- Hilo Mining (HILO) and Capella Minerals (CMIL) have entered into an agreement
- The agreement will allow Hilo to earn up to an 80 per cent interest in a portfolio of lithium and rare-earth element reservations held by Capella in Finland
- The reserves span an area of 2,300 square kilometres
- Hilo is focusing on Finland because of its favourable geology for spodumene-hosted pegmatite deposits and because it is a mining-friendly jurisdiction
- Shares of Hilo Mining (HILO) are up 20.48 per cent to C$.50., while shares of Capella Minerals (CMIL) remain unchanged at C$0.03
Hilo Mining (HILO) and Capella Minerals (CMIL) have entered into an agreement..
The agreement will allow Hilo to earn up to an 80 per cent interest in a portfolio of lithium and rare-earth element reservations held by Capella in Finland.
According to a press release, the reserves span an area of 2,300 square kilometres and are focused on lithium pegmatite complexes.
Four of the reservations lie next to and to the south of Keliber Oy’s spodumene mine development project in the Kaustinen district.
“I’m excited about the prospect to be part of the growth of lithium and REE production in Finland, which I believe itself has the potential to become one of Europe’s major sources of these critical commodities,” Jeremy Poirer, CEO of Hilo, said in a statement.
Hilo is focused on Finland because of the country’s favourable geology for spodumene-hosted pegmatite deposits and its mining-friendly jurisdiction.
Eric Roth, CEO of Capella, said that very little systematic exploration has been done in recent years along the belt. He added that the goal will be to bring priority target areas with spodumene-bearing pegmatites to becoming drill-ready.
Shares of Hilo Mining (HILO) are up 20.48 per cent to C$.50., while shares of Capella Minerals (CMIL) remain unchanged at C$0.03.