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European Lithium Ltd (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce the Maiden Mineral Resource Estimate (MRE) of 45MT at 0.4% REO from the Tanbreez Project in Greenland, (see Table 1).
The MRE was prepared in 2016 for Rimbal Proprietary Limited and since acquiring the Tanbreez Project in 2022 is reporting the 2016 MRE.
The Tanbreez Fjord and the Tanbreez Hill rare-earth mineral sites are contained within a mineralised Kakortokite host unit covering an area of approximately 5km x 2.5km and 270 meters thick, estimated at 4.7 billion tonnes of Kakortokite. The host does not indicate any certainty of hosting mineralisation.
Tanbreez Project Acquisition
European Lithium first acquire a 5% interest in Tanbreez Mining Greenland A/S (Tanbreez) on 3 October 2022 and acquired a further 2.5% interest in Tanbreez on 6 February 2023. At this time, the investment of 7.5% in Tanbreez was not considered material to the Company and as such the MRE was not disclosed at the time of acquiring an interest in Tanbreez. In June 2024, Critical Metals Corp. (NASDAQ: CMC) entered into the Heads of Agreement with Rimbal Pty Ltd to acquire up to 92.5% in Tanbreez and have completed the initial investment and stage 1 interest to hold a 42.0% interest in Tanbreez. As of the date of this announcement, European Lithium and CMC hold a combined interest of 49.5% in Tanbreez. European Lithium is CMC's largest shareholder and as such now considers the Tanbreez Project to be material and as a result is announcing the Maiden MRE in this announcement following consultation with the ASX.
CMC has completed due diligence and is preparing a S-K 1300 Report for lodgement with the SEC in the United States of America. It has undertaken a recent drilling program for confirmation, extension and infill drilling to prepare the project for Mine Development Studies and anticipates assay results will be available in the near future.
The Company wishes to report The Maiden Mineral Resource Estimate for the Tanbreez Project located in Greenland. This estimate was prepared by Al Maynard and Associates Pty Ltd on 30 August 2016 in accordance with the JORC Code 2012. The authors of the report are independent consultants with a long experience with the project. They are qualified as `Competent Persons' under the JORC Code 2012 and the VALMIN Code 2015. The authors are P.A. Jones, BAppSc (App.Geol), MAusIMM, MAIG., and A.J. Maynard, BAppSc (Geol), MAIG MAusIMM.
The MRE report was commissioned by Rimbal Pty Ltd in 2016, a private company registered in Australia and not required to provide any disclosure. EUR subsequently acquired part of the Project in June 2024 and has now reported the MRE. The Mineral Resource Estimate provided by European Lithium for reference in accordance with ASX Listing Rules as a basis for further public disclosures relating to the Tanbreez Project.
The Mineral Resource Estimate has not been updated and no more recent estimates or data relevant to the reported mineralisation is available.
The estimate is conceptual in nature. It is based on extensive historic and Tanbreez exploration drilling (414 holes) coupled with the exposures in multiple creek sections. Investors should not place undue reliance on this information.
Overview of the Tanbreez Project
The Tanbreez Project is a significant critical minerals asset positioned to provide a sustainable, reliable and long-term rare earth supply for North America and Europe. Once operational, Tanbreez is expected to supply REEs to customers in the western hemisphere to support the production of a wide range of next-generation commercial products, as well as demand from the defence industry. The Tanbreez Project is expected to possess greater than 27% Heavy Rare Earth Elements (HREEs), which carry a much higher value than Light Rare Earth (LREEs). In an industry where competitors primarily target LREE, the Tanbreez Project is believed to be unique, not only due to its significant size, but also because of its HREE asset mix.
2016 Mineral Resource Estimate Summary
Table 1 2016 MRE for Inferred and Indicated Resource Estimate
The Tanbreez Project is favourably located in Southern Greenland and is expected to have access to key transportation outlets as the project's area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean.
Commenting on the 45MT MRE, Tony Sage, Executive Chairman of the Company, said:
" /am pleased to report Tanbreez has reached a significant milestone by declaring the MRE that now will allow our next results and drilling develop the initial resource to more tonnes and grade in the coming months"
"The deposit drilling only covers approximately 5% of the total project area and deeper and extension drilling will commence shortly to deliver an even higher resource"
"We are measuring the real potential for Tanbreez on the significant investment over the past 2 decades by Rimbal and this major discovery as my team take this amazing deposit into a world class REE development project".
`lam excited with more good news in the coming the months will be rewarding for all stakeholders as we achieve greater milestones on this important REE project for the western world"
Click here for the full ASX Release
This article includes content from European Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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European Lithium
Overview
As the global push to halt climate change gains momentum, the European Commission is looking to regionalize the battery supply chain to capitalize on the rapid electric vehicle (EV) growth and limit its dependency on other countries through heavy investment and policy changes. Europe’s electric vehicle market value reached US$29.49 million in 2021 and is projected to increase up to US$143.08 million by 2027, indicating a compounded annual growth rate of 23.4 percent in that period.
