Drilling at the Cinovec lithium-tin-tungsten project in the Czech Republic is progressing well, reported Rare Earth Minerals (LON:REM).
The work is being carried out by European Metals, in which REM has a 9.79% stake.
Cinovec is one of the largest lithium deposits in the EU. The inferred resource is 514.8 million tonnes (Mt) at 0.43% Li2O (lithium oxide) for 5.5Mt lithium carbonate equivalent (LCE).
There is also an additional exploration target of between 350 and 450Mt at 0.39-0.47% Li2O for 3.4-5.3Mt of LCE.
A second hole is in progress, while samples from a first have been sent to the lab, with results expected in the middle of November.
The drilling is aimed at supporting a conversion to the higher confidence indicated category from inferred, and previous drilling results from the company included 108.9m at 0.52% Li2O, 0.16% tin, 0.04% tungsten from 173m.
A dual listing for European Metals (ASX:EMH) in London is on track, it added.
Rare Earth Metals shares are today up 1.02% to 0.99p.