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.