5th Aug 2019 15:01
(Alliance News) - European Metals Holding Ltd said on Monday that it has been awarded an extension to the exploration licence of a lithium and tin project in the Czech Republic.
The licence, which covers two preliminary mining permits for the Cinovec project, has been extended to December 31, 2020. It was an initially due to expire in July but European Metals sought an extension as it wished to conduct further work.
The Czech Ministry of the Environment, which issued the renewal, has the option of granting a further extension should European Metals need one.
The two mining permits however, do not allow for drilling in other areas of the project and a geological and reserves calculation report must be conducted to receive government approval.
The company's subsidiary Geomet SRO has already carried out geological surveys at all three of Cinovec's deposit territories and it has received deposit certificates from the Czech Republic's environment ministry.
The deposit certificates will now allow European Metals to apply for another preliminary mining permit, if it is granted, the company can conduct drilling in all of the Cinovec deposit.
Cadence Minerals PLC, which owns a 19% stake in European Metals, said the "economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within Europe specifically".
Shares in European Metals were up 4.5% at 20.90 pence each on Monday morning, while shares in Cadence Minerals were up 2.4% at 0.10p each.
Related Shares:
European Metals HoldingsCadence Mineral