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21 September, 2020

MINERAL TESTS CONFIRM ECONOMICAL GRADE NICKEL SULPHIDE AT CORCEL

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 announces mineral test results conducted by  SGS in Canada on the nickel, cobalt, copper Castriz prospect in Galicia, northwest Spain. In the larger Corcel project, Castriz is one of three primary prospects together with Monte Mayor and Monte Castello.

Key points:

  • Mineral identification and characterisation studies completed on mineralised samples from Castriz Ni-Cu-Co prospect at the Corcel project.
  • The results of the analysis conducted by SGS Lakefield in Canada confirms the economical grade nickel sulphide findings in the Corcel project and further confirms the broader prospectively of the Castriz project area.

Seven samples from four diamond drill holes completed in 2019 were submitted to SGS Lakefield (Canada) for mineral identification and characterisation using QEMSCAN (Quantitative Evaluation of Materials by Scanning Electron Microscopy), chemical analysis and EPMA (electron microprobe analysis). The majority of samples were selected from the main mineralised nickel sulphide intervals previously confirmed by geochemical assaying (Fig. 1)[1][2]. The objective of the study was to determine the mineral abundances and high-level analysis of liberation characteristics of sulphide and gangue (waste) minerals to aid with future mineral testing programmes.“We are encouraged by the mineral test results which confirm high-value nickel sulphide minerals as dominating asset in the Castriz deposit. Our attention will now turn to identifying ways to maximise the value of our discovery by identifying potential massive sulphide zones and assessing the optimal mineral processing option for recovering the sulphides. The Corcel Project holds an important position in our project pipeline and we look forward to unlocking further value from this project in the future,” said Roberto García Martínez, CEO of Eurobattery Minerals.

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Figure 1. Plan view of the Castriz prospect showing highest priority areas for further investigation (blue boxes). Drill hole intersections show nickel-in-sulphide assay results.

The Project

Samples submitted for analysis were sourced from mineralised intervals from the “Northern” and “Western” anomalies (Figs. 1). The mineral studies determined the predominant Ni-sulphide mineral to be pentlandite ([Fe,Ni]9S8) with very minor millerite (NiS) and violarite (Fe2+Ni3+2S4). Silicate minerals, iron oxides and chromite contain relatively low nickel concentrations. The main silicates minerals include serpentine, pyroxenes, amphibole and chlorite. The Company is pleased that nickel concentrations in silicate minerals is low as this variety if nickel is refractory and physically non-recoverable. Furthermore, BAT is encouraged that the main Ni-bearing sulphide mineral is pentlandite as it is amenable to the conventional mineral recovery process of froth flotation. Initial nickel and copper mineral characteristics indicate that liberation will likely improve with decreasing grind size. Additional experimental studies are required to further understand mineral recovery parameters.

Next steps

The Company is encouraged by the latest evidence on the presence of nickel sulphides at Castriz which further confirms the broader prospectivity of the project area. BAT is assessing the latest mineral analysis results in relation to potential economic implications and development scenarios. Both bulk tonnage (low grade, large tonnage) and selective mining (high grade, smaller tonnage) strategies are being evaluated.

The Company is currently engaging with geophysical consultants and contractors to assess alternative geophysical methods, including electromagnetic (EM) surveys, that will preferentially image denser accumulations of sulphide minerals. Such metal accumulations are likely to have compelling financial metrics and be amenable to lower tonnage, selective mining methods.

All future capital intensive work programmes proposed at Corcel are being assessed in the context of the Company’s larger project portfolio. The Company remains focused on advancing its near-term production projects.

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 21 September 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 Finland, Spain and Sweden. The Company has one mining licence and eight exploration licences. The headquarters are located in Stockholm.

Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor.

[1]See BAT press release 4th May 2020 “New test results from Corcel Project confirm high proportion of nickel sulphide”.

[2]See BAT press release 22nd June 2020 “Final assays confirm high nickel sulphides discovery at Corcel Project”.

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