Business
New Exploration License/Redemption of Perf Shares
New Exploration License/Redemption of Perf Shares.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 9349N European Metals Holdings Limited 01 November 2016 \n\nFor immediate release\n1 November 2016\nEUROPEAN METALS HOLDINGS LIMITED\nNew Exploration License Awarded and Redemption of Performance Shares\n \nEuropean Metals Holdings Limited (\"European Metals\" or \"the Company\") (ASX and AIM: EMH) is pleased to announce that it was granted a new exploration license Cinovec III. \nKey Points:\n \n\n\n\n\n· The new Cinovec III license fills the gap between the Company's license Cinovec II and the Czech-German border over the northern part of the Cinovec deposit, and extends east, adjoining the Company's Cinovec II license area.\n\n\n\n\n· The aerial extent of the Cinovec III license is 6.8 km2. It covers geologically prospective area to the E of the Cinovec deposit, with prospects of discovering and developing additional lithium and tin ore.\n\n\n\n\n· The best lithium intercept recorded in historic drilling is 82.8m averaging 0.31% Li2O, starting at depth of 585m.\n\n\n\n\n· The potential lithium mineralization E of Cinovec is blind; historic scout drilling identified greisenized and lithium mineralized granite at depths of 500 meters below surface.\n\n\n\n\n \nEuropean Metals CEO Keith Coughlan said \"We welcome the fact that the Czech government has granted us this third exploration license for which we recently applied. The license not only covers a small area above the Cinovec deposit itself along the Czech-German border, but also gives the Company exclusive rights to explore for potential deep seated lithium ore East of the Cinovec deposit. Geologic data indicate presence of mineralized granite similar to the one at Cinovec, but at deeper levels and not outcropping. The exploration target is high grade lithium and tin mineralization amenable to extraction from deeper horizons of the future Cinovec underground mine. Having this license granted means that the Company now controls 100% of the known mineralistion of the Cinovec ore body and adjacent mineralised areas.\"\nIntroduction\nThe Cinovec III exploration license (6.8 km2) immediately adjoins in Eastern direction the Company's license Cinovec II. The license was granted by the Ministry of Environment in...