European Metals Says Interim Drilling Results Better Than Expectations

(Alliance News) - European Metals Holdings Ltd on Tuesday announced that interim test results ...

Alliance News 2 February, 2021 | 10:19AM
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(Alliance News) - European Metals Holdings Ltd on Tuesday announced that interim test results from the six recently completed holes at the Cinovec lithium-tin project in Czech Republic were in line with or better than expectations.

The mineral exploration and development company, which holds a 49% interest in the Cinovec project, said in all of the six holes, the upper section of the drilled ore body is elevated in tin. The best intercept was returned from the hole CIS-22, with an interval of 28 metres averaging 0.3% tin.

European Metals said it has now completed drilling 12 out of 19 holes, which it began back in August, with the thirteenth hole currently underway. All six holes have been terminated in lithium ore and not in the underlaying low-mica granite, which is considered to be the footwall of the lithium granite, it added.

"The primary purpose of the programme is to convert a larger portion of the resource to the measured category to provide greater certainty to the financial model, and security for the financiers we are currently in discussions with. It is important to note that in the first stage of the proposed process, the wet magnetic separation has the effect of greatly increasing the grade of lithium oxide in the concentrate to approximately 2.9%," said Executive Chair Keith Coughlan.

Shares in European Metals were up 11% at 61.00 pence in London on Tuesday.

By Zoe Wickens; zoewickens@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
European Metals Holdings Ltd 19.50 GBX -8.24 -

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