NEW YORK, October 22, 2018 /PRNewswire/ --

According to data compiled by Roskill Information Services, demand for cobalt as a component in lithium-ion batteries is expected to exceed 240kt by 2027 while growing at a rate of 14.5% per year, while demand for cobalt in other end-use sectors such as nickel alloys could exceed 310kt by 2027. Robust demand from the battery sector had contributed most to the growth of the cobalt market and had accounted for about 53% of the total cobalt consumption. The Democratic Republic of the Congo accounted for 70% of cobalt mine supply in 2017, which has caused supply concerns. The tightness in the cobalt supply market caused the cobalt price to skyrocket over the past 18 months. European Electric Metals Inc. EVXXF, Royal Nickel Corporation RNKLF, Trilogy Metals Inc. TMQ eCobalt Solutions, Inc. ECSIF, First Cobalt Corp. FTSSF



The advancements being made in lithium-ion batteries are making them even more attractive to technology companies. Lithium-ion batteries are already heavily used due to their compact size, rechargeability, recyclability and high-density energy output. The enhancements are highly beneficial for products that integrate the batteries, allowing for cheaper solutions to consumers and manufacturers. "The push by automotive original equipment manufacturers (OEMs) and battery manufacturers to continually reduce battery pack costs continues," says William Tokash, Senior Research Analyst with Navigant Research. "This effort, led by improving battery manufacturing processes and maturing supply chains, is anticipated to yield a market driven by battery electric vehicles (BEVs), where both large and small capacity Li-ion battery-pack-equipped vehicles have markedly improved driving ranges."

European Electric Metals Inc. EVXXF is also listed on the TSX Venture Exchange under the ticker (TSX-V: EVX). Earlier this month, the Company announced breaking news that, "it has entered into an agreement to acquire 100% of the issued and outstanding shares of Gerold Sh.pk. ("Gerold"), an arm's length party, which holds the Skroska Iron-Nickel mine ("Skroska") in Albania.

Gerold previously ran a 200 tons per day mine at Skroska, a fully permitted mining operation covered by a 20-year mining license, which was issued in 2008. Gerold conducted mining operations on Skroska from 2008-2013 using an open stope method. The operation previously focused on nickel production and the mine was put on care and maintenance in 2013 due to low nickel prices. EVX's geological team believed there was potential for high-grade cobalt in this geological setting and during sampling realized this potential.

All underground infrastructure and mining equipment necessary to conduct mining operations is in place, owned and onsite. The mine is 16 kilometers on a paved road to a rail loading station that connects the mine to a shipping port. In addition to the commencement of mining operations, the Company will also target to confirm and expand the historic resource through drilling and undertake a study to evaluate an expansion of the historic mining rate.

EVX geologists investigated the possibility of higher-grade cobalt zones at Skroska, believing there may be similarities between mineralogy of Skroska laterite deposit and the Geovic's Cameroon laterite deposit. During sampling at the Skroska the EVX geological team took 18 laterite samples collected from 10 different underground locations. The assays ranged from 0.05% to 0.54% Co and from 0.36% to 1.92% Ni. Ten of these samples assayed 0.15% Co and above and are shown in the table below. The presence of this cobalt-rich laterite had not been previously recognized at Skroska.

…The samples were taken vertically from the pillars/columns of the mine and have widths varying from 0.40 meter to 1.10 meters. Where two samples have the same preceding number (i.e. 7A and 7B) it means they were taken from the same location and are contiguous. The majority of the samples were collected at Level-815 of the underground mine, with three samples taken at Level-850. The sampling program covered a lateral distance of approximately 420 meters. The location of the samples and their corresponding assays are shown in the Company's website (http://www.europeanelectricmetals.com )

The samples were sent to ALS Lab in Serbia for preparation and sent to their laboratory in Ireland for analysis. The analytical suite selected was ME-XRF12n. This analytical suite is suitable in the analysis of ore grade nickel laterite samples.

Mr. Fred Tejada, EVX CEO and Director states, 'We are excited our geological team recognized the potential for the cobalt-rich horizons at Skroska and very pleased that this potential has been confirmed in the sampling program, via high grade cobalt results. This transaction represents a major step towards our goal of becoming an ethical source of high-grade cobalt production, within a European setting.'

