Rare Earth Minerals plc (LON:REM) has noted another significant lithium find at the Cinovec deposit in the Czech Republic, this time at the shallowest depth so far.
Operator European Metals Holding (LON:EMH) is drilling at Cinovec and its two latest holes indicated lithium oxide at an average grade of 0.4% over 226m and 243m.
Both holes hit the metal at less than 10m down.
In addition, tin and tungsten was intersected in the upper part of both drill holes.
The two latest holes were in the uppermost part of the Cinovec deposit near the historic mine shaft.
European Metal also noted the tin price had recovered to over US$21,000/tonne, a level that would boost the mine’s economics overall.
“Cinovec is not only the largest lithium resource in Europe, it also contains one of the largest undeveloped tin resources in the world."
Through EMH, Rare Earth currently holds a 17.64% economic interest in Cinovec, which is expected to rise 20.84%.
Lithium is expected to be one of the major components of batteries for storage and electric car in the future.
REM shares rose 5% to 0.57p.