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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 that FinnCobalt Oy has updated the Company on additional assay results from summers drilling programme at the Hautalampi Ni-Co-Cu Project (“Hautalampi”; “the Project”), eastern Finland. The Company has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
Key points:
- Additional assay results have been received from the drilling programme completed at the Hautalampi nickel (Ni), cobalt (Co), copper (Cu) project in eastern Finland.
- Drilling has confirmed significant extensions to the known mineralisation from 800 meter to 1,400 meter along strike to the northeast of the historical resource. Mineralisation still open along strike and down dip.
-
Thick intervals of nickel (Ni), cobalt (Co) and copper (Cu) sulphide mineralisation have been intersected. Assay highlights include:
-
15.1m @ 0.25% Ni, 0.08% Co, 0.25% Cu (0.57% NiEq)[1] from 95m (HA20-015)
- including 2.65m @ 0.36% Ni, 0.16% Co, 0.40% Cu (0.94% NiEq) from 95.4m
- and 4.95m @ 0.25% Ni, 0.08% Co, 0.29% Cu (0.58% NiEq) from 102m
-
4.0m @ 0.42% Ni, 0.06% Co (0.59% NiEq) from 94m (HA20-021)
- including 1.0m @ 0.56% Ni, 0.13% Co, 0.12% Cu (0.93% NiEq) from 94m
- 12.0m @ 0.27% Ni, 0.09% Co, 0.21% Cu (0.57% NiEq) from 117m (HA20-021)
- including 2.0m @ 0.42% Ni, 0.19% Co, 0.54% Cu (1.12% NiEq) from 125m
- 7.0m @ 0.34% Ni, 0.02% Co (0.39% NiEq) from 256m (HA20-021)
-
15.8m @ 0.24% Ni, 0.05% Co (0.39% NiEq) from 52m (HA20-029)
- including 2.25m @ 0.37% Ni, 0.09% Co, 0.18% Cu (0.67% NiEq) from 53.9m
- 6.0m @ 0.26% Ni, 0.06% Co, 0.11% Cu (0.45% NiEq) from 90m (HA20-020)
-
15.1m @ 0.25% Ni, 0.08% Co, 0.25% Cu (0.57% NiEq)[1] from 95m (HA20-015)
- Final assay results are anticipated in the beginning of 2021. Following receipt of the results, a review of the data will be completed with the view of establishing a mineral resource and plan for Phase 2 drilling in 2021.
“In combination with the previously announced results, and the fact that the drilling campaign only covered a small area of the Hautalampi project, the analysis gives us even more confident that the mineralisation along strike from the historic resource contains high metal grades. Based on visual observations, we anticipate that the remaining assays will define a prospective zone that is at least 600 meter in length which is still open along strike and down-dip, this is very encouraging, said Roberto García Martínez, CEO of Eurobattery Minerals.
FinnCobalt has informed the Company of assays received from Phase 1 drilling at the project from July to September, 2020. The Phase 1 drilling targeted resource extensions to the northeast of the historic NI43-101 mineral resource estimate of 3.15Mt @ 0.43% Ni, 0.35% Cu, 0.12% Co (Fig. 1). A total of 29 drill holes were completed for 3,769m with all drill holes completed within the valid Hautalampi mining concession (Fig. 1). More than 1,700 samples from the drilling have been submitted for geochemical assaying at ALS Geochemistry. All sample preparation and analysis was subject to industry standard QA/QC procedures.
Drilling has further confirmed the occurrence of Ni-Co-Cu sulphide-bearing lodes along strike of the historic resource. The westernmost lode (Blue Sky 1) is particularly exciting with assays now confirming significant mineralisation between 800 – 1,400m along strike from the historic resource. The latest results are particularly pleasing as extensional drilling to previous announced results confirm that the mineralisation is continuous along strike[2]. Pyrrhotite, pentlandite and chalcopyrite are the dominant sulphide minerals which is important as these minerals are recoverable using conventional mineral processing technologies (Fig. 2). The latest assay highlights are summarised in Table 1.
FinnCobalt is currently interpreting geological and structural data collected on the core and optimising the geological and ore deposit model developed for the adjacent Keretti copper mine. All the ore intersections encountered occupy a position in the hangingwall of the Keretti deposit and were not the target of most of the historical drilling or any mining. The current model interprets the mineralisation as a tightly folded antiform which is inclined to the northwest. Importantly, the lower limb of the mineralisation is thickening and increasing with grade at depth with mineralisation still open down-dip (Fig. 3).