Even though Europe is one of the largest global producers of motor vehicles, it currently does not have a local supply of lithium hydroxide which is heavily used in EV battery technology. According to experts, the market is set to remain in a structural shortage until 2025
One company that aims to become the first local lithium supplier into an integrated European battery supply chain is European Lithium (ASX:EUR,FRA:PF8), a mining exploration and development company focused on exploring, identifying and acquiring lithium in Europe. The company is led by a management team with decades of experience and success in the mining and finance markets.
“Our aim is to be the first supplier of lithium from Europe, for Europe,” European Lithium chairman Tony Sage said.
The company is focused on its wholly owned Wolfsberg Lithium project located in Carinthia, Austria. The pre-existing mine is located in a mining-friendly region with multiple mineral discoveries in the surrounding area. The property features a high-grade lithium resource at an average grade of one percent lithium hydroxide, with a total resource of 12.88 million tonnes based on resources measured, indicated and inferred in zone 1 only.
The Wolfsberg Lithium project resource has the potential to double based on positive drill results in another zone on the property.
Based on the definitive feasibility study (DFS) released in March 2023, Wolfsberg Lithium Project is well positioned to become a leading producer of battery-grade lithium hydroxide in Europe. It is set to deliver high returns, leveraging low operating costs, and benefiting from a lithium market that is anticipated to be in structural undersupply during most of the life of mine. The battery-grade lithium hydroxide monohydrate (LHM) prices modeled in the DFS are projected to be at a 39-percent discount to current spot prices in 2025 and then escalate by 2 percent per annum. The estimated capex is US$866 million which supports a post-tax NPV of US$1.5 billion.
European Lithium has established several strategic relationships with an aim to deliver value to the Wolfsberg Lithium Project through development and during production. This includes a partnership with KMI for liaising with Austrian authorities.
The company commissioned Dorfner Anzaplan to construct the pilot plant, which was successfully completed on schedule. Anzaplan has also overseen the completion of metallurgical test work on bulk ore extractions. Testing will allow significantly higher recovery rates at the start of production as opposed to only assessing metallurgical data from the core as other mining companies often do, giving European Lithium the advantage of a streamline refinement process.
The company has support from the European Battery Alliance, GREENPEG and other government initiatives, believing it has the potential to become a major, first-to-market producer of lithium in Europe. The company also remains committed to clean production in an effort to support sustainability.
Based on the DFS, the company plans to begin the permitting process of its Wolfsberg Lithium project and prepare the mining plan for the mining authority to authorize the mine and concentrator construction. Afterward, the company will determine the approval requirements of the carbonate hydroxide conversion plant with the Energy Information Administration (EIA) and then initiate the final financing plan.
European Lithium, through its wholly owned Austrian subsidiary ECM Lithium Aľ GmbH (ECM), signed a binding long-term lithium offtake agreement with top-tier European auto manufacturer BMW to secure the company’s first offtake of battery grade lithium hydroxide from its Wolfsberg Lithium Project in Austria.
The company is aiming to commence production of lithium hydroxide from the project in 2027 — subject to funding and approvals by the Austrian government.
In a bid to expand its project portfolio, European Lithium executed a binding Heads of Agreement with 2743718 Ontario Inc., a subsidiary of Richmond Minerals (TSXVRMD), to acquire 100 percent of the rights, title and interest in the Bretstein-Lachtal Project, Klementkogel Project and the Wildbachgraben Project, a group of exploration licenses covering 114.6 square kilometers, targeting lithium with known occurrences in the Styria mining district of Austria.Company Highlights
- European Lithium is a mining exploration and development company focused on exploring, identifying and acquiring lithium in Europe.
- The company aims to become the first local lithium supplier into an integrated European battery supply chain.
- The company’s focus is on its wholly owned advanced Wolfsberg Lithium Project (Wolfsberg) located in Carinthia, Austria.
- Wolfsberg is a high-grade lithium resource at an average grade of one percent lithium oxide, with a total resource of 12.88 million tonnes based on measured, indicated and inferred resources in zone one only.
- Wolfsberg’s definitive feasibility study results demonstrate potential to deliver high returns, leveraging low operating costs, and benefiting from a lithium market that is anticipated to be in structural undersupply during most of the life of mine.
- The Wolfsberg resource estimate has significant upside with the potential to double based on positive drill results.
- Through its wholly owned Austrian subsidiary ECM Lithium Aľ GmbH (ECM), European Lithium signed a binding long-term lithium offtake agreement with top-tier European auto manufacturer BMW AG (BMW) to secure the company’s first offtake of battery-grade lithium hydroxide from Wolfsberg.
