Vancouver, B.C., February 9, 2018. Boreal Metals Corp. (TSXV:BMX) is pleased to announce the execution of a definitive agreement with EMX Royalty Corporation (“EMX”) (NYSE American: EMX, TSXV: EMX) for the acquisition of the Guldgruvan cobalt project (“Guldgruvan” or the “Project”) by Boreal Energy Metals Corp. (“BEMC”), a newly created and wholly owned subsidiary of Boreal.
The Guldgruvan nr 101 license contains the historic Los Cobalt Mine, one of the better known historic cobalt producers in the region, and is also the region where nickel was first discovered and recognized as an element in 17511 . Cobalt, copper, and nickel were mined on the property in the 1600’s to 1750’s. In addition to these metals, gold, silver, zinc, and lead are also present in zones of mineralization. Following the Company’s growth strategy to acquire past producing projects, Guldgruvan, has undergone only limited modern exploration.
“Boreal continues its exploration project growth strategy with the addition of the Guldgruvan Project. Through the acquisition of two significant past producing cobalt assets, Boreal is well positioned in the region as Scandinavian Battery Companies are moving forward to lead Europe’s emerging battery production sector,” stated Karl Antonius, President and CEO. “Boreal believes the acquisition delivers significant benefits to its shareholders. Guldgruvan complements the previously announced acquisition of Modum, which combined further builds the foundation for Boreal’s strong base metal and cobalt exploration in Scandinavia.”
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