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29 March, 2022

New results from Spanish Corcel support the estimated 60 million tonnes with 0.25% nickel – Covid-19 at external lab delay accredited resource to Q2

Stockholm, 29th of March 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, announces that additional assay results have been received from the drill holes carried out in the 2021 diamond drilling campaign on its Spanish Corcel project, initiated in June 2021 and completed according to the budget in December 2021. Because of Covid-19, the ALS lab is delayed providing the necessary data needed for the Qualified Person to issue the accredited resource certification (Ni 43-101). This is now expected during the second quarter of 2022.

  • Results have been received for 5 drill holes (COR005, COR006, COR007, COR008 and COR011) of the 7 drill holes drilled in the 2021 campaign.
  • Elevated levels of nickel (Ni), copper (Cu) and cobalt (Co) intersected in all the drill holes for which results are available. Assay highlights from these drill holes include:
    • 17.6 m @ 0.27% Ni, 0.03% Cu and 0.01% Co (COR005)
    • 24.1 m @ 0.40% Ni, 0.13% Cu and 0.01% Co (COR006)
    • 20.1 m @ 0.41% Ni, 0.07% Cu and 0.01% Co (COR007)
    • 22.0 m @ 0.30% Ni, 0.05% Cu and 0.01% Co (COR008)
    • 18.40 m @ 0.29% Ni, 0.05% Cu and 0.01% Co (COR011)
  • These results, together with those obtained in the 2019 campaign, confirm the interest of the Ni-Cu-Co deposit of the Corcel project and, taking into account the size of the anomalous zone, the company may be looking at a deposit of considerable size (around 60 million tonnes with 0.25% Ni).
  • The results of the last two drill holes carried out in the 2021 campaign are awaited and are expected at the end of March, according to laboratory forecasts (ALS).
  • Due to delays resulting from Covid-19 at the ALS lab in Ireland, the lab has been unable to finalize the necessary data needed for the Qualified Person to issue the accredited resource certification through the NI 43-101 technical report. This was originally planned for the first quarter of 2022 but is now expected during the second quarter of 2022.

“With 70% of the results in hand, I can assure that the results are as satisfactory as we earlier communicated. We are now eagerly awaiting to obtain the accredited resource certification that will enable us to plan for the next step for our nickel project in the heart of Europe. The tragic developments in our region have yet again underlined the importance of our need for European self-sufficiency in these critical battery minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals. 

In 2021 a total of 7 diamond drill holes have been completed with a total drilled length of 1,134 meters. Work has focused on the "West Anomaly" where the company's previous exploration work recorded ground anomalies of up to 0.33% Ni coincident with an increase in the magnetic response of the underlying rocks. DDH COR003 (19DD0001) confirmed the source of the anomaly in this area with an average grade of 69 m @ 0.30% Ni, 0.038% Cu and 0.01% Co from 78 m depth, including 21m @ 0.345% Ni, 0.045% Cu and 0.011% Co from 78 m depth.

To date, the results of five surveys (COR005, COR006, COR007, COR008 and COR011) have been received, and the results of the last two (COR009 and COR010) are expected to be received by the end of March, according to forecasts from the laboratory where the samples are sent (ALS, Ireland).

Laboratory turnaround times are proving to be longer than normal due to the situation caused by the Covid-19 pandemic in early 2022. 

"Our laboratory in Ireland found itself in a critical situation in the first weeks of January with increased turnaround times. Our workforce was significantly reduced due to the steady increase in Covid-19 positive cases and close contact isolates", said David Risueño Romero,Operation Manager at ALS Global.

Due to delays resulting from Covid-19 at the ALS lab in Ireland, the lab has been unable to finalize the necessary data needed for the Qualified Person to issue the accredited resource certification through the NI 43-101 technical report. This was originally planned for the first quarter of 2022 but is now expected during the second quarter of 2022.

Next steps

With 70% of the results of the samples taken from the drillholes, the results are very satisfactory. The company is waiting to obtain the rest of the results to evaluate the real potential of the investigated area and obtain an accredited resource certification (Ni 43-101) in the second quarter of the year 2022.

Please see appendix for further information: Appendix to press release 29th of March 2022 - Additional detailed summary of the drilling results in Corcel.

For more information, please contact:

Roberto García Martínez, CEO of Eurobattery Minerals

press@eurobatteryminerals.com

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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 29th of March 2022 at 07:30 CEST.

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.

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.

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