European Energy Metals Secures Exploration Licences in Central Finland for Lithium Project
European Energy Metals has announced the granting of the Nabba and Nabba 2 Exploration Licences (ELs) by the Finnish Chemical and Safety Agency (TUKES) for its Central Finland Lithium Project. Applied for in September and October 2023, these licences cover areas of 2,780 and 1,740 hectares respectively, marking a significant step forward in the company's exploration efforts.
CEO Jeremy Poirier expressed gratitude towards TUKES for the swift processing of their licence applications, emphasizing the importance of these licences in advancing the company's exploration targets. With the licences now secured, European Energy Metals plans to conduct more advanced exploration activities, including diamond drilling, within the year.
Granted under the Finnish Mineral Act for an initial four-year period with the possibility of extensions up to 15 years, these licences enable the company to carry out advanced exploration work, such as trenching and diamond drilling. The company is finalizing its exploration plans for 2024, which are expected to include a comprehensive set of activities ranging from prospecting and geological mapping to ground geophysics, trenching, and diamond drilling.
Exploration work in 2023 led to the discovery of the Kyrola Prospect within the Nabba Reservation area, featuring a spodumene-bearing boulder field with significant lithium oxide (Li[2]O) assays. The findings indicate the presence of lithium-bearing spodumene pegmatite mineralization, with several samples showing high lithium oxide content. The geological characteristics of the boulders suggest they may share the same mineralizing event as the known Keliber deposits in the region, pointing to a promising potential for lithium mineralization within the newly granted ELs.
European Energy Metals is exploring the possibility that the source of these boulders lies northwest of the Kyrola Prospect, with further studies planned to confirm and define drilling targets. The proximity of the Nabba ELs to Keliber's Spodumene Concentrator Plant and other known lithium-spodumene prospects in the area highlights the strategic significance of these licences for European Energy Metals' exploration efforts in Central Finland.
While acknowledging the promising results from the grab samples, European Energy Metals cautions investors about the selective nature of these samples and their potential non-representative indication of mineralization on the ELs. The company also notes that the presence of lithium mineralization on properties owned by Keliber Oy does not necessarily imply similar mineralization on its own properties.
