European Electric Metals Inc. (TSXV:EVX) (OTC PINK:EVXXF) (“EVX”) (the “Company”) is pleased to provide an update on its underground work program at the Skroska Nickel-Cobalt Mine.
EVX geologists have arrived onsite and have commenced an underground sampling program, being conducted at close spacings within three separate mining blocks (not two blocks as earlier reported), the largest block measuring 110m x 60m (not 250m x 45m as earlier reported).
Approximately 200 channel samples are expected to be collected from pillars of the developed mining blocks, primarily from Mine Level-815 and Mine Level-850 (see the Company’s website for location of these areas http://www.europeanelectricmetals.com/).
The purpose of this underground program is to collect data to produce a NI 43-101 compliant resource estimate for these three mining blocks which are an initial area of focus for the Company.
Also, concurrent with the sampling program, the Company continues the evaluation of equipment and infrastructure at the property. There are approximately 11,000 metres of underground workings and the underground has been deemed by the Company to be in excellent condition.
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 (approximately 6 kms). The site also has good office infrastructure and various storage/outbuildings.
There are two underground substations within the mine, each having a capacity of 180 KVA. The surface substation has a capacity of 1000 KVA.
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, “Elevated cobalt levels at Skroska 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.”
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.