European Energy Metals Could Help The World Meet Its Lithium Supply Needs

Anticipated market trends indicate a continuing acceleration in lithium demand.

With lithium demand expected to explode about eight times over by 2040, finding new lithium deposits has become a top priority. Unfortunately, according to Morningstar.com, “Rising electric vehicle adoption and the increasing buildout of energy storage systems will keep lithium demand growing to surpass 1 million metric tons in 2024, from 800,000 in 2022, eventually hitting 2.5 million metric tons by 2030. While we see rising supply, we think enough projects will face delays to maintain a market deficit as demand grows.” 

We also have to consider that, according to Mining-Technology.com, “There were 45 lithium mines operating globally in 2022, with a further 11 planned to open this year, and an additional seven in 2024, but this will not be enough. Even if more raw lithium is sourced from additional mines, there may be a potential shortage of facilities used to refine the metal.”

One of the companies that could benefit from that supply-demand issue is European Energy Metals Corp. FIN EUEMF, which just announced the staking application for three additional mineral reservations totalling approximately 23,000 hectares, expanding the Company’s holdings in Central Finland to over 250,000 hectares.

“The expanded land position comes as a result of the ongoing, fully funded Phase 1 exploration program which identified potential extensions of prospective pegmatites delineated on our projects” commented Jeremy Poirier, CEO of European Energy Metals Corp. “With a largely-contiguous property package covering over 250,000 hectares prospective for lithium-cesium-tantalum pegmatites, European Energy Metals represents one of the largest lithium-focused exploration companies in the country.”

Three New Reservation Applications

European Energy Metals, through its in-country subsidiary, has applied to stake three mineral reservations at a nominal cost, covering approximately 23,000 hectares which expand and enhance the Company’s concessions in Central Finland to the northwest, northeast, and southwest.

The Ristineva Reservation covers 6,358 hectares and adjoins the Company’s Lappajarvi East project to the north-east. The reservation lies on the southwestern flank of the Kaustinen Granite which is prospective as it is believed to be the source of the lithium-bearing spodumene pegmatite deposits in the region (c.f. Martikainen, 2012).

The Killa Reservation covers 6,105 hectares and adjoins the Company’s Lappajarvi West project to the northwest. This area was identified by the exploration team as it encompasses several known pegmatite occurrences and is located along a major structural boundary which is prospective for the emplacement of pegmatites.

The Roomio Reservation covers 10,500 hectares and adjoins the Company’s Lappajarvi West project to the southwest, covering several known pegmatite occurrences. 

The Finland Pegmatite Project consists of four exploration concessions in central Finland and one exploration concession in southern Finland. These reservations cover a total area of 2,300 square kilometres and are focused on Lithium-Cesium-Tantalum or LCT pegmatite complexes located within the Jarvi-Pohjanmaa and Seinajoki lithium-permissive tracts as defined by the Geological Survey of Finland (GTK). Four of the reservations (Nabba, Lappajarvi West, Lappajarvi East and Kaatiala) lie immediately adjacent to, and to the south of, Keliber Oy's spodumene mine development project in the Kaustinen district.

Keliber Oy is a consortium, comprised of Sibanye-Stillwater (79%), Finnish Minerals Group (20%) and Finnish shareholders (1%). A Definitive Feasibility Study by Hatch dated June 14, 2018 states a JORC Code 2012 compliant Measured and Indicated Mineral Resource of 17 million tonnes at a grade of 1.02% Li2O.1.

European Energy cautions investors the presence of lithium mineralization at Keliber Oy is not necessarily indicative of similar mineralization at the Nabba concession.

For more information on European Energy Metals Corp. FIN EUEMF, click here.

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