European Energy Metals Submits Exploration Licence Applications

Rhea-AI Summary

European Energy Metals (TSXV: FIN) (FSE: W28) announces the submission of applications for two Exploration Licenses covering 4,550 hectares in the Nabba Reservation, adjacent to Keliber Projects. The company aims to undertake advanced exploration, aligning with Sibanye-Stillwater's €600 million investment in open-pit and underground mining, Spodumene Concentrator, and Lithium Hydroxide Chemical Plant. The Nabba EL's cover historical Base of Till lithium anomalies and known Li-spodumene pegmatite prospects. CEO Jeremy Poirier highlights the significance of the milestone and eagerly awaits results from the Phase 1 exploration program for the 2024 exploration program.

Positive

• Strategic location of the Nabba ELs adjacent to Keliber Projects presents a promising opportunity for European Energy Metals.
• Alignment with Sibanye-Stillwater's substantial investment in the lithium supply chain indicates a positive industry trend.
• The company's right to earn an 80% interest in the Finnish Pegmatite Project through an earn-in agreement demonstrates a commitment to strategic partnerships and expansion.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - November 14, 2023) - European Energy Metals (TSXV: FIN) (FSE: W28) ("European Energy" or the "Company") is pleased to announce it has submitted applications for two Exploration Licenses ("EL's") covering an area of 4,550 hectares within the 11,690 hectare (ha) Nabba Reservation. The Nabba EL (2,812 ha) and Nabba 2 EL (1,738 ha) are located on the northern half of the Nabba Reservation and adjacent to the Keliber Projects of Sibanye-Stillwater. Under an Exploration License or EL, the Company would be permitted to undertake more advanced exploration such as detailed base-of-till (BoT) sampling, trenching and diamond drilling.

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 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: Sibanye-Stillwater website).

The Nabba ELs lie <8 km west of Keliber's Spodumene Concentrator Plant and several previously known Li-spodumene pegmatite prospects/deposits occur within 1 km of the Nabba licences, including the Emmes Deposit which hosts NNW-SSE trending Li-bearing, spodumene pegmatites, and a resource of 1.08 Mt grading 1.22% Li₂O (Geological Survey of Finland). The Nabba EL's also cover historical Base of Till ("BoT") lithium anomalies which are interpreted by the Company to be relatively close to source (see Company News Release May 30, 2023) .

"The advancement of our reservations to exploration licenses represents a significant milestone for the company as our understanding of the potential of lithium-bearing mineralization on our projects evolves," commented Jeremy Poirier, CEO of European Energy Metals. "With our Phase 1 exploration program nearing conclusion, we are eagerly awaiting the results from the field and assays at the lab to finalize our 2024 exploration program."

Figure 1: Exploration License Application Areas

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9006/187238_c4a5665ce4706960_001full.jpg

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 this press release.

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 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 which is expected to begin production in 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/187238

FAQ

What is the significance of European Energy Metals' submission of applications for Exploration Licenses in the Nabba Reservation?

The submission signifies the company's pursuit of advanced exploration opportunities and potential for lithium-bearing mineralization.

What is the scope of Sibanye-Stillwater's investment and how does it relate to European Energy Metals' exploration efforts?

Sibanye-Stillwater's €600 million investment is focused on open-pit and underground mining, Spodumene Concentrator, and Lithium Hydroxide Chemical Plant, which aligns with the exploration goals of European Energy Metals.

What are the key features of the Nabba ELs and their potential impact on the company's exploration program?

The Nabba ELs cover historical Base of Till lithium anomalies and known Li-spodumene pegmatite prospects, offering a promising area for advanced exploration. CEO Jeremy Poirier eagerly awaits results from the Phase 1 exploration program for the 2024 exploration program.

How does the earn-in agreement with Capella Minerals Ltd benefit European Energy Metals?

The earn-in agreement grants European Energy Metals the right to earn an 80% interest in the Finnish Pegmatite Project, demonstrating a commitment to strategic partnerships and expansion.