10th Feb 2017 09:19
LONDON (Alliance News) - European Metals Holdings Ltd on Friday said the final results from its recently completed drilling programme at the Cinovec tin and lithium project in the Czech Republic once again confirmed or exceeded the expected lithium content and mineralisation widths for the project.
Last week, the group reported "excellent" results from two drillholes at the site, and has since completed the programme with a further three holes drilled.
On Friday, European Metals said the CIW-25 hole contained the longest lithium intercept to date of 361.5 metres averaging at 0.43% lithium oxide, including a high grade lithium interval.
The other two holes contained high grade intercepts and zones, European Metals said.
"These results continue to either confirm or exceed our expectations with regards to lithium content and mineralisation width. The sheer size of Cinovec is highlighted by the 361 metre intercept which is in a league of its own in the lithium space," said CEO Keith Coughlan.
European Metals said the updated drill database and geological model for Cinovec has been completed, and the block model and resource calculation for the project will be updated within the fortnight. This block model will form the basis of the preliminary feasibility study.
The group said it expects this resource model will be finalised an announced later this month.
European Metals also announced the Cinovec South resource has now been added to the Czech State resource register, which it said is the first step in the process for the granting of a mining permit.
European Metals said it is working on the submission for the remaining north west part of the orebody, to be placed on the state resource registry.
Shares in European Metals were 2.8% at 52.45 pence on Friday morning.
Rare Earth Minerals PLC, which holds a 21% stake in the Cinovec project through its holding in European Metals, noted the announcement.
Rare Earth was trading down 0.6% at 0.507p on Friday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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