European Electric Metals reported that the Company has received the renewal certificate of its mining license (certificate) covering Rehova Copper Project.
The certificate was issued on March 27, 2019 by the National Agency of Natural Resources (AKBN) of Albania. Its issuance signifies that the 25-year mining license of Rehova issued on February 9, 2017 is in good standing (see the Company filing on SEDAR).
Based on the results of drilling the Company conducted in 2018 and the geological modelling conducted by Wood Canada Limited, EVX believes there is potential for expanding the known mineralization in Rehova below the known mineralization as well as laterally (please refer to the Company’s website for the 2018 drilling results). With the certificate issued, the Company plans to conduct further drilling using geophysical tools such as ground magnetics and downhole TEM survey to confirm drill targets. Downhole TEM survey have been successful in finding off-hole section and depth extensions of blind mineralization on other projects. Recent examples include the discovery of large massive sulphide lenses with this method in the Iberian Pyrite Belt both in Portugal (Semblana in the Neves Corvo camp) and in Spain (Deep Magdalena lens, East of Aguas Teñidas mine).
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 license area for a period of three years. The Company is also planning to conduct exploration outside of the license area, subject to the acquisition of exploration grounds around it. The Company believes there is potential for finding separate deposits outside of the license area based on the presence of several VMS prospects, some of which intersected copper mineralization in previous drilling.
With the renewal of the Rehova license, the Company now has two advance properties it will be focusing on; the cobalt-rich Skroska nickel laterite mine and Rehova copper project.
Rehova is located 115 kilometers southeast of Tirana (200 km by road) and is on the electrical power grid. The property encompasses four historical volcanogenic massive sulphide deposits. The four known deposits, called Bregu i Geshtenjes (“BG”), Kanisqel, Ciflig and Dushku i Trashe (“DT”), comprise the Rehova copper mine complex, a historically producing mining operation which was operated by the Albanian state copper enterprise.
Prior to the start of production in 1980, the Albanian Geological Survey had defined combined mineralization in the four deposits of 3.43 million tonnes grading 2.17 per cent copper and by the time operations stopped in 1990, reported 2.87 million tonnes grading 2.14 per cent copper remaining. The majority of the remaining mineralization was reported as 2.09 million tonnes grading 2.15 per cent copper from BG, which was not mined and has exploration potential beyond the historic drilling. BG was being planned for mining when the state-run mining enterprise shut down its operations country-wide in the early 1990s. Ciflig and DT were mined by underground methods and Kanisqel by open pit and to a limited extent by underground. The materials mined were sent to a historic processing plant (no longer existing) nearby with an annual capacity of 60,000 tonnes per year.
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.
Source: Company Press Release