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European Energy Metals Satisfies Exploration Expenditures Under Initial 51% Earn-In
Vancouver, British Columbia--(Newsfile Corp. - January 10, 2024) - European Energy Metals Corp. (...
About this update from Grit Metals Corp.
[{"type":"text","content":"European Energy Metals Satisfies Exploration Expenditures Under Initial 51% Earn-InVancouver, British Columbia--(Newsfile Corp. - January 10, 2024) - European Energy Metals Corp. (TSXV: FIN) (FSE: W28) (\"European Energy\" or the \"Company\") is pleased to report that it has satisfied the $1.0 million minimum exploration expenditure commitment on the Central Finland Lithium Project (the \"Project\"), being a key requirement for earning-in to an initial 51% interest in the Project from Capella Minerals Ltd (TSXV: CMIL) (\"Capella\") as per the Earn-In Agreement (see March 20, 2023 PR). The Company has incurred over $1.1 million in exploration expenditures at the Project to date which includes sampling and mapping, in addition to the collection of ~1,100 rock chip grab samples, all of which have resulted in the discovery of several high-grade lithium prospects which are being permitted for drilling. The Company may now formally complete its earn-in to the 51% interest in the Project through the payment of CAD 100,000 in cash and 400,000 FIN common shares to Capella.\"Our advancement to the initial 51% earn-in reinforces our commitment to the project based on the exemplary exploration results received to date,\" commented Jeremy Poirier, CEO of European Energy Metals Corp. \"We are currently in the process of converting 4,550 hectares of the 11,690 hectare Nabba Reservation to two Exploration Licenses (\"EL's\") in order to drill test some of the most prospective targets identified through initial prospecting and sampling which yielded up to 3.84% Li2O. We anticipate providing an update on the timing and details of the next phase of exploration upon receipt of the Exploration Licenses.\"Under the terms of the Earn-In Agreement with Capella Minerals (TSXV: CMIL), the Company may earn an initial 51% interest in the Project by incurring $1.0 million in exploration expenditures ($1.1 million incurred) in addition to cash payments totalling $200,000 ($100,000 paid) and issuing 500,000 shares (250,000 issued) within the first two years of the agreement. Upon the exercise of the initial option, the Company has the right to earn an addition 29% (80% total) for additional $1.5 million in exploration, $300,000 in cash payments plus the issuance of 1.75 million shares within a two-year period from the exercise of the initial 51% earn-in.Mike ...