European Electric Metals Inc. Completes Phase One Drilling
May 14 2018 - 8:00AM
VANCOUVER, British Columbia, May 14, 2018 (GLOBE
NEWSWIRE) -- European Electric Metals Inc. (TSXV:EVX) (OTC
PINK:EVXXF) (“EVX” or the “Company”) is
pleased to report that Phase One Drilling is complete and core from
the final four holes drilled during this initial phase at the
Rehova Copper Project have been sent to the ALS laboratory in Bor,
Serbia for preparation and analysis.
With Phase 1 drilling finished, pending drill
results and in preparation for future drilling, EVX geologists are
now conducting geological mapping in the Rehova project area, with
a particular emphasis on the contact between the ultrabasic rocks
and the volcanics to the east. The ultrabasic rocks are considered
to be the base of mineralization while the volcanic rocks (basaltic
flows, agglomerates) and gabbro hosts the mineralization in Rehova.
A more accurate mapping is critical in targeting
mineralization at Rehova to east where the eastern most historic
hole that intersected mineralization is approximately 200m to the
east of the historic interpreted contacts.
The final hole drilling during EVX Phase One intersected basalt and
gabbro to the end of the hole raising the possibility of an eastern
extension of mineralization not only in the BG historical deposit
but also southward to DT deposit (see map on the Company's
website).
In addition to mapping within Rehova license area, the Company
geologists will also conduct reconnaissance to check reported
mineralization on several additional prospects in the district.
Initial drill results reported by EVX (see EVX News Release,
“European Electric Metals Intersects High Grade Copper Near
Surface”, dated May 2, 2018) included drill hole REH-05A in the
Kanisqel west pit, which intersected 10 meters of 3.96% Cu from
51.2 meters depth and drill hole 128A drilled on the eastern
edge of the BG deposit which encountered 11.5 meters of
mineralization averaging 1.67% Cu from 98 meters (true widths).
Rehova is located 115 kilometers southeast of Tirana (200 km by
road) and is on the electrical power grid. The property encompasses
four historical volcanogenic massive sulphide deposits. These are
surrounded by exploration areas of interest that have not yet been
systematically tested using modern exploration techniques and
technology. The four known deposits, called BG, Kanisqel, Ciflig
and DT, comprise the Rehova copper mine complex, a historically
producing mining operation which was operated by the Albanian state
copper enterprise.
Prior to the start of production in 1980, the Albanian Geological
Survey had defined combined mineralization in the four deposits of
3.43 million tons grading 2.17 per cent copper* and by the time
operations stopped in 1990, reported 2.87 million tons grading 2.14
per cent copper* remaining. The majority of the remaining
mineralization was reported as 2.09 million tons grading 2.15 per
cent copper* from BG, which was not mined and has exploration
potential beyond the historic drilling. Underground development
workings had been started at BG as the deposit was being prepared
for mining when the state-run mining enterprise shut down its
operations country-wide in the early 1990s.
Ciflig and DT were mined by underground methods while Kanisqel was
mined by open pit and to a limited extent by underground. The
materials mined were sent to a historic processing plant (no longer
existing) nearby with an annual capacity of 60,000 tonnes per
year.
* The tonnage and grade estimates stated above
are historic in nature and were obtained from information provided
by the Albanian government. The Albanian Geological Survey
historical calculations classify the estimates in a combination of
C1 and C2 categories, being based on the Russian deposit reporting
system and are roughly equivalent to the National Instrument 43-101
inferred and indicated categories. No qualified person has done
sufficient work to classify the historical estimates as current
mineral resources. Note, disclosure of “historical estimates” that
address the requirements of NI 43-101, 2.4 are compliant. EVX
considers the historical estimates relevant in guiding exploration
efforts and planning although EVX is not treating the historical
estimates as current mineral resources. EVX will need to undertake
a comprehensive review of available data, including further
drilling, to verify the historic estimates and classify them as
current resources.
Jose Mario Castelo Branco, EuroGeol, a Qualified Person under the
meaning of Canadian National Instrument 43-101 and Chief Geologist
of the Company is responsible for the technical content of this
news release.
About European Electric Metals Inc.
European Electric Metals Inc. is a Canadian listed public company,
with projects in Europe. A major shareholder of EVX is the European
Bank for Reconstruction and Development. The goal of EVX is to
become a major source of battery metals such as copper, nickel and
cobalt, and the company seeks to do so within safe, stable and
logistically attractive European jurisdictions. The company's
projects are ideally located with excellent road, port and grid
power availability, and near European countries that are poised to
experience dramatic growth in the electric-vehicle-manufacturing
industry. There is a strong battery-manufacturing industry within
Europe with many more projects in the pipeline.
On behalf of the Company,
Fred Tejada, Chief Executive Officer and Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statements.
This news release contains “forward-looking” statements and
information relating to the Company and the Rehova Project that are
based on the beliefs of Company management, as well as assumptions
made by and information currently available to Company management.
Such statements reflect the current risks, uncertainties and
assumptions related to certain factors including but not limited
to, without limitations, exploration and development risks,
expenditure and financing requirements, general economic
conditions, changes in financial markets, the ability to properly
and efficiently staff the Company’s operations, the sufficiency of
working capital and funding for continued operations, title
matters, community relations, operating hazards, political and
economic factors, competitive factors, metal prices, relationships
with vendors, governmental regulations and oversight, permitting,
seasonality and weather, technological change, industry practices,
and one-time events. Should any one or more risks or uncertainties
materialize or change, or should any underlying assumptions prove
incorrect, actual results and forward-looking statements may vary
materially from those described herein. The Company does not
undertake to update forward-looking statements or forward-looking
information, except as required by law.
|
|
488-1090 West Georgia St.
Vancouver B.C. Canada V6E3V7
Tel: 604-687-7130 |
www.europeanelectricmetals.com
info@europeanelectricmetals.com |
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