ZUG, SWITZERLAND - EQS Newswire - 6 December 2021 - SunMirror
AG ("SunMirror"; Vienna Stock Exchange: ROR1; Frankfurt Stock
Exchange: ROR; Düsseldorf Stock Exchange: ROR; ISIN CH0396131929), is pleased
to advise that Latitude 66 Cobalt Limited ("Lat66"), which is in the
process of being acquired by SunMirror, today announced the discovery of a new
high-grade cobalt zone at its 100%-owned Kuusamo Schist Belt Cobalt-Gold-Copper
Project in Finland. This new high-grade discovery is located approximately 23
kilometres south-west of the existing K1 resource zone.
The intercept returned from
the diamond drill hole (51.7 metres @ 0.44% Co, 0.24 g/t Au, 0.07% Cu from
123.2 metres) is thick, relatively shallow and inclusive of an exceptionally
high-grade zone (8.3 metres @ 1.02% Co). This new prospect remains open in all
directions.
Thomas Hoyer, CEO of Lat66,
stated: "This is a very significant initial result, testing one of three
known geophysical anomalies in the area. We will commence down hole
electromagnetics to gain a better understanding of the local prospectivity and
establish high potential drill targets with the aim of expanding this
intersection and to test the other two anomalies.
Mr Hoyer added "The
Finnish Geological Survey has previously performed extensive scientific
research in the region targeting battery minerals and this additional
high-grade intersection, 23 kilometres south west our existing K1 resource,
underpins our belief that the Kuusamo Schist Belt hosts a series of high-grade
cobalt zones."
Dr Heinz Kubli, CEO of
SunMirror, stated that: "This high-grade intercept and discovery of a new
mineralized zone, reinforces our view that Latitude 66, which holds 9400 square
kilometres of exploration permits in Finland and an existing cobalt resource,
has the potential to be a significant part of the sustainable and ethical
supply of critical raw materials for the EU as part of the green
transition."
In June 2021, The
International Energy Agency published a report estimating that in order to
achieve the goals agreed at the Paris Climate Agreement, the demand for Cobalt
will grow 21 times by the year 2040. Such unprecedented growth in demand will
require substantial volumes of material originating from new mines. Finland
today has 3 cobalt refineries and is the second largest refiner of Cobalt after
China. Additional sources of supply of cobalt from within Finland feeding this
Cobalt refining capability, together with available renewable energy to drive
the mining and refining process, will help to enable the EU to have a secure
domestic sustainable and ethical supply of low carbon footprint cobalt.
The detailed
exploration update is available for download on the sunmirror website ( www.sunmirror.com ).
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