25.3 C
Belgrade
Supported byspot_img
spot_img

American Battery Metals wants option to acquire Viken vanadium project in Sweden

Member of Europium Groupspot_img
Supported byspot_img

American Battery Metals announced that it has entered into a non-binding letter of intent to acquire a 90% interest in Ontario-based E.U. Energy Corp. and its 100%-owned Viken project in Sweden.

In a media statement, the North Vancouver-based company said the letter of intent stipulates that American Battery Metals has to issue 20 million shares in exchange for 90% of the issued and outstanding shares of E.U. Energy, in addition to the right for E.U. Energy to nominate one member to the board.

The proposed transaction is also subject to a non-brokered private placement for C$1.5 million, a bridge loan to E.U. Energy, due diligence, finalization by both parties to enter into a definitive agreement, in addition to regulatory approvals.

Supported by

“This transaction represents a significant milestone for ABM as the Viken is one of the largest, development-stage, vanadium projects globally with the potential for substantial by-product metal production,” said Michael Mulberry, President & CEO of American Battery Metals.

Viken is located in Jämtland County, 570 kilometres north-northwest of Stockholm.

The project is host to a significant National Instrument 43-101 polymetallic Mineral Resource, representing an in-situ vanadium (V2O5) Mineral Resource of 163 million pounds in the Indicated category and 16.7 billion pounds in the Inferred category.

According to American Battery Metals, the project has seen a significant amount of work with a 2010 Preliminary Economic Assessment outlining an open pit mine for vanadium, molybdenum and nickel, followed by a 2014 Updated PEA to evaluate the use of bio-heap leaching.

“More recently, E.U. Energy has engaged P&E Mining Consultants Inc. to evaluate a more efficient footprint, lower CAPEX, vanadium-focused operation with the potential for significant by-product metal production,” ABM said in the media brief.

Source: mining.com

Supported byElevatePR Digital

Related News

Renewable energy boom spurs demand for copper and critical minerals: Emphasizing responsible mining

The global push towards renewable energy is set to significantly increase demand for critical minerals and metals such as lithium, copper, manganese and rare...

Euro Manganese advances with successful commissioning of high-purity manganese facility

Euro Manganese Inc. has successfully completed the commissioning of its high-purity manganese Demonstration Plant at the Chvaletice Manganese Project in the Czech Republic. This...

Rio Tinto Assures on 2500 Pages – There is a Solution for Every Danger

Rio Tinto executed a move announced six months ago – they published drafts of environmental impact studies on how harmful the lithium mine in...

Geopolitical struggle over Central Asia’s rare-earth reserves

Central Asia, encompassing Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan and Mongolia, holds vast untapped reserves of rare-earth minerals. Recent global developments have thrust these...
Supported by
Supported by
Supported by
error: Content is protected !!