1st Oct 2018 10:31
LONDON (Alliance News) - Shares rose in European Metals Holdings Ltd on Monday as it said that it has received permission from the relevant authorities in the Czech Republic for a diamond drilling campaign on the Cinovec Lithium-Tin Project.
Shares in the miner rose 14% at 22.25 pence on Monday.
A total of 13 drill holes for a total length of 3,386 metres have been permitted, and is aimed at converting a sufficient portion of the existing Indicated mineral resource to the Measured resource category to cover the first two years of the scheduled mining plan.
A total of eight diamond drill holes will be completed for 2,560 metres, and then a second round of drilling will be conducted to extend coverage to the first five years of mining may be conducted depending on discussion with financial entities.
"It is very pleasing to receive permission from the relevant Czech authorities to begin our DFS drilling programme. The timing allows us to begin the programme ahead of the winter season and provide an upgrade to the existing resource at Cinovec as part of the DFS -it is encouraging to be able to move quickly into the next stage of development. The drilling of the geotechnical holes for portal design and location has been completed in good time and will be followed by a second programme establishing ground conditions for the mine decline," said Managing Director Keith Coughlan.
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European Metals Holdings