European Electric Metals Commences Underground Program Within the Mine
October 23 2018 - 8:47AM
- sampling to cover two adjoining
mining blocks in the Skroska Nickel-Cobalt Mine
- mining blocks are accessible and
supported by existing mining infrastructure
- focus of sampling is to follow up
on the elevated cobalt levels identified by EVX in Phase One
designed to target National Instrument 43-101 compliant resource
estimate
VANCOUVER, British Columbia, Oct. 23, 2018 (GLOBE NEWSWIRE) --
European Electric Metals Inc. (TSXV:EVX) (OTC PINK:EVXXF)
(“EVX”) (the “Company”) is commencing an
underground sampling program over two adjoining parts of the
laterite deposit measuring 250m x 45m and 70m x 40m where for the
most part the infrastructure is ready. The blocks are accessible
and supported by existing underground mining infrastructure. The
area has been deemed during company inspections to be in good
working condition, and, subject to engineering review, conducive to
restarting mining operation.
There is electricity throughout the mine and the track system
and air compression systems are in good working order. There is no
water issue and the mine is well ventilated with no mechanized
ventilation system in place. There are no rockfalls in any areas of
the mine. The mine is serviced via hydro-electric power (the mine
is on the power grid) and has paved road access nearby the property
area with well-maintained gravel roads to the site. The site also
has good office infrastructure and various storage/outbuildings
that formerly supported previous state-run operation (1985-1990)
and operation by current owner from 2008 to 2013 when it was put on
care and maintenance.
It is anticipated that the sampling program will be completed
within the next 30 days, during which time the Company also intends
to engage an engineering firm to conduct geological model and
engineering studies focused on restarting operation.
EVX CEO, Fred Tejada, states, “The infrastructure and
development at Skroska is in excellent condition. The recent EVX
news regarding elevated cobalt levels describes, in our view, a new
discovery within an existing mine. We believe this new cobalt
discovery has the potential to positively impact the economics of
the project.”
This sampling program is a follow up to the high-grade first
phase results announced by EVX on October 11, 2018 via a News
Release that described 18 laterite samples collected from 10
different underground locations in Skroska. The assays ranged from
0.05% to 0.54% Co and from 0.36% to 1.92% Ni. Ten of these samples
assayed 0.15% Co and above and are shown in the table below. The
presence of this cobalt-rich laterite had not been previously
recognized at Skroska.
Sample |
Sample
Width |
% Co |
% Ni |
%
Fe2O3 |
% MnO |
Number |
Meters |
|
|
|
|
1A |
0.80 |
0.20 |
1.46 |
67.00 |
0.289 |
|
|
|
|
|
|
1B |
0.75 |
0.16 |
1.36 |
62.96 |
0.394 |
|
|
|
|
|
|
4A |
1.05 |
0.16 |
1.33 |
71.60 |
0.625 |
|
|
|
|
|
|
6A |
1.05 |
0.15 |
1.46 |
71.01 |
0.44 |
|
|
|
|
|
|
7A |
0.85 |
0.18 |
1.39 |
64.79 |
0.56 |
7T |
0.50 |
0.35 |
1.45 |
55.22 |
0.71 |
|
|
|
|
|
|
8C |
0.70 |
0.22 |
1.12 |
76.09 |
0.95 |
8B |
0.75 |
0.20 |
1.31 |
76.28 |
0.86 |
|
|
|
|
|
|
9A |
0.70 |
0.24 |
1.46 |
65.89 |
0.64 |
9T |
0.40 |
0.54 |
1.92 |
51.00 |
0.51 |
The samples were taken vertically from the pillars/columns of
the mine and have widths varying from 0.40 meter to 1.10 meters.
Where two samples have the same preceding number (i.e. 7A and 7B)
it means they were taken from the same location and are contiguous.
The majority of the samples were collected at Level-815 of the
underground mine, with three samples taken at Level-850. The
sampling program covered a lateral distance of approximately 420
meters. The location of the samples and their corresponding assays
are shown in the Company’s website
(www.europeanelectricmetals.com).
The samples were sent to ALS Lab in Serbia for preparation and
sent to their laboratory in Ireland for analysis. The analytical
suite selected was ME-XRF12n. This analytical suite is suitable in
the analysis of nickel laterite samples.
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 a focus on electrification themed 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
Forward-Looking Statements. This news release
contains “forward-looking” statements and information relating to
the Company and Skroska 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.
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.
488-1090 West Georgia
St.
Vancouver BC, Canada
V6E3V7
Tel: 604-687-7130
www.europeanelectricmetals.com
info@europeanelectricmetals.com
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