Building foothold in the heart of Europe in an area which is highly prospective for critical minerals
European Green Metals Ltd, the critical metals exploration and development company focussed in Europe, is pleased to announce that it has been issued with the multi commodity Eichigt and Hainichen exploration licences in Saxony, Germany.
Highlights
- Eichigt licence in Western Erzgebirge prospective for Lithium (Li), Cobalt (Co), Nickel (Ni), Manganese (Mn) and Rare Earth elements (REE).
- Previous sampling at Eichigt returned up to 1.47% Co, 0.41% Li, >10% Mn and 0.168% Ni.
- Hainichen licence adjacent to Excellon Resources’ Silver City project near Freiberg, prospective primarily for silver.
- Licences granted for an initial two years, renewable for further four years.
- Work programme to commence in Q3 2023.
EGM Chief Executive Officer David Hall said, “As a European focussed resource project developer, we are delighted to get a foothold in the Ore Mountains of Saxony, which has extensive varied mineralisation including silver, cobalt, tin, tungsten, and lithium, but has seen little modern exploration. The potential for various styles of critical metals is excellent and the location in the heart of Europe close to major end-users of critical metals is an added benefit of any discovery. Positively, the Saxony Mining Authority is very supportive of new exploration and mining ventures, and with legislation in the development and supply of critical minerals in Europe evolving rapidly, these licences fit in with our strategy of building and developing a European portfolio of assets.”
Details
The Saxony critical metals projects consisting of the Eichigt and Hainichen licences are located in south-eastern Germany. Saxony has a 1,000-year mining history and is currently seeing advanced exploration for lithium, tin, tungsten, silver, and fluorite. The area has excellent geology in terms of the potential for multiple critical metal deposit types and strong evidence of large mineralising systems and large historic mineral deposits. The area represents an excellent operational environment with established infrastructure, strong links to cutting edge academic research in the field of various critical metal deposit types and a long mining history and culture means most locals are familiar with the mining industry.
The Eichigt licence, close to the town of Oelsinitz in south-western Saxony, covers 14 square kilometres and contains several Mn-Fe-oxyhydroxide veins exposed at surface. Previous sampling reported by Burisch et al (2021) reported values up to 1.47% Co, 0.41% Li, >10% Mn and 0.168% Ni. Lanthanum and Yttrium were also analysed for and returned values up to 0.42% and >500 ppm respectively.
The Hainichen licence covers 29.5 square kilometres where historic stream sediment sampling highlighted potential for silver. The licence is adjacent to Excellon Resources’ Silver City project (Excellon Resources – Snapshot)
The Board believe that the economic potential of a licence in the heart of Europe prospective for REE make the proposition exciting. Furthermore, due to access and mineralisation, exploration is cost effective, and a simple work program can be used to advance the projects.
EGM plans to compile all historical data over both licences and will undertake mapping and extensive sampling over the Eichigt mineralisation and will assay for full suite of REEs. The intention is to advance the projects to drill stage whilst contemporaneously developing new target areas for quantification and development.