The latest assay results have further proven the potential for economic grades of Ni-Co-Cu mineralisation along strike from the historical mineral resource. Remaining assay results from the 2020 drilling programme will be announced early 2021.
|
Hole ID | Target | From (m) | To (m) | Int (m) | Ni (%) | Co (%) | Cu (%) | NiEq (%) | |
| HA20-015 | Blue Sky 1 | 92.75 | 93.55 | 0.80 | 0.30 | 0.11 | 0.16 | 0.63 | |
| 95.00 | 110.10* | 15.10 | 0.25 | 0.08 | 0.25 | 0.57 | |||
| incl. | 95.40 | 98.05 | 2.65 | 0.36 | 0.16 | 0.40 | 0.94 | ||
| and | 102.00 | 106.95 | 4.95 | 0.25 | 0.08 | 0.29 | 0.58 | ||
| HA20-021 | Blue Sky 1 | 94.00 | 98.00 | 4.00 | 0.42 | 0.06 | 0.04 | 0.59 | |
| incl. | 94.00 | 95.00 | 1.00 | 0.56 | 0.13 | 0.12 | 0.93 | ||
| 117.00 | 129.00 | 12.00 | 0.27 | 0.09 | 0.21 | 0.57 | |||
| incl. | 121.00 | 123.00 | 2.00 | 0.27 | 0.11 | 0.26 | 0.65 | ||
| and | 125.00 | 127.00 | 2.00 | 0.42 | 0.19 | 0.54 | 1.12 | ||
| 132.00 | 133.00 | 1.00 | 0.25 | 0.03 | 0.23 | 0.43 | |||
| 256.00 | 263.00 | 7.00 | 0.34 | 0.02 | 0.00 | 0.39 | |||
| HA20-029 | Blue Sky 1 | 52.00 | 67.80 | 15.80 | 0.24 | 0.05 | 0.05 | 0.39 | |
| incl. | 52.00 | 60.00 | 8.00 | 0.28 | 0.06 | 0.08 | 0.47 | ||
| incl. | 53.90 | 56.15 | 2.25 | 0.37 | 0.09 | 0.18 | 0.67 | ||
| and | 62.00 | 67.80 | 5.80 | 0.20 | 0.04 | 0.04 | 0.32 | ||
| HA20-020 | Blue Sky 1 | 61.40 | 65.00 | 3.60 | 0.38 | 0.05 | 0.07 | 0.54 | |
| 90.00 | 96.00 | 6.00 | 0.26 | 0.06 | 0.11 | 0.45 | |||
| incl. | 94.00 | 95.00 | 1.00 | 0.37 | 0.11 | 0.16 | 0.69 | ||
| HA20-014 | Blue Sky 1 | 36.20 | 37.30 | 1.10 | 0.28 | 0.03 | 0.33 | 0.51 | |
| 66.00 | 70.80 | 4.80 | 0.27 | 0.03 | 0.01 | 0.34 | |||
| incl. | 69.00 | 70.00 | 1.00 | 0.32 | 0.03 | 0.01 | 0.39 | ||
| 75.00 | 78.00 | 3.00 | 0.26 | 0.04 | 0.06 | 0.38 | |||
| incl. | 77.00 | 78.00 | 1.00 | 0.24 | 0.07 | 0.07 | 0.43 | ||
| HA20-019 | Blue Sky 1 | 29.00 | 30.00 | 1.00 | 0.35 | 0.02 | 0.01 | 0.41 | |
| 142.70 | 143.70 | 1.00 | 0.35 | 0.04 | 0.16 | 0.51 | |||
| HA20-009 | Blue Sky 2 & 3 | 40.10 | 41.10 | 1.00 | 0.45 | 0.01 | 0.02 | 0.49 | |
| HA20-010 | Blue Sky 2 & 3 | 37.70 | 40.00 | 2.30 | 0.34 | 0.02 | 0.02 | 0.41 |
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 30th of November 2020 at 08:00 CEST.
Eurobattery Minerals in brief
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT). 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 raw material critical to the expanding electric vehicle battery market. Please visit www.eurobatteryminerals.com for more information.
