European Energy Metals Central Finland Exploration Licences Granted

Rhea-AI Summary

European Energy Metals (EUEMF) has successfully obtained exploration licenses for the Nabba and Nabba 2 sites in Finland, allowing for advanced exploration activities. The company's Central Finland Lithium Project has shown promising results with the discovery of the Kyrola Prospect, indicating significant lithium mineralization. The licenses are granted for four years with possible extensions up to 15 years, enabling activities like trenching and diamond drilling. European Energy Metals aims to conduct prospecting, mapping, geophysics, and drilling in 2024, positioning itself for further success.

Vancouver, British Columbia--(Newsfile Corp. - February 15, 2024) - European Energy Metals (TSXV: FIN) (FSE: W28) ("European Energy Metals" or the "Company") is pleased to report that the Nabba and Nabba 2 Exploration Licences (ELs) which were applied for in September and October 2023 have been granted by TUKES (Finnish Chemical and Safety Agency). The licences are located within the Company's Central Finland Lithium Project and cover 2,780 and 1,740 hectares (ha) respectively.

"European Energy Metals is grateful to TUKES for expediting these licence applications," commented CEO Jeremy Poirier. "With exploration licenses in place we will be able to advance the targets already generated with more advanced exploration including diamond drilling this year. European Energy Metals is poised for continued success in 2024," he concluded.

Under the Finnish Mineral Act the licences are granted for a period of four years after which extensions can be granted for a total of 15 years. These licences permit advanced exploration, including trenching and diamond drilling. The Company is in the process of finalizing its 2024 exploration plans however it is anticipated that prospecting, geological mapping, ground geophysics, trenching and diamond drilling will be conducted this year.

Property Highlights

Prospecting during 2023 identified multiple occurrences of lithium bearing spodumene pegmatite mineralization on the underlying Nabba Reservation. The highlight was the discovery of the Kyrola Prospect, a 350m long by 110m wide spodumene-bearing boulder field, where 49 rock chip grab samples were assayed from 3.84% Li₂O to 0.003% Li₂O, with 15 of the 49 samples returning grades in excess of 0.50% Li₂O (Li₂O = lithium oxide). The extent of the boulder field is constrained only by low-lying overburden covered areas and farm fields. The mean assay of these samples was 0.53% Li₂O. Fifteen samples assayed greater than 0.50% Li₂O, eleven assayed greater than 1.00% Li₂O, 4 assayed greater than 2.00% Li₂O and 1 assayed greater than 3.00% Li₂O. The boulders are generally angular and range in size from small hand size cobbles up to +1.5m in diameter. The boulders are also weakly anomalous in cesium, tantalum, beryllium and tin.

The boulders are comprised mineralogically of albite-spodumene-quartz-muscovite pegmatite with lesser accessory minerals such as tourmaline, garnet and beryl. They are typically massive to weakly zoned and appear to be mineralogically similar to the known Keliber deposits in the region, suggesting they may be part of the same mineralizing event.

Based on the known glacial history of the area and glacial dispersion of pegmatite boulders at the Keliber deposits (Ahtola et al, 2015) it is interpreted that the source of the boulders is likely to be to the northwest of the boulder field, and possibly within 300 m-500 m. Further studies will be required to confirm and define targets for drilling.

The Nabba ELs lie <8 km west of Keliber's Spodumene Concentrator Plant and several previously known lithium-spodumene pegmatite prospects/deposits occur within 1 km of the Nabba ELs, including the Emmes Deposit which hosts NNW-SSE trending Li-bearing, spodumene pegmatites, and a resource of 1.08 Mt grading 1.22% Li₂O (source: Finnish Geological Survey).

European Energy Metals cautions investors grab samples are selective samples by their nature and are not necessarily indicative of mineralization on the Nabba ELs. The Company further cautions the presence of lithium mineralization on Keliber Oy's properties is not necessarily indicative of similar mineralization on the Company's mineral reservations.

