Eurobattery Minerals: On-schedule completion of drilling campaigns in Finland and Spain

Stockholm, 28 December 2021 – Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announces the completion of the drilling campaigns in its Hautalampi project in Finland and its Corcel project in Spain. The campaigns have been completed on schedule and on budget. The drill cores have been dispatched to a laboratory operated by ALS to verify the resources. Due to delays at the lab because of the Covid-19 pandemic, the results will be presented in the first quarter of 2022.

“We are pleased to announce the completion of the drilling campaigns in both the Hautalampi and Corcel projects, where we see great potential for mining battery minerals on European soil. We are now eagerly awaiting the results from the lab,” comments Roberto Garcia, CEO of Eurobattery Minerals.

About the Hautalampi project drilling campaign

FinnCobalt Oy has informed Eurobattery Minerals that the recent core drilling campaign at the Hautalampi Mine development project (“Phase 2”) has been completed on schedule and on budget. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.

FinnCobalt Oy commenced a new drilling campaign in mid-October 2021 in the Hautalampi mine project development area. The campaign covered the previously non-drilled gap area between the Hautalampi deposit and the north-eastern extension of the project, known as the Mökkivaara deposits, and aimed to verify resources between these already established deposits.  

In total, 45 holes have been completed totalling 4,606 metres in length. The Phase 2 drilling campaign will continue with core logging and assaying, which is expected to be completed during the first quarter of 2022. This will be followed by the mineral resource update to be completed in the second quarter of 2022.

The main goals of the Phase 2 drilling campaign were:

• Convert inferred resource to indicated resource at the Hautalampi resource area through drilling the most important gaps in the currently existing indicated resource zone (Hautalampi-Resource conversion).
• Extend the Hautalampi resource area further to the north-east (Central-Resource extension).
• Fill the drilling gap between the existing Hautalampi resource area and the north-eastern extension known as the Mökkivaara resource area (Central-Gap fill).
• Create an indicated mineral resource of the Mökkivaara resource by increasing the drilling density.

Based on the visual observations of the drill cores, the campaign is expected to reach all the goals set.

  Map of the drilling operations in the Hautalampi project

About the Corcel project drilling campaign

The diamond drilling campaign in Eurobattery Minerals’ Spanish Corcel project initiated in June 2021 has been completed on budget and on schedule.

Key points from the 2021 drilling campaign:

• The drilling campaign initiated in June 2021 at the Corcel Project has been completed.
• A total of seven diamond drill holes were completed at a total drilled length of 1,134 metres.
• Work in this campaign focused on the “West Anomaly,” where drill hole COR003 (19DD001) confirmed at depth the favourable results obtained in the geochemical campaign, with an average of 69m @ 0.30% Ni, 0.038% Cu, 0.01%.

A total of seven diamond drill holes were completed at a total drilled length of 1,134 metres. Work  focused on the “West Anomaly,” where the company’s previous exploration work recorded ground anomalies of up to 0.33% Ni coincident with an increase in the magnetic response of the underlying rocks. DDH COR003 (19DD0001) confirmed the source of the anomaly in this area with an average grade of 69m @ 0.30% Ni, 0.038% Cu, 0.01% Co from 78m, including 21m @ 0.345% Ni, 0.045% Cu, 0.011% Co from 78m depth. Work will continue with the logging and sampling of the drill holes and is expected to be completed in the first quarter of 2022.

The objective of this campaign was to fully recognise this anomaly and obtain a resource estimate in this area. Based on the core observations in the boreholes, the campaign is expected to achieve its objective and a proven resource estimate in accordance with National Instrument 43-101 – Standards for Disclosure for Minerals Projects (“NI 43-101”) is expected in the first quarter of 2022.

Image 1. DDH realised in the 2021 campaign.

For more information, please contact:

Roberto García Martínez, CEO of Eurobattery Minerals

press@eurobatteryminerals.com

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About Eurobattery Minerals

Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.

Visit www.eurobatteryminerals.com for more information.

Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.