Augment Partners AB, tel. +46 8 505 651 72, email: info@augment.se is Eurobattery Minerals’ Mentor
[1] NiEq = nickel equivalent percentage. NiEq grade calculated using (USD prices of) nickel 14,264/t, copper 6,545/t and cobalt 34,200/t. No metallurgical or recovery factors have been assumed at this early stage of the Project. NiEq grade calculation = Ni% + (Co%*34200+Cu%*6545)/14264.
[2] See press release 13th October 2020 “High grade cobalt and nickel at Hautalampi project in Finland”.
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 that FinnCobalt Oyj (formerly Vulcan Hautalampi Oy) has informed the Company the completion of Phase 1 drilling at the Hautalampi Ni-Co-Cu Project (“Hautalampi”; “the Project”), eastern Finland. The drilling campaign has confirmed resource expansion potential between 800 meters and 1,400 meters along strike from historical mineral resource estimate with consistent Ni-Co-Cu mineralisation being intersected. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oyj in a staged acquisition.
Key points:
- Phase 1 drilling completed at Hautalampi Project in central Finland. In total 29 drill holes completed for a total of 3,769 meters. More than 1,000 samples submitted for geochemical assaying at ALS Geochemistry in Outokumpu with final assay results anticipated in 6-8 weeks.
- Drilling targeted resource expansion in the prospective Blue Sky zone located along trend from historical mineral resource.
-
Drilling has confirmed resource expansion potential between 800 meters and 1,400 meters along strike from historical mineral resource estimate with consistent Ni-Co-Cu mineralisation being intersected. Assay highlights include:
-
2.0m @ 0.45% Co, 0.63% Ni, 0.29% Cu (1.85% NiEq)[1] from 51m (HA20-018)
- including 0.5m @ 1.59% Co, 1.40% Ni and 0.26% Cu (5.32% NiEq) from 52.5m
- 4.5m @ 0.31% Ni, 0.01% Co (0.35% NiEq) from 75.5m (HA20-017), and
- 4.0m @ 0.26% Ni, 0.02% Co (0.33% NiEq) from 138m (HA20-017)
- 1.0m @ 0.37% Ni, 0.19% Co and 0.29% Cu (0.96% NiEq) from 59m (HA20-016), and
- 6.3m @ 0.25% Ni, 0.05% Co, 0.1% Cu (0.41% NiEq) from 71m (HA20-016)
- 2.4m @ 0.47% Ni and 0.03% Co (0.55% NiEq) from 74m (HA20-005)
- 4.75m @ 0.30% Ni and 0.03% Co (0.33% NiEq) from 84.25m (HA20-001)
-
2.0m @ 0.45% Co, 0.63% Ni, 0.29% Cu (1.85% NiEq)[1] from 51m (HA20-018)
“We are incredibly impressed with the progress of the Project so far with drilling being completed well ahead of schedule and are encouraged with what FinnCobalt has observed in the drilling and the initial assay results confirm our expectations. The high-grade intersection of 1.59% cobalt and 1.40% nickel is particularly pleasing and confirms the potential of the Project. We look forward to receiving the remaining assay results in the coming weeks”, said Roberto García Martínez, CEO of Eurobattery Minerals.
FinnCobalt has informed the Company that Phase 1 drilling has been completed at Hautalampi Project. All drill holes were completed within the valid Hautalampi mining concession. The Phase 1 drilling programme is the first completed since the Company announced the option to acquire the Project in May 2020[1]. Drilling targeted resource extensions along strike from the historic NI43-101 mineral resource estimate of 3.15Mt @ 0.43% Ni, 0.35% Cu, 0.12% Co (Fig. 1). A total of 29 drill holes were completed for 3,769m (Fig. 1).
More than 1,000 samples have so far been submitted for geochemical assaying at ALS Geochemistry in Outokumpu. Drilling has confirmed the presence of Ni-Co-Cu sulphides and resource expansion potential between 800m and 1,400m along strike from the previously defined historical mineral resource. A consistent zone of mineralisation containing Ni-Co-Cu sulphides have being intersected including high-grade Co-Ni mineralisation (Fig. 2).
