European Energy Metals Engages Resourceful Geoscience for Finnish Pegmatite Project Exploration and Announces Investor Relations Agreements

Rhea-AI Summary

European Energy Metals engages Resourceful Geoscience Solutions Inc. to design and implement the Company's 2023 exploration program for its Lithium-Cesium-Tantalum and Rare Earth Element Finnish Pegmatite Project. The phase one exploration programs will focus on evaluating over 2,300 square kilometers of prospective concessions to identify high priority targets for phase 2 drilling targeted for late 2023. European Energy has the right to earn an 80% interest in the project.

Vancouver, British Columbia--(Newsfile Corp. - June 6, 2023) - European Energy Metals (TSXV: FIN) (FSE: W28) ("European Energy" or the "Company") is pleased to announce the engagement of Resourceful Geoscience Solutions Inc. to design and implement the Company's 2023 exploration program for its Lithium-Cesium-Tantalum ("LCT") and Rare Earth Element ("REE") Finnish Pegmatite Project, consisting of five exploration concessions in central and southern Finland.

"After thorough research, we agreed to move forward with Resourceful Geoscience Solutions based on their track record and in-country on the ground experience," stated European Energy Metals CEO Jeremy Poirier. "European Energy's phase one exploration programs will focus on evaluating over 2,300 square kilometres of prospective concessions with the focus of identifying high priority targets for phase 2 drilling targeted for late 2023 as we continue to work toward developing our Finland Pegmatite Project portfolio into one of Europe's major sources of lithium and REEs, critical metals to the green future," he continued.

Resourceful Geoscience Solutions Inc. is a boutique geological and mineral exploration consultancy headquartered in Halifax, NS, Canada. Their team has expertise across a range of commodities, deposit types, project scales, and operational jurisdictions on three continents; including previous on the ground experience in the country of Finland. Resourceful Geoscience Solutions drives strategic exploration through a commitment to geoscientific first principles.

Pursuant to an earn-in agreement with Capella Minerals Ltd., European Energy has the right to earn an 80% interest in the Finnish Pegmatite Project. 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 W, Lappajarvi E 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% Li₂O.¹

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

Under the terms of an Earn In Agreement with Capella Minerals Limited (TSXV: CMIL), European Energy may earn an 80% interest in the Finland 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.

1. Definitive 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.

Corporate Update

In addition, European Energy announces that it has engaged Winning Media LLC ("Winning Media") to provide to provide digital marketing services in an effort to increase investor awareness of the Company. Under the terms of the agreement, Winning Media will receive a payment of US$150,000 in connection with the investor marketing campaign, payable one-time in advance. The agreement has a proposed initial term ending August 31, 2023. Winning has not started their program and no start date has been confirmed. There are no performance factors contained in the agreement and Winning Media will not receive securities of the Company as compensation. European Energy and Winning Media act at arm's length, and Winning Media and its principals have no present interest, directly or indirectly, in European Energy or its securities. Winning Media is based out of Houston, Texas and brings over 20 years of experience in the online advertising and investor marketing industry.

The Company has also engaged Venture Liquidity Providers Inc. ("VLP") to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the Company. The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, European Energy has agreed to pay VLP Cdn$5,000 per month for a period of three months. The agreement may be terminated at any time by European Energy or VLP. European Energy and VLP act at arm's length, and VLP and its principals have no present interest, directly or indirectly, in European Energy or its securities. The finances and the common shares required for the market-making service are provided by W.D. Latimer. The fee paid by European Energy to VLP is for services only. VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX Venture Exchange listed issuers.

The Company also announces that Lachlan McLeod has resigned as Chief Financial Officer of the Company to pursue other opportunities. The Company would like to thank Mr. McLeod for his service and wish him well with his future endeavors. Until a replacement is located, Jeremy Poirier will act as Interim Chief Financial Officer of the Company. It is expected the company will announce a new CFO within the next few days.

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 is also focusing on its Champ Copper Project located in Southeast British Columbia.

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 future planned exploration programs for, and the exploration 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/168821

FAQ

Who is designing and implementing European Energy Metals' 2023 exploration program?

Resourceful Geoscience Solutions Inc.

What is the focus of the phase one exploration programs?

Evaluating over 2,300 square kilometers of prospective concessions.

When is the phase 2 drilling targeted to begin?

Late 2023.

What percentage interest does European Energy have in the Finnish Pegmatite Project?

80%.