Capella Provides Update on Central Finland Lithium Project
Capella Provides Update on Central Finland Lithium
Project
VANCOUVER, BC
,
Jan. 10, 2024
/CNW/ -
Capella Minerals Ltd
(TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2)
("Capella" or the "Company") notes today's News Release from Joint Venture partner European Energy Metals Corp.
(TSX.V: FIN)("European Energy") 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.
European Energy's News Release is available at:
https://europeanenergymetals.com/news/news-2024.html
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".
Qualified Persons and Disclosure Statement
The technical information in this news release relating to the Central Finland Lithium Project has been prepared in
accordance with Canadian regulatory requirements set out in NI 43-101, and approved by
Eric Roth
, the Company's
President & CEO, a Director, and a Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in Economic Geology
from the University of
Western Australia
, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and
is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 35 years of experience in international
minerals exploration and mining project evaluation.
On Behalf of the Board of Capella Minerals Ltd.
"Eric Roth"
___________________________
Eric Roth
, Ph.D., FAusIMM
President & CEO
About Capella Minerals Ltd
Capella is engaged in the acquisition, exploration, and development of quality mineral resource properties in
favourable jurisdictions with a focus on European base and battery metals projects.
On
October 17, 2023
, the Company entered in to a binding asset sale agreement with NickelX, a private Norwegian
mining company, through which it will divest its 100% interests in the Hessjøgruva, Kjøli, and Lokken projects copper-
zinc-cobalt projects in Trøndelag, central
Norway
. NickelX currently holds 100% interests in four nickel exploration
projects in northern
Norway
(namely Hamn, Palfjellet, Birgivi, and Envold) and is in the process of undertaking an
Initial Public Offering ("IPO") on
Oslo's
Euronext Growth Exchange with the objective of becoming
Norway's
leading
independent battery metals company. The total consideration of the transaction to Capella, payable upon completion
of the NickelX IPO, is
CAD 7 million
and includes i)
CAD 5 million
in cash and ii)
CAD 2 million
in NickelX shares, which
Capella intends to distribute to its shareholders on a pro-rata basis. The acquisition is currently expected to close in
March, 2024.
The Company continues to explore the Northern Finland Gold-Copper project in the Central Lapland Greenstone Belt,
together with JV partner Cullen Resources Ltd (ASX: CUL). A total of six exploration permits have now been
approved, including the priority Killero East Cu-Au target. In central
Finland
, the Company´s focus is on the discovery
of lithium and rare-earth element deposits at both its Perho reservation, in addition to an extensive package of
properties in the broader Keliber district through a JV with European Energy Metals Corp (formerly Hilo Mining)
(TSXV: FIN).
Capella also retains exposure to exploration success in precious metals projects through its active Canadian Joint
Ventures with Prospector Metals Corp. (TSXV: PPP) at Savant (
Ontario
) and Agnico Eagle Mines Ltd (formerly
Yamana Gold Inc.)(TSX/NYSE: AEM) at Domain (
Manitoba
). The Company also holds a 49% interest in the Sierra
Blanca low sulfidation gold-silver project in
Santa Cruz
,
Argentina
, which is currently being explored by Austral Gold
Ltd (TSXV: AGLD; ASX: AGD).
Cautionary Notes and Forward-looking Statements
This news release contains forward-looking information within the meaning of applicable securities
legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such
statements include, without limitation, statements regarding the future results of operations, performance and
achievements of Capella, including the timing, completion of and results from the exploration and drill programs
described in this release. Although the Company believes that such statements are reasonable, it can give no
assurances that such expectations will prove to be correct. All such forward-looking information is based on certain
assumptions and analyses made by Capella in light of their experience and perception of historical trends, current
conditions and expected future developments, as well as other factors management believes are appropriate in the
circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those projected in the forward-looking information.
Important factors that could cause actual results to differ from this forward-looking information include those
described under the heading "Risks and Uncertainties" in Capella's most recently filed MD&A. Capella does not
intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this
news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking
information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/capella-provides-update-on-central-finland-lithium-project-302030766.html
SOURCE
Capella Minerals Limited
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/January2024/10/c6230.html
%SEDAR: 00023195E
For further information:
Capella Contacts: Eric Roth, Email: [email protected], Karen Davies,
+1.604.314.2662
CO: Capella Minerals Limited
CNW 09:30e 10-JAN-24