Swedish explorer Hannans Reward (ASX:HNR) has lit up today lodging seven applications for exploration permits and one over a historic lithium mine in northern Sweden.
Hannan's board had flagged it was reviewing opportunities in Scandinavia and that lithium mining had previously taken place in Sweden and the most advanced lithium project in Europe is located in Finland, providing compelling reasons for the applications.
Looking beneath the announcement, lithium was mined at Varuträsk by Boliden during 1936-46 through open cut and underground mining and hosts lithium and niobium.
The first exploration permit applied for by Hannans actually covers the Varuträsk pegmatite, hence the grounds for excitement.
As recently as 1983-84, diamond drilling at Varuträsk saw a new pegmatite lens located just 1 kilometres north of the previously mined pegmatite.
Providing exploration "blue sky" the original pegmatite and the additional lens that were discovered in 1983-84 apparently has not seen any deep drilling below the previously mined level.
While Hannans’ remaining exploration permit applications cover mapped pegmatites and Skellefteå-type granites prospective for lithium and cesium bearing minerals, it is the Varuträsk pegmatite which has exciting near term potential.
Throw in to the equation that Sweden is well positioned geographically to supply the coming uptick in lithium-ion battery demand and any commercial lithium discoveries by Hannans would be explosive in a hot lithium sector and is a stock worth watching.
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