European Green Metals Ltd (EGM) has been awarded a “highly prospective” three-year exploration licence covering several historic mining districts in the state of Saxony, Germany.
FUNDING
The Marienberg permit, covering 381km2 in southern Saxony, hosts several styles of mineralisation within the Marienberg-Pobershau, Annaberg-Buccholz and Seiffen mining districts.
EGM said that the districts were mined, from the early 1400s, for silver, copper, cobalt, tin, tungsten, nickel, lead and uranium, along with barite and fluorite.
The licence covers all the metals, excluding baryte and uranium, as well as rare earth elements and lithium for which there is “high potential” associated with tin-tungsten-lithium greisens.
Marienberg also covers lithium in deep geothermal waters or brines.
EGM will complete further low-cost exploration and testing to assess the licence’s full potential as well as investigate non-dilutive funding options, specifically to advance opportunities for potential direct lithium extraction.
The company also holds the Eichigt licence in Saxony as well as the Olserum rare earths project in southern Sweden and Pajala graphite in northern Sweden.
COMPANY MOVES
The company, which was founded in March 2021, has also appointed its chief executive officer Aiden Lavelle as a director.
Companies House reported the change effective from 2 October.