Assay highlights include:
| Hole_ID | From (m) | To (m) | Int. (m) | Ni (%) | Co (%) | Cu (%) | NiEq (%) | |
| HA20-018 | 51.00 | 53.00 | 2.00 | 0.63 | 0.45 | 0.29 | 1.85 | |
| incl. | 52.20 | 52.70 | 0.50 | 1.40 | 1.59 | 0.26 | 5.32 | |
| 89.40 | 91.00 | 1.60 | 0.28 | 0.08 | 0.17 | 0.55 | ||
| HA20-017 | 62.50 | 64.00 | 1.50 | 0.36 | 0.02 | 0.00 | 0.40 | |
| 75.50 | 80.00 | 4.50 | 0.31 | 0.01 | 0.01 | 0.35 | ||
| incl. | 75.50 | 77.00 | 1.50 | 0.39 | 0.02 | 0.01 | 0.44 | |
| 91.00 | 92.00 | 1.00 | 0.30 | 0.03 | 0.03 | 0.39 | ||
| 138.00 | 142.00 | 4.00 | 0.26 | 0.02 | 0.02 | 0.33 | ||
| incl. | 138.00 | 139.00 | 1.00 | 0.37 | 0.05 | 0.08 | 0.52 | |
| 149.00 | 150.00 | 1.00 | 0.25 | 0.02 | 0.25 | 0.41 | ||
| HA20-016 | 59.00 | 60.00 | 1.00 | 0.37 | 0.19 | 0.29 | 0.96 | |
| 71.00 | 77.30 | 6.30 | 0.25 | 0.05 | 0.10 | 0.41 | ||
| incl. | 75.00 | 76.00 | 1.00 | 0.29 | 0.05 | 0.09 | 0.44 | |
| HA20-005 | 74.00 | 76.40 | 2.40 | 0.47 | 0.03 | 0.01 | 0.55 | |
| incl. | 75.70 | 76.40 | 0.70 | 0.88 | 0.08 | 0.04 | 1.08 | |
| HA20-001 | 84.25 | 89.00 | 4.75 | 0.30 | 0.01 | 0.00 | 0.33 | |
| incl. | 88.00 | 89.00 | 1.00 | 0.65 | 0.03 | 0.00 | 0.73 |
Eurobattery Minerals is highly encouraged by the initial assay results which confirm the potential for economic grades of Ni-Co-Cu mineralisation being found outside the historic mineral resource area. The high-grade cobalt and nickel intersection is of particular interest for the addition of high-value resources.FinnCobalt have informed the Company that following geological logging and core processing, all remaining assays will be received over the next 6-8 weeks. Following receipt of the final assays, FinnCobalt and the Company will assess all drilling results and plan the next stage of resource expansion drilling and prefeasibility study.
Figure 1. Drill hole collar plan for Hautalampi Project. Drill holes recently completed highlighted by red dots.
Figure 2. Drill hole HA20-018 showing massive sulphide zone from 51.4-52.4m. Interval assayed 2m @ 0.45% Co, 0.63% Ni, 0.29% Cu (1.85% NiEq) from 51m, including 0.5m @ 1.59% Co, 1.4% Ni, 0.26% Cu (5.32% NiEq) from 52.2m.
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 13 October 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 two mining licences 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 press release 11th May 2020 “Eurobattery Minerals signs investment agreement with option to acquire the Hautalampi nickel-cobalt-copper mine.
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 that Vulcan Hautalampi Oy (“VHOy”) has commenced the Environmental Impact Assessment (“EIA”) procedure for its 100% owned Hautalampi nickel (Ni), cobalt (Co), copper (Cu) project (“Hautalampi”; “the Project”) in Outokumpu, eastern Finland. Eurobattery Minerals has the option to acquire 100% of VHOy in a staged acquisition.
Key points:
- Hautalampi Ni-Co-Cu EIA procedure commenced for combined mining operations and processing plant to produce EV battery chemicals.
- Environmental permit for underground mining and off-site toll treatment of ore still valid.
- Expert Finnish environmental consulting and planning company Envineer Oy commissioned to deliver the EIA on behalf of VHOy. Envineer has been involved in most mining related EIAs and permit applications in the region.
- EIA procedure consists of two parts: the EIA programme and EIA report.
- The EIA programme will be prepared for the mining operations, processing plant and battery chemicals plant. It will include the relevant production sub-options and describes the current state of the environment related to the project, how the environmental impacts will be assessed and a plan on how the effects will be investigated.
- As a part of the EIA procedure, a preliminary consultation meeting has been conducted between the key authorities and VHOy. Involving stakeholders in the assessment work is also an essential part of the EIA procedure. To address this, VHOy will convene an EIA-procedure monitoring group.
