11th Feb 2016 08:42
LONDON (Alliance News) - European Metals Holdings Ltd said Thursday it has identified shallow, higher-grade lithium zones at the Cinovec lithium/tin deposit in the Czech Republic as part of a new geological model.
The company will use this geological model, along with recent drill results, to update its current mineral resource model. This will allow the company to investigate targeting these areas in the early years of development of the project, it said.
"The completion of this very detailed geological model is another step forward in our understanding of the massive Cinovec deposit. The model is based on rock description from an unusually high number of drill holes and underground workings courtesy of the previous mining operation at Cinovec," said European Metals Chief Executive Officer Keith Coughlan in a statement.
Rare Earth Minerals PLC, which has a 11.87% stake in European Metals, also noted the announcement.
"The identification of shallow higher grade material at the Cinovec deposit, we believe, is important for the long term development plan of the project. Scheduling these early within the potential mine plan would have a positive effect on the economics of the project," said Rare Earth Chief Executive Kiran Morzaria in a statement.
Shares in European Metals were up 7.8% at 5.53 pence Thursday morning, whilst Rare Earth was down 0.8% at 0.635p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
European Metals HoldingsRare Earth Metals