LONDON (Alliance News) - European Metals Holdings Ltd on Tuesday said the planned core drill programme on the Cinovec lithium and tin project in the Czech Republic was completed in the middle of January on time and on budget.
A total of 17 holes were drilled to a total depth of 6,081 metres. Analytical results for two of the holes, which have already been published, confirmed or exceeded the expected lithium content and mineralisation widths.
On Tuesday, European Metals said it will upgrade its block model and finalise a resource estimate for the preliminary feasibility study once the final drill results have been secured.
"Further conversion of inferred to indicated resources is expected as part of this re-modelling," said the company.
"It has been another very productive quarter for European Metals with a number of key and very positive developments. These developments indicate significant enhancements to the economics of the Cinovec project. The company believes that these enhancements will be positively reflected in the Preliminary Feasibility Study which is nearing completion," said the miner.
UK-listed Rare Earth Minerals PLC is the largest individual shareholder of European Metals with a 20.76% stake.
European Metals shares were trading up 3.4% on Tuesday at 41.60 pence per share. Rare Earth shares were trading up 1.8% at 0.519 pence.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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