European Energy Metals Confirms Pegmatites at Lappajarvi West

Rhea-AI Summary

European Energy Metals confirms presence of pegmatites at Lappajarvi West in its Lithium-Cesium-Tantalum and Rare Earth Element Finnish Pegmatite Project

Positive

• Exploration crews confirm presence of pegmatites at Lappajarvi West
• Encouraging preliminary results with the presence of LCT indicator minerals noted in multiple locations

Negative

• Presence of LCT indicator minerals in the pegmatites at Lappajarvi West not necessarily indicative of presence of lithium mineralization

Vancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - European Energy Metals (TSXV: FIN) (FSE: W28) ("European Energy" or the "Company") is pleased to announce exploration crews have confirmed the presence of pegmatites at Lappajarvi West, one of the five concessions comprising its 2,300 square kilometre Lithium-Cesium-Tantalum ("LCT") and Rare Earth Element ("REE") Finnish Pegmatite Project, in central and southern Finland.

As part of the Company's Phase 1 exploration program, exploration crews have visited a number of the pegmatite occurrences noted in the Geological Survey of Finland "GTK" database, confirming the historic locations and also uncovering additional previously unknown pegmatites. Minerals commonly associated with LCT pegmatites¹ have been observed in several locations, including: blocky K-feldspar, green muscovite, beryl and tourmaline.

"Our Phase 1 exploration program has yielded encouraging preliminary results with the presence of LCT indicator minerals noted in multiple locations," commented European Energy Metals CEO Jeremy Poirier. "We are feeling confident our exploration crews can successfully highlight high priority areas for subsequent permitting for Phase II drilling," he continued.

Figure 1. Blue/green beryl crystal in pegmatite outcrop at Lappajärvi West Reservation.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9006/173823_d63e246c64384b0c_001full.jpg

Figure 2. Quartz and tourmaline in pegmatite outcrop at Lappajärvi West Reservation.

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https://images.newsfilecorp.com/files/9006/173823_d63e246c64384b0c_002full.jpg

Figure 3. Pegmatite outcrop at at Lappajärvi West Reservation.

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https://images.newsfilecorp.com/files/9006/173823_d63e246c64384b0c_003full.jpg

The first series of samples will be shipped to the ALS Minerals geochemical prep lab in Sodankylä, Finland this week. The samples will be analyzed with procedure ME-MS89L, utilizing a sodium peroxide fusion and ALS's Super Trace ICP-MS methodology. The results will be released once the technical team completes QA/QC reviews.

European Energy Metals cautions investors the presence of LCT indicator minerals in the pegmatites at Lappajärvi West are not necessarily indicative of presence of lithium mineralization.

Pursuant to an earn-in agreement with Capella Minerals Ltd (TSXV: CMIL)., European Energy has the right to earn an 80% interest in the Finnish Pegmatite Project by issuing 1,750,000 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 Pegmatite Project were identified as a result of this pegmatite research.

About the Finland Pegmatite Project

The Finland Pegmatite Project consists of four exploration concessions in central Finland and one exploration concession in southern Finland. These reservations cover a total area of 2,300 square kilometres and are focused on Lithium-Cesium-Tantalum or LCT pegmatite complexes located within the Jarvi-Pohjanmaa and Seinajoki lithium-permissive tracts as defined by the Geological Survey of Finland (GTK). Four of the reservations (Nabba, Lappajarvi West, Lappajarvi East and Kaatiala) lie immediately adjacent to, and to the south of, Keliber Oy's spodumene mine development project in the Kaustinen district.

Keliber Oy is a consortium, comprised of Sibanye-Stillwater (79%), Finnish Minerals Group (20%) and Finnish shareholders (1%). A Definitive Feasibility Study by Hatch dated June 14, 2018 states a JORC Code 2012 compliant Measured and Indicated Mineral Resource of 9.47 million tonnes at a grade of 1.16% Li₂O².

European Energy cautions investors the presence of lithium mineralization at Keliber Oy is not necessarily indicative of similar mineralization at the Nabba concession.

¹J.B.Selway, F.W.Breaks and A.G.Tindle. (2005) A Review of Rare-Element (Li-Cs-Ta) Pegmatite Exploration Techniques for the Superior Province, Canada, and Large Worldwide Tantalum Deposits. Exploration and Mining Geology, Volume 14 No.s 1-4, pp. 1-30.

²Definitive Feasibility Study - Executive Summary June 14, 2018 by Hatch. http://mb.cision.com/Public/14755/2547948/b83a99f0255413fe.pdf.

R. Tim Henneberry, P.Geo. (BC), a Director of European Energy Metals Corp., is the Qualified Person who has reviewed and approved the technical content disclosed in this 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 concessions are located within 11 miles of Keliber mine being constructed which is expected to begin production H2 2025.

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. 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/173823

FAQ

What did European Energy Metals announce?

European Energy Metals announced the confirmation of the presence of pegmatites at Lappajarvi West in its Lithium-Cesium-Tantalum and Rare Earth Element Finnish Pegmatite Project.

What were the observations made by the exploration crews?

The exploration crews observed minerals commonly associated with LCT pegmatites in several locations, including blocky K-feldspar, green muscovite, beryl, and tourmaline.

What are the next steps for European Energy Metals?

The next steps for European Energy Metals include shipping the first series of samples to be analyzed and highlighting high priority areas for subsequent permitting for Phase II drilling.

What caution did European Energy Metals give to investors?

European Energy Metals cautioned investors that the presence of LCT indicator minerals in the pegmatites at Lappajarvi West does not necessarily indicate the presence of lithium mineralization.

What is the earn-in agreement with Capella Minerals?

European Energy Metals has the right to earn an 80% interest in the Finnish Pegmatite Project by issuing 1,750,000 shares, paying Cdn$500,000, and incurring Cdn$2,500,000 dollars in exploration expenditures over a 4-year earn-in period.