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FIRST RESULTS FROM DRILLING CONFIRMS HIGH LEVEL OF NICKEL

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Eurobattery Minerals AB (Nordic Growth Market: "BAT"; “the Company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announced the first results from the drilling campaign for nickel, cobalt and copper at its Corcel project in Galicia in northern Spain. In the larger Corcel project, Castriz is one of three primary prospect areas together with Monte Mayor and Monte Castello.

Key points:

  • Initial assay results received from recent drilling at Castriz prospect. Results received from the first two holes of the recent four hole, 998m drilling program.
  • Previously identified coincident geochemical and geophysical anomalies now tested by drilling.
  • Elevated levels of nickel (Ni), copper (Cu) and cobalt (Co) intersected in underlying bedrock. Assay highlights from the first two drill holes include:
    • 69m @ 0.30% Ni, 0.04% Cu & 0.01% Co from 78m (19DD0001)
    • 24.5m @ 0.30% Ni, 0.12% Cu & 0.01% Co from 14.5m (19DD0002)
  • Extensive zone of Ni-Cu-Co anomalous rocks interpreted to exist at Castriz, with aforementioned drill holes separated by over 500m of strike length.
  • Assay results pending from two additional drill holes. Results anticipated to be received in early 2020.

A total of four diamond drill holes were completed for a total of 998m with the Company receiving assay results for two of the drill holes and the results confirms high level of nickel.

– With the first drilling results in hand we can now confirm the high level of battery minerals in the ground that the previous analyses from field work this year have indicated. We are following our time plan and, in the beginning of 2020, we will receive the additional results from the remaining drill holes. However, already now we can conclude that there is a high level of nickel in the area and this is very encouraging, said Roberto García Martínez, CEO of Eurobattery Minerals. 

Earlier field activities that BAT completed in the Castriz prospect identified four large zones, up to 1km in strike, with anomalous nickel (Ni), copper (Cu) and cobalt (Co) geochemistry and coincident increased magnetic responses in the underlying bedrock.

Three of the zones were drill tested to assess the potential for mafic-ultramafic hosted Ni-Cu-Co sulphide deposits. The drilling intersected a sequence of variably mineralised serpentinised ultramafic units, banded amphibolite and massive amphibolite units at the northern and western anomalies. Assay highlights from the first two holes includes:

    • 69m @ 0.30% Ni, 0.04% Cu & 0.01% Co from 78m (19DD0001)
    • 24.5m @ 0.30% Ni, 0.12% Cu & 0.01% Co from 14.5m (19DD0002)

The first two drill holes are separated by over 500m in strike indicating the potential for an extensive zone of near-surface metal-rich rock may occur in the area.

After receiving the final results in the beginning of 2020, BAT will assess the broader potential of the Castriz prospect for containing Ni-Cu-Co sulphide resources in near-surface ultramafic units and at depth, and Cu-sulphide resources in the amphibolite units similar to the Touro Copper Project (46.5Mt @ 0.37% Cu) located ~60km southeast of the Castriz prospect, owned by Atalaya Mining PLC.

The attached report contains detailed analysis about the drilling results received to date.

For further information, please contact:

Roberto García Martínez, CEO 

E-mail: roberto@eurobatteryminerals.com

Website: https://eurobatteryminerals.com/en/

This information is the sort of information that the company is obliged to disclose under the EU market abuse regulation. The information was submitted by the above contact person for publication on 10th of December at 08:00 CEST

Eurobattery Minerals is a mining and prospecting company focused on battery minerals such as nickel, cobalt, copper and rare earth elements. Business activities and operations are conducted exclusively in Europe with a focus on Spain and northern Sweden. The company has one mining license and eight exploration licenses. The headquarters is located in Stockholm.

Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor.

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