With growing demand for electric vehicles, lithium will remain a hot commodity. For one, supply can’t keep up with demand. In fact, automakers are so concerned about supply for EV batteries, they’re racing to secure supply. That’s all substantial news for companies, such as European Energy Metals Corp. (TSXV: FIN) (OTC: EUEMF), Albemarle Corporation (NYSE: ALB), American Lithium Corp. (NASDAQ: AMLI) (TSXV: LI), Piedmont Lithium (NASDAQ: PLL) and Sigma Lithium (NASDAQ: SGML) (TSXV: SGML).
Also, remember, according to Stellantis CEO Carlos Tavares, there’s not enough lithium go around for the industry’s plans. “We know that we need lithium. We know that we are not producing as much as we need. We have right now 1.3 billion cars (that are) internal combustion engine powered on the planet. We need to replace that with clean mobility. That will need a lot of lithium. Not only the lithium may not be enough, but the concentration of the mining of lithium may create other geopolitical issues,” he said, as quoted by The Detroit News.
Look at European Energy Metals Corp. (TSXV: FIN) (OTC: EUEMF), For Example
European Energy Metals Corp. announced the staking application for three additional mineral reservations totalling approximately 23,000 hectares, expanding the Company’s holdings in Central Finland to over 250,000 hectares.
“The expanded land position comes as a result of the ongoing, fully funded Phase 1 exploration program which identified potential extensions of prospective pegmatites delineated on our projects” commented Jeremy Poirier, CEO of European Energy Metals Corp. “With a largely-contiguous property package covering over 250,000 hectares prospective for lithium-cesium-tantalum pegmatites, European Energy Metals represents one of the largest lithium-focused exploration companies in the country.”
Three New Reservation Applications
European Energy Metals, through its in-country subsidiary, has applied to stake three mineral reservations at a nominal cost, covering approximately 23,000 hectares which expand and enhance the Company’s concessions in Central Finland to the northwest, northeast, and southwest.
The Ristineva Reservation covers 6,358 hectares and adjoins the Company’s Lappajarvi East project to the north-east. The reservation lies on the southwestern flank of the Kaustinen Granite which is prospective as it is believed to be the source of the lithium-bearing spodumene pegmatite deposits in the region (c.f. Martikainen, 2012).
The Killa Reservation covers 6,105 hectares and adjoins the Company’s Lappajarvi West project to the northwest. This area was identified by the exploration team as it encompasses several known pegmatite occurrences and is located along a major structural boundary which is prospective for the emplacement of pegmatites
The Roomio Reservation covers 10,500 hectares and adjoins the Company’s Lappajarvi West project to the southwest, covering several known pegmatite occurrences.
The Finland Pegmatite Project consists of four exploration concessions in central Finland and one exploration concession in southern Finland. These reservations cover a total area of 2,300 square kilometres and are focused on Lithium-Cesium-Tantalum or LCT pegmatite complexes located within the Jarvi-Pohjanmaa and Seinajoki lithium-permissive tracts as defined by the Geological Survey of Finland (GTK). Four of the reservations (Nabba, Lappajarvi West, Lappajarvi East and Kaatiala) lie immediately adjacent to, and to the south of, Keliber Oy’s spodumene mine development project in the Kaustinen district.
Keliber Oy is a consortium, comprised of Sibanye-Stillwater (79%), Finnish Minerals Group (20%) and Finnish shareholders (1%). A Definitive Feasibility Study by Hatch dated June 14, 2018 states a JORC Code 2012 compliant Measured and Indicated Mineral Resource of 17 million tonnes at a grade of 1.02% Li2O.1
European Energy cautions investors the presence of lithium mineralization at Keliber Oy is not necessarily indicative of similar mineralization at the Nabba concession.
Pursuant to an earn-in agreement with Capella Minerals Ltd (TSXV: CMIL)., European Energy has the right to earn an 80% interest in the Finnish Pegmatite Project by issuing 1,750,000 shares, paying Cdn$500,000 and incurring Cdn$2,500,000 dollars in exploration expenditures staged over a 4 year earn in period. A detailed assessment of the historic and government exploration data compiled by the Finnish Geological Survey (“GTK”) identified a series of permissive tracts for LCT pegmatites. The concessions comprising the Finnish Pegmatite Project were identified as a result of this pegmatite research.
Other related developments from around the markets include:
Albemarle announced its results for the third quarter. “Albemarle grew net sales by 10%, driven by higher volumes in our Energy Storage business,” said Albemarle CEO Kent Masters. “In the third quarter, we formed new strategic partnerships and streamlined our existing MARBL joint venture to better position Albemarle for long-term growth. Our investments across the globe continue to progress, with the Meishan project ahead of schedule for completion in early 2024. Through our operating model, Albemarle Way of Excellence, we are on track to achieve more than $170 million in productivity benefits in 2023 and expect to achieve additional benefits in 2024 as we continue to operate with a disciplined approach.”
American Lithium Corp. announced an updated Mineral Resource Estimate that significantly increases the contained lithium for the Falchani Lithium deposit located in Puno, southwestern Peru from the previous March 2019 MRE. The updated MRE update was completed by Stantec Consulting Services Inc. as part of the process of updating the preliminary economic assessment for Falchani and will be incorporated into the mine plan within the updated PEA. DRA Global (Lead Engineer for the updated PEA and PFS on Falchani) is now finalizing the updated PEA with completion expected during November.
Piedmont Lithium announced that initial 2023 drill campaign results from the jointly owned North American Lithium project have identified multiple, thick, high-grade spodumene-bearing pegmatites. Drill results identified new, high-grade mineralized zones along the northwest margin of the NAL deposit, beyond the current NAL pit operations and the planned pit shell model. Additionally, mineralization from inside the pit shell model shows continuity and consistency in grade and thickness, providing the potential for mineral resource conversion within the pit shell model as well as definition below the existing pit.
Sigma Lithium provided an update on its exploration program to date, conducted in close coordination with SGS Canada, including initial mineral resource potential for Phase 4 and plans for acceleration of the Exploration Program. The Company expects the results of the Exploration Program could represent an increase of its total mineral resource estimate to 110 Mt: The Company increased the exploration potential of Phase 4 to approximately 26 to 30Mt, with ore body extensions continuing to the east, based on the drilling results received to date. This is a significant 25% potential increase to the Grota do Cirilo mineral resource estimate, delivering further consistent high-grade assay results which are to be incorporated into an updated NI 43-101 compliant technical report expected to be released in Q4 2023.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for European Energy Metals Corp. by European Energy Metals Corp.
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