New drilling campaign in Finland

E‌‌‌‌‌‌‌urobattery Minerals AB, a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, announced that FinnCobalt Oy is about to commence drilling at the Hautalampi nickel (Ni), cobalt (Co) and copper (Cu) project in Outokumpu, eastern Finland. Eurobattery Minerals has the option to acquire 100 % of FinnCobalt Oy in a staged acquisition. Eurobattery Minerals is assuming the full cost for this drilling campaign as part of the option agreement between Eurobattery Minerals and FinnCobalt Oy.

A diamond drill rig and crew are scheduled to arrive at the site 13 October with drilling to commence immediately
© Eurobattery Minerals

The Hautalampi Project is located at the same site as the Keretti (Outokumpu) copper mine. Approximately 28.5 million t with 3.8 % Cu was mined at Keretti from 1912 to 1989. The Hautalampi Ni-Co-Cu orebody is located parallel and above the exploited copper deposit. Existing surface and underground infrastructure, including a high voltage power line, concrete foundations and roads, provide significant location advantages to the project. Approximately € 10 – 15 million has been invested in Hautalampi by previous owners, including 26 000 m of core drilling, a decline and additional underground mine development works (2100 m), mineral resource and reserve estimates, multiple mineral processing studies and a feasibility study. The previous investment enables FinnCobalt Oy and BAT to fast-track the project to an updated feasibility study status.