\n<\/p>\n
ZUG, SWITZERLAND – EQS Newswire – 6 December 2021 – SunMirror
\nAG (“SunMirror”; Vienna Stock Exchange: ROR1; Frankfurt Stock
\nExchange: ROR; D\u00fcsseldorf Stock Exchange: ROR; ISIN CH0396131929), is pleased
\nto advise that Latitude 66 Cobalt Limited (“Lat66”), which is in the
\nprocess of being acquired by SunMirror, today announced the discovery of a new
\nhigh-grade cobalt zone at its 100%-owned Kuusamo Schist Belt Cobalt-Gold-Copper
\nProject in Finland. This new high-grade discovery is located approximately 23
\nkilometres south-west of the existing K1 resource zone. <\/p>\n
The intercept returned from
\nthe diamond drill hole (51.7 metres @ 0.44% Co, 0.24 g\/t Au, 0.07% Cu from
\n123.2 metres) is thick, relatively shallow and inclusive of an exceptionally
\nhigh-grade zone (8.3 metres @ 1.02% Co). This new prospect remains open in all
\ndirections. <\/p>\n
Thomas Hoyer, CEO of Lat66,
\nstated: “This is a very significant initial result, testing one of three
\nknown geophysical anomalies in the area. We will commence down hole
\nelectromagnetics to gain a better understanding of the local prospectivity and
\nestablish high potential drill targets with the aim of expanding this
\nintersection and to test the other two anomalies. <\/p>\n
Mr Hoyer added “The
\nFinnish Geological Survey has previously performed extensive scientific
\nresearch in the region targeting battery minerals and this additional
\nhigh-grade intersection, 23 kilometres south west our existing K1 resource,
\nunderpins our belief that the Kuusamo Schist Belt hosts a series of high-grade
\ncobalt zones.” <\/p>\n
Dr Heinz Kubli, CEO of
\nSunMirror, stated that: “This high-grade intercept and discovery of a new
\nmineralized zone, reinforces our view that Latitude 66, which holds 9400 square
\nkilometres of exploration permits in Finland and an existing cobalt resource,
\nhas the potential to be a significant part of the sustainable and ethical
\nsupply of critical raw materials for the EU as part of the green
\ntransition.” <\/p>\n
In June 2021, The
\nInternational Energy Agency published a report estimating that in order to
\nachieve the goals agreed at the Paris Climate Agreement, the demand for Cobalt
\nwill grow 21 times by the year 2040. Such unprecedented growth in demand will
\nrequire substantial volumes of material originating from new mines. Finland
\ntoday has 3 cobalt refineries and is the second largest refiner of Cobalt after
\nChina. Additional sources of supply of cobalt from within Finland feeding this
\nCobalt refining capability, together with available renewable energy to drive
\nthe mining and refining process, will help to enable the EU to have a secure
\ndomestic sustainable and ethical supply of low carbon footprint cobalt. <\/p>\n
The detailed
\nexploration update is available for download on the sunmirror website ( www.sunmirror.com <\/a> ). <\/p>\n