- The company has signed a binding agreement to build a Saudi Arabia-based hydroxide processing plant in partnership with Obeikan and deliver significant cost savings.
- The company is led by a management team with decades of experience and success in the mining and finance markets.
- European Lithium entered into a business combination agreement with Sizzle Acquisition, a US special purpose acquisition company, to which European Lithium will sell down its interest in its wholly owned Wolfsberg Lithium Project (Wolfsberg and Wolfsberg Lithium Project) and merge with Sizzle via a newly formed, lithium exploration and development company named, Critical Metals Corp.
- European Lithium has acquired 100 percent of the rights, title and interest in the Bretstein-Lachtal Project, Klementkogel Project and the Wildbachgraben Project, a group of exploration licenses covering 114.6 square kilometers, targeting lithium with known occurrences in the Styria mining district of Austria and nearby the Wolfsberg Lithium Project
- The company received high-grade lithium assays from sampling undertaken at various prospects within the Eastern Alps Lithium Satellite Projects, located in Austria, which are held 20 percent by European Lithium and 80 percent by EV Resources Limited (ASX: EVR).
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Developing the Advanced Wolfsberg Lithium Deposit in Austria
Magna Terra Discovers Copper Mineralization and Completes Airborne Geophysical Survey at the Humber Copper-Cobalt Project in Newfoundland
Magna Terra Minerals Inc. (TSXV: MTT) ("Magna Terra" or the "Company") is pleased to announce that it has discovered copper mineralization during early-stage prospecting at its 40,675-hectare, 100% owned Humber Copper-Cobalt Project (the "Humber Project" or the "Project") located in western Newfoundland (Figure 1). The discovery of copper mineralization in bedrock is located on the east end of the Hughes Lake Trend. Copper mineralization from surface rock grab samples^^ from outcrop and subcrop comprises between 0.5 to 5% combined, fracture-controlled, foliation parallel stringers and disseminated, malachite, bornite and chalcopyrite hosted within dolomitized limestone and adjacent altered clastic sedimentary and/or mafic volcanic rocks over an observed strike length of 700 metres and marks the first occurrence of copper noted on this under-explored property (Figures 1, 2, and 3). Ongoing and initial field work consisting of prospecting, geological mapping, and the collection of 1,700 soil samples is focused on following up on the Hughes Lake Trend where an 8-kilometre-long anomalous zone of copper and cobalt in soil samples** is coincident with mafic volcanic rocks of the Hughes Lake Complex and associated magnetic rocks.
All soil and rock samples collected will be submitted to Eastern Analytical Ltd. in Springdale, NL and will be analysed for gold (30 g fire assay) and multi-element geochemistry, including elements Cu, Pb, Zn, Co, and Ag (method ICP-34). Analytical results are pending and will be reported in a future news release.
The Company is also pleased to announce that it has completed the previously announced 2,377 line-kilometre ("km") airborne geophysical survey on the Project. The helicopter-borne survey consisted of a systematic, property-wide, time-domain electromagnetic ("VTEM™ Plus") and horizontal magnetic gradiometer survey and will provide the baseline geophysical data to guide geological mapping and assist in focusing exploration efforts on the discovery of Copper-Cobalt deposits. This is the first geophysical survey of this type in the area. The Company is interested in areas of geophysical anomalies coincident with anomalous copper ("Cu"), cobalt ("Co"), lead ("Pb"), silver ("Ag"), molybdenum ("Mo"), gold ("Au"), arsenic ("As"), and antimony ("Sb") lake sediment values found throughout the Project area (Figures 1 and 2).
Magna Terra would like to acknowledge and thank both the Province of Newfoundland and Labrador and the Atlantic Canada Opportunities Agency ("ACOA") for their financial assistance through Junior Exploration Assistance ("JEA") program for work on the Humber Copper-Cobalt Project.
"We are very encouraged to have discovered in-situ copper mineralization within the first few days of working on the Humber Project. This important discovery supports our concept that the Humber Project has the potential to host Sediment-hosted Stratiform Copper Deposits, and with our exploration team currently on the ground we look forward to assessing additional targets across the extensive property. With the completion of the airborne survey, we will have one of the requisite data layers upon which to base further targeting for similar style mineralization. We look forward to updating shareholders on the results of this initial work program and sincerely appreciate the financial support of the Province of Newfoundland and Labrador and ACOA through the JEA program.
"At the Humber Copper-Cobalt Project, we have assembled a rare, first-mover, district-scale project opportunity, that will continue to leverage our expertise. We are eager to demonstrate the Project's prospectivity focused on critical metal discovery and the value we believe this Project brings to our investors."