- The EIA report describes the mining operation and processing options, describing the results of the assessment specified in the programme phase and evaluates the technical viability of the project from the environmental point of view.
- VHOy anticipates the EIA procedure will be completed in less than 12 months and will be followed immediately with the Environmental Permit Application.
“We are incredibly pleased that Vulcan Hautalampi Oy has commenced the EIA procedure so quickly. The EIA is an important step in the process of preparing a fully-fledged mine and battery chemicals plant. This brings Eurobattery Minerals closer to becoming a supplier of ethically sourced and traceable minerals and chemicals critical for the EV industry”, said Roberto García Martínez, CEO of Eurobattery Minerals.
VHOy (aka FinnCobalt), has informed the Company that the process for advancing the EIA for combined mining and processing at Hautalampi has commenced. It is the Company’s vision to produce Cu-concentrate and either Ni-Co-concentrate or even high value battery Ni-Co-chemicals suitable for electric vehicle (EV) battery manufacturing. This would fulfil the Company’s strategy of being a foundation member of the EV battery value chain in Europe.
The purpose of the EIA procedure is to generate information on the environmental impacts of a project, facilitate the consideration of environmental issues in planning and decision-making processes, and give the public and other stakeholders opportunities to participate in and affect these processes. An EIA must be conducted for all mining projects and is defined by law (EIA Act and Decree [227/2017]). The developer is responsible for investigating and assessing the environmental impacts of the project.
A preliminary consultation meeting has been held between key authorities and VHOy. The involvement of key stakeholders throughout the assessment process is a prerequisite and VHOy looks forward to engaging with them throughout the procedure. VHOy will convene an EIA-procedure monitoring group to facilitate the flow of information.
EIA procedure
The EIA procedure forms part of project planning and is conducted before any decisions are made to officially approve a proposed project. The EIA has two main phases resulting in the publication of an EIA programme and an EIA report. Arrangements for participation play an important role in both phases (Figure 1). The EIA programme will be published and a public hearing will be organised. All relevant stakeholders have a right to give their view of the planned EIA. The EIA procedure concludes with a view and justified conclusion provided by the coordinating environmental authority.
The most essential steps in the EIA procedure include: an assessment of the current state of the environment; definitions of various project alternatives, assessments of their environmental impacts, and a comprehensive picture of the impacts of the project and its implementation alternatives, presented together with assessments of the scale and significance of such impacts; plans for the mitigation of detrimental impacts; and the publication of an accurate and coherent EIA report. It must assess impacts on nature, human beings and the built environment and cover exceptional situations, environmental accidents, and means to mitigate adverse impacts.
Figure 1. EIA procedure (from Finnish Environment Institute).
Envineer Oy
Envineer Oy is a Finnish planning and consulting company founded in 2017. It operates throughout Finland and provides services from small design tasks to managing large projects. Envineer offers expert services in environmental consulting, nature surveys and assessments, contaminated land, waste management and material recovery, spatial planning, geo- and structural engineering, construction, and environmental research and rehabilitation. At the heart of the services are flexibility, reliability and expertise. It is a strong expert in mining, earth and aggregate projects and supporting the implementation of regulatory obligations.
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 17 August 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.
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 that Vulcan Hautalampi Oy (“VHOy”) is about to commence drilling at the Hautalampi nickel (Ni), cobalt (Co), copper (Cu) project (“Hautalampi”; “the project”) in Outokumpu, eastern Finland. The Company has the option to acquire 100% of VHOy in a staged acquisition for an aggregate consideration of €6.05m in shares and cash.
Key points:
-
Diamond drilling at the Hautalampi Ni-Co-Cu mine development to commence Monday
13
th July.
-
Phase 1 drilling programme to consist of 45 – 50 drill holes for approximately 4,500 – 5,000m aimed at increasing the Mineral Resource base.
-
Drilling to target “Blue Sky” mineralisation to the northeast and along strike of the existing Hautalampi Mineral Resource Estimate of
3.2Mt @ 0.43% Ni, 0.35% Cu and 0.12% Co.
-
Blue Sky zone measures 2,080m in length and 470m in width, offering the potential for a substantial increase in resource tonnage.
-
A minimum exploration target of
2.8 – 4.5Mt at 0.28 – 0.36% Ni has been identified within 40m of historical drilling. Substantial resource upside of more than 6.5Mt has been identified within 100m of historical drilling.
