- 10m at 3.96% Cu including 3m
at 5.06% Cu and including 4m at 5.76% Cu (all true
widths)
- High grade intercept reported is near surface in
Kanisqel pit area
- Additional assays pending
VANCOUVER, British Columbia, May 02, 2018 (GLOBE
NEWSWIRE) -- European Electric Metals
Inc. (TSXV:EVX) (OTC PINK:EVXXF) (“EVX” or the
“Company”) is pleased to announce that it has received assay
results from the first four holes from the Phase 1 drill program at
the company’s Rehova Copper Project in Albania.
Three of the holes were shallow holes, drilled
in the periphery of the Kanisqel pit, with the aim of targeting
near surface mineralization. The fourth hole targeted
mineralization at the nearby historical BG deposit. All four of
these initial holes intersected copper mineralization while assays
are pending on additional holes drilled. These holes are vertical
and the widths described below are all true widths.
Drill hole REH-05A in the Kanisqel west pit
intersected 10 meters of 3.96% Cu from 51.2 meters depth and a
lower grade zone of 0.66% Cu between 43.0 meters and 47.2 meters.
The nearby historic hole (DH #05) reported a mineralized zone of 19
meters at 2.84% Cu. The hole in Kanisqel east (REH-49B) pit area
located 257 meters from REH-05A intersected near surface
mineralization (19 meters from the surface) that included a meter
sample assaying 0.81% Cu.
On the BG deposit, drill hole 128A drilled on
its eastern edge, encountered 11.5 meters of mineralization
averaging 1.67% Cu from 98 meters. This is slightly higher than the
nearby historic drill hole assay over 11.7 meters grading 1.42% Cu.
Both the holes in Kanisqel pit area and BG are infill holes that
are beginning to confirm historic drill results.
Significant intersections from the current
drilling are shown on the table below. A map with the location of
these holes can be viewed at the Company’s website
(http://www.europeanelectricmetals.com/).
|
|
|
|
|
|
|
Drill hole |
From |
To |
Meters
(True Width) |
Cu % |
Au ppm |
Ag ppm |
REH-05A |
43.0 |
47.2 |
4.2 |
0.66 |
0.09 |
0.94 |
|
51.2 |
61.2 |
10.0 |
3.96 |
0.14 |
2.26 |
including |
52.2 |
55.2 |
3.0 |
5.06 |
0.20 |
3.25 |
including |
56.2 |
60.2 |
4.0 |
5.76 |
0.16 |
2.67 |
REH-49B |
19.0 |
23.0 |
4.0 |
0.38 |
<0.005 |
0.10 |
including |
19.0 |
20.0 |
1.0 |
0.81 |
<0.005 |
0.15 |
|
33.0 |
34.0 |
1.0 |
0.55 |
0.03 |
2.21 |
REH-128A |
98.0 |
109.5 |
11.5 |
1.67 |
0.03 |
1.92 |
including |
98.0 |
100.0 |
2.0 |
5.01 |
0.13 |
8.34 |
including |
102.0 |
104.0 |
2.0 |
2.14 |
0.01 |
1.14 |
REH-20A |
50.3 |
58.2 |
7.9 |
0.42 |
0.01 |
1.15 |
Samples from the 4 additional holes that have been completed are
being prepared for submission to ALS Global.
The samples were prepared at ALS laboratory in
Bor, Serbia and sent for analysis to ALS laboratories in Europe.
The Company included external control samples (blank and
standards). ALS employed their own internal QAQC and control
sampling.
Rehova is located 115 kilometers southeast of
Tirana (200 km by road) and is on the electrical power grid. The
property encompasses 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 DT, comprise the Rehova copper mine
complex, a historically producing mining operation which was
operated by the Albanian state copper enterprise.
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, reported 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* from BG, which was not mined and has
exploration potential beyond the historic drilling. Underground
development workings had been started at BG as the deposit was
being prepared for mining when the state-run mining enterprise shut
down its operations country-wide in the early 1990s.
Ciflig and DT were mined by underground methods
while Kanisqel was mined by open pit and to a limited extent by
underground. The materials mined were sent to a historic processing
plant (no longer existing) nearby with an annual capacity of 60,000
tonnes per year.
* The tonnage and grade estimates stated above
are historic in nature and were obtained from information provided
by the Albanian government. The Albanian Geological Survey
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. No qualified person has done
sufficient work to classify the historical estimates as current
mineral resources. Note, disclosure of “historical estimates” that
address the requirements of NI 43-101, 2.4 are compliant. EVX
considers the historical estimates relevant in guiding exploration
efforts and planning although EVX is not treating the historical
estimates as current mineral resources. EVX will need to undertake
a comprehensive review of available data, including further
drilling, to verify the historic estimates and classify them as
current resources.
Jose Mario Castelo Branco, EuroGeol, a Qualified
Person under the meaning of Canadian National Instrument 43-101 and
Chief Geologist of the Company is responsible for the technical
content of this news release.
About European Electric Metals
Inc.
European Electric Metals Inc. is a Canadian
listed public company, with projects in Europe. A major shareholder
of EVX is the European Bank for Reconstruction and Development. 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 near 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
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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@europeanelectricmetals.com
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