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Humber Project Highlights
- Potential for discovery of significant Cu-Co deposits;
- Host to regionally anomalous Cu, Co, Ag, Pb +/- Au, Mo, As, and Sb lake sediments;
- 8+ km Hughes Lake Copper-Cobalt Trend;
- Analogous to the Kalahari Copper Belt, Namibia and Botswana; Central African Copper Belt, Zambia and the Democratic Republic of Congo (DRC); and the Kupferschiefer Belt, Poland;
- Globally, these Sediment-hosted Stratiform Copper ("SSC") deposit types represent 20% of Cu production* and 60% of Co production^;
- District-scale land package now comprising 40,675 hectares;
- Located within the premier mining jurisdiction of Newfoundland and Labrador;
- Year-round accessibility with road access to the majority of the Project;
- First mover advantage in a previously unrecognized area of exploration potential; and
- Acquired through staking - cost effective acquisition and with no underlying royalties or option payments.
About the Geophysical Survey
The helicopter-borne survey was completed by Geotech Ltd. and comprised a Versatile Time-Domain Electromagnetic (VTEM™ Plus) and horizontal magnetic gradiometer survey. The survey was flown at 200 metre spacing in a northwest trend across the strike of the underlying geology with perpendicular tie lines flown at 2 kilometre spacing.
Lake Sediment Geochemistry and Global Analogues
The Project is underlain by rocks of the sedimentary Humber Arm Allochthon and adjacent plutonic and volcanic Hughes Lake Complex, which is centred on a series of anomalous lake sediment samples (Davenport et al., 1996) that show regionally elevated levels of Co (up to 160 ppm), Ag (up to 0.6 ppm), Pb (up to 84 ppm), Cu (up to 185 ppm), As (up to 142 ppm), Mo (up to 15 ppm), and Au (up to 10 ppb). An analysis of the lake sediment geochemical data via Principal Component Analysis has indicated that the metal suite present within the Project area is likely related to a black shale source, as many of the anomalous lake sediments have low-Ni values which precludes association with the nearby ophiolite complexes to the immediate west.
This metal signature (Cu, Co, Ag, Pb +/- Au, Mo, As, Sb) and geological environment is supportive of the area being host to SSC deposits. SSC deposits host 60% of global Cobalt production^ and 20% of global Copper production* in deposits such as the Central African Copper Belt, which is thought to be analogous to the geological setting of the Humber Copper-Cobalt Project. SSC deposits are often laterally continuous along bedding and contain consistent grades (1.2 to 5% Cu)* and large resources of by-product Au, U, platinum-group, and rare-earth elements. The exploration potential is also underscored by the presence of base metal deposits nearby including the York Harbour and Daniels Harbour Deposits located at lower stratigraphic levels of the region.
Figure 1: A map showing the Humber Project with underlying geology of the Humber Arm Allochthon, coincident anomalous Cu (ppm) lake sediment samples and location of the recently staked Hughes Lake Block.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11586/259089_270eb151d4c83a9d_002full.jpg
Figure 2: A map showing the geology, lake sediment samples (Cu-ppm) and reconnaissance soil samples** (Cu-ppm) and location of recent copper discovery along the 8-kilometre long Hughes Lake mafic volcanics, Humber Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11586/259089_270eb151d4c83a9d_003full.jpg
Figure 3: Field photographs of representative rock samples displaying fracture and foliation parallel stringer malachite, bornite and chalcopyrite mineralization hosted within dolomitized limestone along the Hughes Lake Trend, Humber Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11586/259089_270eb151d4c83a9d_004full.jpg
Qualified Person and Technical Disclosure
This news release has been reviewed and approved by David A. Copeland, P.Geo., a non-independent consultant to the Company and a "Qualified Person" as defined under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.
All quoted soil and lake sediment samples results were compiled from historic assessment and government reports obtained from the government of Newfoundland and Labrador. The Qualified Person has not completed sufficient work to validate these historic results.
^^Grab samples are selective by nature and may not represent the true metal content of the mineralized zone.
^Petavratzi, E, Gunn, G, Kresse, C. (2019). Commodity review: Cobalt. British Geological Survey.
**(Galloper Gold Corp.; Fage, 2022)
About Magna Terra
Magna Terra Minerals Inc. is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging our ability to explore, grow, and transact projects. The Company is focused on exploring our 100%-owned Humber Copper-Cobalt Project in Newfoundland and Labrador; our 100% owned Rocky Brook Gold and Critical Metals Project in the historic Bathurst Mining Camp of New Brunswick; and our 100%-owned Cape Spencer Gold Project in New Brunswick. In addition, the Company has optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. ("Gold Hunter") for total cash and share consideration of $9.5 million over a 2-year period, and currently holds an approximate 28.9% equity interest in Gold Hunter. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its large 100% owned Boleadora Project recently retained from Newmont Corp.; a precious metals discovery on its Luna Roja Project proximal to Cerrado Gold's operating Don Nicholas Project infrastructure, as well as several additional district scale drill ready projects available for purchase or option/joint venture.
Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with National Instrument 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
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