-
Approximately two thirds of the Blue Sky zone to be tested during phase 1 drilling, targeting the most prospective areas over an area of 720m in strike and 320m in width.
-
Drilling to target the
shallowest mineralisation in the Blue Sky areas which is potentially amenable to low cost, open pit mining.
The 100% owner and manager of the Hautalampi Project, VHOy, have informed the Company that a diamond drill rig and crew are scheduled to arrive at the site on Monday 13
th July with drilling to commence immediately. The drilling contractor, Northdrill Oy,
www.northdrill.fi/en is an experienced operator in Finland and previously worked on the project in 2017-2018.
– We are incredibly pleased and satisfied for this smooth and quick start-up of the drilling campaign at Hautalampi, said Roberto García Martínez, CEO of Eurobattery Minerals
. Desktop studies of historical drilling and the geological model has recognised the area for resource expansion is greater than previously identified. This is an exciting time for both companies as we fast-track the project to production and we look forward to seeing the results of the drilling over the coming months.
The Project
The Hautalampi Project is located at the same site as the famous Keretti (Outokumpu) copper mine (Figure 1). Approximately 28.5Mt @ 3.8% Cu was mined at Keretti from 1912 – 1989. The Hautalampi Ni-Co-Cu orebody is located parallel and above the exploited copper deposit. Existing surface and underground infrastructure, including a high voltage power line, concrete foundations and roads, provide significant location advantages to the project. Approximately €10-15M has been invested in Hautalampi by previous owners, including 22,000m of core drilling, a decline and additional underground mine development works (2,100m), mineral resource and reserve estimates, multiple mineral processing studies and a feasibility study. Previous investment enables VHOy and BAT to fast-track the project to an updated feasibility study status.
Figure 1. Location map of Hautalampi Project, eastern Finland.
Drilling Programme
The phase 1 drilling programme has been planned to cover approximately two thirds of the prospective Blue Sky zone. Approximately 45 – 50 drill holes have been planned for 4,500 – 5,000m (Figure 2). Drilling will be undertaken by Northdrill Oy, an experienced contractor with substantial experience in the project area. The drill rig is well conditioned to operate year round, including winter (Figure 3). Drilling rates are anticipated to be approximately 1,500m per month. The Company plans to mobilise additional drill rigs to expedite the completion of phase 1 drilling.Drill holes will be spaced along sections to infill the historical drilling which was completed on 80m sections, thereby providing total coverage at 40m section spacing. Each drill hole will be spaced at 40m within each section. The mineralised horizons in the zones being targeted are relatively shallow and appear to have the most promising metal grades. Drill holes will be angled at approximately -80° to intersect the lodes perpendicular. Drill hole depths will range from 50 – 190m, with an average depth of approximately 110m
Figure 2. Plan view of Mineral Resource and Blue Sky zones highlighting proposed drillhole collar locations (red dots).
Figure 3. Northdrill Oy drill rig manufactured to operate year round in Finland.
For further information, please contact:
Roberto García Martínez, CEO
E-mail:
roberto@eurobatteryminerals.com
Website:
https://eurobatteryminerals.com//en/
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.
Eurobattery Minerals AB (NGM Nordic SME: “BAT”; the “Company”), a growth company in the mining and exploration industry, closes the investment and shareholders agreement that was entered into on 11 may 2020. The investment and shareholders agreement includes an option for a staged acquisition of 100 per cent of the shares in Vulcan Hautalampi Oy (“VHOy”). The Company paid €0.05M in cash and €0.2M in BAT shares at the closing in consideration for the options to acquire VHOy.
The consideration in BAT shares is made at a price of €200,001 and is paid a 100 percent through the seller’s claim towards the Company, which is set off against payment for 150,663 BAT shares subscribed by the sellers in a directed issue. The shares are issued at an amount of SEK 14.01307 per share, which corresponds to the volume-weighted average price quote on Nordic SME for the Company’s share during ten days prior to the general meeting’s resolution to issue the shares.
All three sellers have entered into a lock-up agreement with the Company. The lock-up period starts today (27 may 2020) and ends on the date falling 270 days after the subscription of the directed issue.
More information regarding the investment and shareholders agreement is available in the press release that was made public on 11 may 2020.
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 27 May 2020 at 12:45 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