The Skroska Mine - The Skroska deposit had a historic resource of 22.4 million tons grading 0.99% Ni, 50% Fe and 0.065% Co. The reserve is historic in nature (see note below). The laterite deposit ranges from 2 meters to 10 meters in thickness and averages 6 meters thick. It occurs between the ultramafic rocks (serpentinized) below and limestone on top or as a capping. The limestone is a competent rock which makes it a natural roof for the open stope underground mining method employed in the mine. Approximately 100,000 tons were mined by Gerold at an operating rate of 200 tons per day and 55,000 tons were shipped to China, while about 15,000 tons in Macedonia (information provided by Gerold Sh.pk. personnel). The rest of the mined materials are stockpiled in the mine site (the stockpile is not included in the Agreement). Prior to Gerold, mining was conducted by a state-run enterprise from 1985 to 1990 extracting 1.054 million laterite ore and delivering to the Elbasan Ferro-Nickel smelter some 58 kms to the west of the mine (based on available government information). 

Based on the sampling done by EVX in July 2018, the mine openings (haulage, development and production areas) were observed to be accessible and free of major blockages. Electrical power supply to the underground areas was available while major mine equipment both inside the underground works and on the surface were observed to be in good condition and are reported to be operational. The Company's geologists persisted in looking at the possibility of higher grade in some of the deposits similar to grades in the Geovic Cameroon deposit. Having had indications of elevated Co in prospecting done, the Company's geologists conducted a 2-day sampling program in Skroska in July. EVX geologists sampled the appropriate horizons and came back with very high cobalt grades.

Cobalt has not been a significant contributor in the past as all the laterite production in Albania was processed for nickel and iron. Historically, prior to Albania building its own smelter in 1976 in Elbasan, the laterite ore was shipped to China and Czechoslovakia. The Company has 4 months to conduct due diligence study which will include among others a study to determine if mining operations can be re-started within 6 to 12 months. Historical resource estimates are not mineral reserves and do not have demonstrated economic viability…

Note: The tonnage and grade estimates stated above are historic in nature and were obtained from the records at the Albanian Geological Survey. The estimate done, using Russian Style Polygon method, are roughly equivalent to the National Instrument 43-101 inferred category. No qualified person has done sufficient work to classify the historical estimates as current mineral resources. EVX considers the historical estimates relevant in guiding exploration efforts and planning although EVX is not treating the historical estimates as current mineral resources. EVX will need to undertake a comprehensive review of available data, including further drilling, to verify the historic estimates and classify them as current resources.

Jose Mario Castelo Branco, EuroGeol, a Qualified Person under the meaning of Canadian National Instrument 43-101 and Chief Geologist of the Company is responsible for the technical content of this news release.

About European Electric Metals Inc. - European Electric Metals Inc. is a Canadian listed public company, with a focus on electrification themed projects in Europe. A major shareholder of EVX is the European Bank for Reconstruction and Development. The goal of EVX is to become a major source of battery metals such as copper, nickel and cobalt, and the Company seeks to do so within safe, stable and logistically attractive European jurisdictions. The Company's projects are ideally located with excellent road, port and grid power availability, and near European countries that are poised to experience dramatic growth in the electric-vehicle-manufacturing industry. There is a strong battery-manufacturing industry within Europe with many more projects in the pipeline." 

