Capella Minerals Ltd has updated news release from Joint Venture partner European Energy Metals Corp. in which it confirms that it has completed CAD 1 million in exploration expenditures on the Central Finland Lithium Project (the “Project”), being a key requirement for earning-in to an initial 51% interest in the Project as per the original Earn-In Agreement (see Company News Release dated March 20, 2023).
European Energy’s field teams completed extensive summer/autumn 2023 sampling and mapping programs which included the collection of some 1,100 rock chip grab samples and have resulted in the discovery of several high-grade lithium prospects which are now being permitted for drilling. European Energy may formally complete its 51% earn-in to the Project through the payment of CAD 100,000 in cash and 400,000 FIN common shares to Capella.
Eric Roth, Capella´s President and CEO commented: “I am pleased to be reporting today on the progress that European Energy has made on advancing the Central Finland Lithium Project. Highlights of the exploration activities to date include the discovery of high-grade spodumene-bearing boulder trains within the northernmost Nabba reservation (see European Energy News Release dated December 7, 2023), with two Exploration Licences (EL’s) covering 4,550 hectares having now been applied for in order to allow initial scout drilling. A further update on the timing and details of the next phase of exploration is expected to be provided upon receipt of the Exploration Licenses”.
