TIRANA (Albania), April 9 (SeeNews) – Canada-based European Electric Metals said it has received a certificate of renewal of its mining licence covering the Rehova copper project in Albania.
The issuance of the certificate by Albania’s national agency of natural resources (AKBN) signifies that the 25-year mining license of Rehova issued on February 9, 2017 is in good standing, European Electric Metals, formerly Tirex Resources, said in a statement on Monday.
The company said it believes there is potential for expanding the known mineralization in Rehova, located 115 km southeast of Tirana, below the known mineralization as well as laterally, based on results of drilling conducted in 2018 and the geological modelling conducted by Wood Canada Limited.
“With the certificate issued, the Company plans to conduct further drilling using geophysical tools such as ground magnetics and downhole transient electromagnetic (TEM) survey to confirm drill targets,” European Electric Metals noted.
“The plan to do further exploration is subject to the approval of the request by the company to the licensing authorities to extend the exploration period within the licence area for a period of three years, the company said. It also plans to conduct exploration outside of the licence area, subject to the acquisition of exploration grounds around it.
The company said it believes there is potential for finding separate deposits outside of the licence area.
“With the renewal of the Rehova licence, the company now has two advance properties it will be focusing on: the cobalt-rich Skroska nickel laterite mine and Rehova copper project,” European Electric Metals said.
On October 11, European Electric Metals said it has entered into an agreement to acquire 100% of the share capital of Albanian company Gerold, which owns the Skroska mine, located in Albania's Elbasan region, for a total of 5.41 million euro ($6.1 million) payable over three years, comprising payments of 5.2 million euro and share issuances valued at 210,000 euro.
The European Bank for Reconstruction and Development is the largest shareholder of European Electric Metals with its ownership of 27.56% of the outstanding shares. The company says its goal is to become a major source of battery metals such as copper, nickel and cobalt, and it aims to do so within safe, stable and logistically attractive European jurisdictions. It changed its name from Tirex Resources in January 2018 to reflect its focus on high grade battery and electrification metals within a European setting.
($ = 0.88919 euro)