Business
Substantial Increase in Indicated Resource-Cinovec
Substantial Increase in Indicated Resource-Cinovec.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 1634X European Metals Holdings Limited 17 February 2017 \n\nFor immediate release\n17 February 2017\nEUROPEAN METALS HOLDINGS LIMITED\nSUBSTANTIAL INCREASE IN INDICATED RESOURCE AT CINOVEC\n \nEuropean Metals Holdings Limited (\"European Metals\" or \"the Company\") is pleased to announce a substantial upgrade of its JORC compliant Indicated Mineral Resource at the Company's 100% owned Cinovec Lithium/Tin Project in the Czech Republic, confirming its status as the largest Lithium resource in Europe \nThe Company has recently completed an extensive seven-month drilling campaign at Cinovec, consisting of 17 holes for 6,081 meters designed to increase the confidence in the resource base and to upgrade a significant part of the resource from the Inferred category to the higher confidence Indicated category.\n\n\n\n\n· Lithium Indicated Resource increased 50% to 3.9 Mt LCE, contained in 347.7 Mt @ 0.45% Li2O and 0.04% Sn (0.1% Li cut-off)\n\n\n\n\n· Lithium Total Resource increased 11.8% to 7.0 Mt LCE, contained in 656.5 Mt @ 0.43% Li2O and 0.04% Sn (0.1% Li cut-off)\n\n\n\n\n· Total contained tin in the Total Mineral Resource increases to 262,600 tonnes\n\n\n\n\n· Lithium Exploration Target remains 350 to 450 Mt @ 0.39% to 0.47% for 3.4 Mt to 5.3 Mt of LCE.\n\n\n\n\nEuropean Metals Managing Director Keith Coughlan said, \"Cinovec is a globally significant lithium deposit. Its location on the German-Czech Republic border places it in very close proximity to the largest car manufacturers in Europe and is in a unique position to supply lithium to the rapidly growing European electric vehicle industry. \nThe substantial increase in the higher confidence indicated resources in both contained lithium and in valuable by-product tin provides more certainty that European industry will be able to source locally produced lithium in a secure and stable environment.\"\nIndependent Resource Consultant Lynn Widenbar noted, \"The additional new drilling results from 2016 have greatly increased confidence in the historic surface and underground drilling and sampling, resulting in a substantial amount of previously Inferred material being re-classified as Indicated. The additional drilling has also enabled the two mai...