Royal Nickel Corporation RNKLF is a multi-asset mineral resource company with a portfolio of nickel, cobalt, and gold production and exploration properties. RNC Minerals, in its capacity as Manager of the Dumont Joint Venture with Arpent Inc., a subsidiary of Waterton Precious Metals Fund II Cayman, LP and Waterton Mining Parallel Fund Offshore Master, LP, recently announced that Ausenco Engineering Canada Inc. has been awarded the contract for a feasibility study update for the Dumont Nickel-Cobalt Project. Ausenco has led all of the earlier pre-feasibility and feasibility studies completed on the project. Ausenco, in conjunction with Duro Fulguera, also completed additional engineering work in 2015 to develop an EPC Lump Sum Turnkey Proposal for approximately 72% of the capital cost. "We are very pleased to work again with the high calibre team from Ausenco and supporting engineering firms to complete the feasibility study update as we work toward our goal of making a construction decision in 2019." said Mark Selby, President and Chief Executive Officer of RNC. "These engineering and consulting firms have a deep level of knowledge and experience from their previous work, both at Dumont and other large open pit mining projects in Canada and abroad. I look forward to the updated feasibility study results confirming the inherent value in the structurally low-cost Dumont Nickel-Cobalt Project, which is well-positioned to deliver the additional nickel and cobalt required by the early 2020s to meet strong demand growth from the stainless steel and electric vehicle markets. Dumont remains one of the world's premier battery metals projects containing the world's largest undeveloped reserves of nickel and second largest undeveloped reserves of cobalt."

Trilogy Metals Inc. TMQ is a metals exploration company focused on exploring and developing the Ambler mining district located in northwestern Alaska. Trilogy Metals Inc. recently reported its third quarter results for the period ended August 31th, 2018. Third Quarter 2018 highlights include a strong cash position of USD 30.5 Million and working capital of USD 27.2 Million. On June 5th, 2018 the Company announced a maiden cobalt resource of 182.4 Million tons grading 0.019% Co for 77 Million pounds of inferred resources. On July 20th, 2018 the Company announced the filing of an updated technical report for the Bornite Project incorporating the cobalt resource and updates from the 2017 drill program at the Bornite Project. On August 23, 2018 the Company announced an expansion of the Bornite drilling program, with its partner, South32 Limited, funding an additional USD 800,000 for the Company to add two drill rigs, which have subsequently completely four holes totaling approximately 2,170 meters. The 2018 program and budget at the Bornite Project which was originally USD 10 Million, includes in-fill and off-set drilling to better define and expand the high-grade copper resources at Bornite, was increased during the quarter to USD 10.8 Million with a focus on adding additional drilling towards the end of the field program. Camp opened during mid-May and a seismic program was completed in early June. Results from the seismic program have now been received and the technical teams at the Company and South32 intend to meet later this year to review and analyze the information collected.

eCobalt Solutions, Inc. ECSIF is a Toronto Stock Exchange listed company committed to providing clean cobalt products essential for the rapidly growing rechargeable battery and renewable energy sectors, made safely, responsibly, and transparently in the United States. eCobalt Solutions Inc. recently announced the successful completion of pilot-level metallurgical testing for the Company's 100% owned Idaho Cobalt Project (the "ICP"), located near the town of Salmon, in the heart of the historic Idaho Cobalt Belt. The ICP remains the sole, near-term environmentally-permitted primary cobalt deposit in the United States. "Results from the pilot testing have provided a high degree of confidence for the production of a clean, high value cobalt concentrate for potential off-take partners, further advancing current discussions," commented Paul Farquharson, President and Chief Executive Officer of eCobalt. "With these results we will now proceed with finalization of the Optimized Feasibility Study, which also incorporates data from the optimized mine plan and the February 2018 updated resource model into a new mineral reserve estimate. The successful conclusion to the pilot work achieves a key milestone in our development of the ICP into North America's first primary cobalt producer."

First Cobalt Corp. FTSSF is a vertically integrated North American pure-play cobalt company. First Cobalt Corp. recently announced the results of three studies supporting a restart of the First Cobalt Refinery in Ontario, Canada. "The First Cobalt Refinery is a strategic North American asset and potentially our quickest path to cash flow by producing cobalt materials for the North American market. The facility is in excellent condition with permits in place and a short timeline to potential production, as well as optionality for both sources of material and refined product. Future offtake partners may offer flexibility with financing options to minimize dilution as we move forward." said Trent Mell, President & Chief Executive Officer. "We believe that the single best use of the refinery is to provide cobalt for the U.S. market, which does not currently produce a meaningful supply. At this time, we are working with engineering and market consultants to assess the suitability and margin opportunities of various feed sources. This process includes a review of design modifications to the existing refinery flow sheet and the resulting impact on capital and operating costs. While no decision for start-up has been made to move forward, we are reviewing funding alternatives that would minimize equity dilution for our shareholders today and in the future."

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