European Metals Holdings Ltd announced an upgraded resource estimate for the Cinovec lithium-tin deposit in the Czech Republic following the completion of a drilling campaign at Cinovec South.
Total resources increased by 12.3 million tonnes (Mt) to 708.2Mt at 0.43% lithium oxide, said the AIM-listed company which owns 49% of the project.
Of the total estimate, 53.3Mt was re-classified from the indicated category into the higher confidence measured category, grading 0.47% lithium oxide and 0.08% tin, and 28.5Mt of inferred resource was upgraded into the indicated category.
As a result, the measured and indicated resource has increased from 372.4Mt to 413.4Mt at 0.47% lithium oxide and 0.05% tin.
“The primary stated aim of this drilling program was to convert a larger portion of the resource to the measured category to provide greater certainty of the financial model and security to financiers,” said executive chairman Keith Coughlan.
“The results clearly indicate that the program has been successful and the robustness and consistency of the Cinovec resource further demonstrated. As we move closer to ultimate financing and offtake discussions, this higher degree of certainty provides more funding options for the project.”
European Metals also revealed results from the final 10 holes of the drilling programme, with the best results from four holes returning 101.7 metres at an average 0.59% lithium oxide, including 11.35 metres at 0.85% lithium oxide; 61 metres at 0.66% lithium oxide and 0.17% tin; 113.3 metres at 0.54% lithium oxide; and 111.4 metres at 0.54% lithium oxide and 0.13% tin.
“Results from the final drill holes of the program have been in line with or better than expected,” said Coughlan.
He also highlighted the economic and environmental benefits of Cinovec.
“The zinnwaldite concentrate produced from Cinovec requires only roasting, compared to the calcination and roasting required of processing spodumene,” he said. “This not only improves the economics, it will also have the effect of considerably reducing greenhouse gas emissions of the project when compared to spodumene projects.”
Story by ProactiveInvestors
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