European Electric Metals Completes Six Drill Holes at Rehova Copper Project
10 4월 2018 - 1:25AM
- six drill holes complete with 104 core samples now
delivered to ALS Global
- drilling continues with three additional holes to be
completed within Phase 1
- drill core from near surface targets in Kanisqel pit
area included in the samples now shipped and being prepared for
assays
VANCOUVER, British Columbia, April 09, 2018
(GLOBE NEWSWIRE) -- European Electric Metals
Inc. (TSXV:EVX) (OTC PINK:EVXXF) (“EVX” or the “Company”)
is pleased to announce that it has completed six holes within the
Phase 1 drill program at the company’s Rehova Copper Project
located in Albania.
Core from drilling completed to date has been
sent for preparation and assay, while drilling is ongoing.
Three of the completed holes were shallow holes,
drilled in the periphery of the Kanisqel pit, with the aim of
targeting near surface mineralization. The remaining holes targeted
mineralization associated with the historical BG deposit (formerly
called Bregu i Geshtenjes).
A total of 104 core samples were delivered last
week to the ALS laboratory in Bor, Serbia where the samples will be
prepared and sent for analysis to ALS laboratories in Europe. The
samples will be assayed for multi-elements including copper, gold,
silver, cobalt, lead and zinc. The Company included external
control samples (blank and standards). ALS will employ their own
internal QAQC and control sampling.
The drill rig is now moving to a new location
within BG, its seventh hole. The Company plans to drill three more
holes during Phase 1 which includes an exploration hole to test an
IP chargeability anomaly that will test both vertical and lateral
extensions of the BG deposit.
While no historic mining took place at BG,
Kanisqel was historically mined by open-pit methods.
Rehova is located 115 kilometres southeast of
Tirana (200 km by road) and is on the electrical power grid. The
property contains four historical volcanogenic massive sulphide
deposits. These are surrounded by exploration areas of interest
that have not yet been systematically tested using modern
exploration techniques and technology. The four known deposits,
called BG, Kanisqel, Ciflig and Dushku i Trashe, comprise the
Rehova copper mine, a historically producing mining operation which
was operated by the Albanian state copper enterprise. These
deposits are relatively close to each other (200 m to 500 m) which
made mineral delivery to a single processing facility possible.
Prior to the start of production in 1980, the
Albanian Geological Survey had defined combined mineralization in
the four deposits of 3.43 million tons grading 2.17 per cent
copper* and by the time operations stopped in 1990, had 2.87
million tons grading 2.14 per cent copper* remaining. The majority
of the remaining mineralization was reported as 2.09 million tons
grading 2.15 per cent copper* and were from Bregu, which was not
mined and has exploration potential beyond the historic drilling.
Underground development workings had been started at Bregu as the
deposit was being prepared for mining when the state-run mining
enterprise shut down its operations country-wide.
Ciflig and Dushku i Trashe were mined by
underground method while Rehova-Kanisqel was mined by open pit and
to a limited extent by underground. The materials mined were sent
to a processing plant nearby with an annual capacity of 60,000
tonnes per year. It should be noted that the largest deposit,
Bregu, has not been mined.
* The tonnage and grade estimates stated above
are historic in nature and were obtained from information provided
by the Albanian government. The AGS historical calculations
classify the estimates in a combination of C1 and C2 categories,
being based on the Russian deposit reporting system and are roughly
equivalent to the National Instrument 43-101 inferred and indicated
categories. These historical estimates are not compliant with NI
43-101 and should not be relied upon. No qualified person has done
sufficient work to classify the historical estimates as current
mineral resources; and European Electric Metals is not treating the
historical estimates as current mineral resources. European
Electric Metals is including the historical estimates for
information purposes only and offers no assurances as to the
reliability of the estimates. European Electric Metals will need to
undertake a comprehensive review of available data, including
planned drilling by European Electric Metals, to verify the
historic estimates and classify them as current resources.
About European Electric Metals
Inc.
European Electric Metals Inc. (“EVX”) is a
Canadian listed company, with projects in Europe. The largest
shareholder of EVX is the European Bank for Reconstruction and
Development (“EBRD”). 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 in close proximity to 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 the Rehova Project that 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.
488-1090 West Georgia St.
Vancouver B.C. Canada V6E3V7
Tel: 604-687-7130
www.europeanelectricmetals.com
info@europeanmetals.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
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