The rock formations in these areas are Outokumpu-type rock assembles, which are known to contain copper, cobalt, zinc, nickel, silver, and gold (Cu-Co-Zn-Ni-Ag-Au).

“We are delighted that, after a rigorous review process dating back to 2020, the authorities have finally granted us the new exploration permits for the Hietajärvi and Saramäki mineralisations. This decision not only strengthens Eurobattery Minerals’ project pipeline, but also reinforces Europe’s strategic autonomy in critical raw materials, supporting the energy transition, digitalization, and defence industries. We look forward to delivering concrete results in the field and creating value for our shareholders as we move toward,” said Roberto García Martínez, CEO of Eurobattery Minerals.

The Saramäki mineralisation was discovered in 1967 by Outokumpu Oyj and it is located in Polvijärvi, Eastern Finland. It lies approximately 40 km away from Outokumpu town, where our Hautalampi battery mineral project is located. Co/Ni ratios of the mineralisation and historical exploration work clearly indicate that the Saramäki is an undoubted example of an Outokumpu-type mixed hydrothermal mineralisation system with massive-semimassive and disseminated sulphides. A non-compliant historical resource estimate calculations have been made for the Saramäki mineralisation and it could contain the amounts stated below.

Calculation Saramäki year 1980
A non-compliant historical resource estimate: 3.4 Mt @ Cu 0.71%; Zn 0.63%; Co 0.086%; Ni 0.05%; Fe 17.87%; S 12.39%. Cut-off 0.5% Cu
UNFC Classification Class 334: Cu 24,140t; Co 2,924t; Zn 21,420t; Ni 1,700t; S 421,260t; Fe 607,580t.

“Securing these exploration permits is great news for FinnCobalt and Eurobattery Minerals. We can now apply modern geophysical surveys and targeted drilling in these areas, advancing our understanding of its polymetallic potential and laying the groundwork for resource definition” said Kalle Penttilä, Project Geologist at the Hautalampi battery mineral project in Outokumpu.

The Hietajärvi mineralisation is documented to be an Outokumpu-type mixed hydrothermal system with massive and disseminated sulphides. Outokumpu Oyj investigated the region between 1955 and 1994 completing multiple exploration campaigns and pilot plant tests. Outokumpu Oyj ultimately defined a mineralised body consisting of two, nearly E-W trending sulphide lodes dipping 40-50°S. The lodes are 200 meters (E-lens) and 100 meters (W-lens) in length and have thicknesses varying between 3 meters and 20 meters. The prospect has seen little advanced exploration work completed at the prospect subsequent to Outokumpu Oyj.

Calculation Hietajärvi year 1994
A non-compliant historical resource estimate: 0.341Mt @ 0.15% Co; 0.7% Cu; 1.2% Zn; 0.18% Ni (2.33% CuEq)
UNFC Classification Class 334: Co 512t, Cu 2421t, Zn 4126t, Ni 614t

Ilari Kinnunen, Managing Director of FinnCobalt, added: "These regions are well known to contain Outokumpu-type rock, famous for Cu-Co-Zn-Ni-Ag-Au. Both of these areas are very interesting and have the potential to become future polymetallic sources. In these times of geopolitical tensions and intense resource competition, these new mineralisation's could be particularly relevant for Europe highlighting the copper criticality for the future.”