakefield in Canada and ALS GLOBAL in Perth, Australia, confirmed the economical grade nickel sulphide found in the Corcel Project1:

  • The results from the analytical method utilised by ALS Global (ME-ICP09) confirmed that 75-85% of the nickel in the samples submitted is attributable to nickel sourced from economic sulphide minerals. 
  • The mineral studies conducted by SGS Lakefield in Canada (QEMSCAN and EPMA) determined the predominant Ni-sulphide mineral pentlandite with very minor millerite and violarite. Silicate minerals, iron oxides and chromite contain relatively low nickel concentrations.

The 2021 drilling works will focus on the “western anomaly,” in the vicinity of the DDH COR003 (19DD0001), where the company’s previous exploration activities recorded soil anomalies up to 0.33% Ni coincident, with an increase in the magnetic response of the underlying rocks. The DDH COR003 (19DD0001) confirmed the source of the anomaly in this area with an average grade of 69m @ 0.30% Ni, 0.038% Cu, 0.01% Co from 78m, including 21m @ 0.345% Ni, 0.045% Cu, 0.011% Co from 78m depth. Due to the results obtained during the last campaign, the objective of the work in 2021 is to fully recognise the anomaly and to be able to obtain resources from this area by the end of the year. In order to carry out the drilling work, an agreement has been reached with the owners of the land where the anomaly is located.

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Image 1. Work area during 2021

The leading infrastructure contractor GEONOR will perform the drilling campaign. GEONOR previously drilled the 2019 diamond drill holes in the Corcel project and is thus familiar with the characteristics of the terrain to be drilled during this campaign.

For further information, please contact:

Roberto García Martínez, CEO 

E-mail: roberto@eurobatteryminerals.com

Website: https://eurobatteryminerals.com/en/

This information is such 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 at 8:30 a.m. CEST on June 15, 2021.

About 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.

Please visit www.eurobatteryminerals.com for more information.

Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.

1 Mineral tests confirm economical grade nickel sulphide at Corcel, Press release 20 September 2020

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