The Hautaran Cobalt-Nickel project in Finland has reported a 100% increase in ore resources and a 50% increase in metals in the mine license area.
Hautarampi, near the town of Otokumpu in eastern Finland, is owned by Finncobalt, a private Finnish company. FinnCobalt has signed a funding agreement with Swedish company Eurobatteryminer SAB. As part of the deal, the company has agreed to fund the development of the project and will subsequently have the option to buy all of FinnCobalt's shares.
"We are very pleased with the JORC resource estimates for the Hautarampi project," said Robert Garcia, CEO of European Battery Minerals, in a press release. "Compared to previous estimates of historical resources in the area, we can see that the total resource has doubled and the metal content has increased by 50 percent," he said.
The initial resource estimates include the newly estimated Hautarampi region and the north-eastern extension of the M? Kivaara deposit, which is also targeted for core-drilling in 2020. In addition, the estimate is based on a database containing 457 boreholes with a total footage of 82,000 m, including 29 boreholes with a total footage of 3,768 m in 2020.
The ore resource is 2.582 million tons, with nickel grade 0.38%, copper grade 0.28% and cobalt grade 0.08%. It is presumed that the ore resources are 2.701 million tons, with a nickel grade of 0.31%, copper of 0.20% and cobalt of 0.08%. Calculated by the amount of metal, nickel resources are 18,289 tons, copper 12,783 tons, cobalt 4,337 tons.
