European Metals Holdings Limited (LON:EMH) (ASX:EMH) has announced a further upgrade of its JORC compliant Indicated Mineral Resource at the Cinovec Lithium/Tin Project in the Czech Republic, confirming its status as the largest lithium resource in Europe
The miner said it has recently completed a four-month drilling campaign at Cinovec South, comprising six core drill holes for 2,697.1m meters, with the goal of closing 'gaps' in the existing resource model.
WATCH: European Metals Holdings sees very good results from latest Cinovec drilling
It added that the results were satisfactory and exceeded expectations with, for the entire Cinovec deposit, the drilling adding 39.4 Mt of Mineral Resource grading 0.41% Li2O and 0.04% Sn (0.1% Li cutoff), or 220kt tonnes of lithium carbonate (LCE).
The group said the majority of the resource increase (97%) is at Cinovec South where initial mining is planned, and the Indicated Mineral Resource category increased by 7% to 372.4Mt@0.44% Li2O.
European Metals’ managing director Keith Coughlan said: "This drill program targeted areas of low historic data density with the aim of bringing these areas, which lie adjacent to the planned initial mining area, to Indicated Resource category so they can be used in the ongoing definitive feasibility study. The drilling was a success with some large areas of higher grade mineralisation defined in the target area.”
He added: “On the back of this resource upgrade, we have commenced an optimisation of the mine design. When complete, this will allow finalisation of a grid drilling program for upgrading parts of the Indicated Resource to Measured Resource to facilitate the definition of proven reserves for the definitive feasibility study that is progressing well."
In early morning trading, European Metals’ shares were 3.5%, or 1.5p higher at 44.5p.
Kiran Morzaria, chief executive officer of Cadence Minerals Plc – which has a as a 20.4 % equity stake in European Metals - commented: "The addition of these Mineral Resources, in particular given the proximity to the initial planned areas, is important for the ongoing definitive feasibility study.“
-- Adds share price, Cadence Minerals comment --