European Green Metals Ltd announces Eichigt licence results

Highlights

• Initial rock sample results identified elevated levels of multiple critical elements and mineralised structures on a NW-SE trend.
• Structure with 1 km of continuous strike identified with workings over a total of 1.7 km strike.
• Lithium (Li) up to 233 0ppm (0.233%), cobalt (Co) up to 8280 ppm (0.82%) and nickel (Ni) up to 1890 ppm (0.189%).
• REE values higher than expected in select samples – cerium (Ce) up to 8500 ppm (0.85%) and neodymium (Nd) up to 1725 ppm (0.17%).
• High manganese content typically >10% in most samples – manganese is a key input to battery performance, longevity, and energy density.
• Highest total rare earth elements (TREO) value 1.26% with four samples over 0.5% TREO.
• Saxony has excellent geology in terms of the potential for multiple critical metal deposit types and evidence of large mineralising systems and numerous historic mines.
• Licence is part of EGM’s strategy to build a portfolio of critical mineral assets in Europe to support the bloc’s green energy transition and net zero ambitions.

EGM CEO, David Hall, said: “These initial results highlight the presence of multiple critical minerals and REEs within the Eichigt licence, located in the vicinity of energy-transition industrial end users in Saxony. Saxony has excellent infrastructure, a long mining history and mining culture, combined with strong links to cutting-edge academic research in the field of various critical metal deposit types.

“We applied for the license following analysis of historic data and now, with our own rock and soil sampling programme yielding results better than anticipated, especially with regards to REEs, the intention is to rapidly advance Eichigt to drill stage. Scout drilling will test the scale of this multi-critical metal system whilst contemporaneously developing new target areas for quantification and development.

“Our strategy is to identify and develop economic critical mineral and REE projects in Europe, to supply Europe. The reliance of European industry on critical minerals produced in regions where geopolitical issues are prevalent means that it is imperative that Europe develops its own supplies; the main theme of the recently announced European Critical Raw Materials Act. With this backdrop, the economic potential of a licence in the heart of Europe prospective for Li-Co-Mn-REE make the Eichigt prospect extremely exciting.

“On a wider level, we continue to advance the Olserum REE and Pajala graphite projects in Sweden, securing our position as an emerging supplier of critical mineral projects in Europe for Europe.”

In total, 35 grab rock samples were taken and are the first from the licence area to be analysed for the full REE spectrum. The analysis was carried out by ALS Minerals at Loughrea, Ireland. These results back up reports by the previous operator of highly anomalous Li, Co, Ni (+/-REE) in an area of old surface workings for iron ore.

REE and critical metals values are highlighted by the selected samples:

• AA-4009: Ce 8500 ppm, Nd 1725 ppm, La 965 ppm, Pr 428 ppm, Li 1280 ppm, and Co 8280 ppm.
• AA-4019: Li 2330 ppm, Co 3230 ppm, Cu 2300 ppm, Ce 4430 ppm, La 387 ppm, and Nd 306 ppm.
• AA-4002: Ce 5610 ppm, La 880 ppm, Nd 821 ppm, Li 1290 ppm, and Co 3090 ppm.

Importantly, samples show low levels of U and Th with <20 ppm and <31 ppm respectively.

Following the results from this initial sampling, EGM geologists carried out follow-up rock sampling, which has expanded the footprint of the mineralisation in all directions, as well as an orientation soil sampling grid. Samples are currently with ALS with results expected shortly. EGM geologists have also scouted the area for drill pads with the aim of carrying out a scout drilling programme in 4Q23.

Read the article online at: https://www.globalminingreview.com/exploration-development/28072023/european-green-metals-ltd-announces-eichigt-licence-results/