 
Figure 1: Nabba Exploration Licences Location and Exploration Highlights
 
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QA/QC Statement

Samples were submitted to ALS Laboratories in Sodankyla Finland. ALS inserted internal standards, blanks and pulp duplicates within each sample batch as part of their own internal monitoring of quality control protocols. European Energy Metals monitors precision and bias performance by inserting certified lithium standards (OREAS 750 and OREAS 753) as well as blanks into each batch submitted to ALS at a rate of 1:25.

The major element oxides and trace elements including Li, Cs, Ta and Be were analysed by ALS analytical package ME-MS89L + B-MS89L involving digestion by Na2O2 fusion followed by ALS's super trace ICP-MS methodology. QAQC results to date do not indicate any analytical accuracy issues with all standards returning values Li values within 3 standard deviations of their certified mean and blanks returning expected values.

Mike Basha, P.Eng., P.Geo. (NL), VP Exploration of European Energy Metals Corp., a Qualified Person as defined by National Instrument 43-101, has prepared the scientific and technical information contained in this press release.

About European Energy Metals Corp.

European Energy Metals Corp. is a junior mining company currently focussed on the Lithium-Cesium-Tantalum Finnish Pegmatite Project in central Finland. Governing bodies in Europe and Finland are legislating environmentally friendly and energy independent laws and policies. One of the key components is access to REE and, specifically, lithium. The company's concessions are located within 15 kms of the Keliber mine and production complex, currently under construction and expected to begin production in H2 2025.

An estimated €600 million investment by Keliber's parent company Sibanye-Stillwater Limited in partnership with the Finnish Minerals Group (www.mineralsgroup.fi) is underway in the Kautinen Region and will see the development of open-pit and underground mining from several deposits, construction of a central spodumene concentrator plant and a lithium hydroxide chemical plant at tidewater in Kokkola. When completed, this complex will comprise a complete hard-rock spodumene pegmatite lithium supply chain (source: www.sibanyestillwater.com).

Pursuant to an earn-in agreement with Capella Minerals Ltd (TSXV: CMIL), European Energy Metals has the right to earn an 80% interest in the Finnish Lithium Project by issuing 2,000,000 shares, paying Cdn$500,000 and incurring Cdn$2,500,000 dollars in exploration expenditures staged over a 4 year earn in period. A detailed assessment of the historic and government exploration data compiled by the Finnish Geological Survey ("GTK") identified a series of permissive tracts for LCT pegmatites. The concessions comprising the Finnish Lithium Project were identified as a result of this pegmatite research.

FOR FURTHER INFORMATION PLEASE CONTACT:

Jeremy Poirier, CEO
Telephone: 604-722-9842
Email: info@europeanenergymetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the presence of lithium mineralization at, and the exploration and development potential of, the Finland Pegmatite Project as well as any future exploration at the Finland Pegmatite Project. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made by the Company in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include the costs of any anticipated work programs and the ability to fund such costs, required approvals in connection with any work programs and the ability to obtain such approvals, risks inherent in exploration as well as those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198020

FAQ

What exploration licenses has European Energy Metals (EUEMF) obtained recently?

European Energy Metals has obtained the Nabba and Nabba 2 Exploration Licences in Finland.

What is the significance of the Kyrola Prospect for European Energy Metals (EUEMF)?

The Kyrola Prospect represents a major discovery of lithium-bearing spodumene pegmatite mineralization, indicating significant potential for the company.

What activities are permitted under the granted licenses for European Energy Metals (EUEMF)?

The licenses allow for advanced exploration activities such as trenching and diamond drilling.

What are the expected exploration plans for European Energy Metals (EUEMF) in 2024?

European Energy Metals plans to conduct prospecting, mapping, geophysics, trenching, and diamond drilling in 2024.

Who is the CEO of European Energy Metals (EUEMF)?

Jeremy Poirier is the CEO of European Energy Metals.