THE BOURSE WHISPERER: European Metals Holdings (ASX: EMH) has been granted a new exploration license to complement the company’s 100 per cent-owned Cinovec lithium-tin deposit in the Czech Republic.
European Metals explained 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.
The aerial extent of the Cinovec III license is 6.8 square kilometres and covers a geologically prospective area to the east of the Cinovec deposit.
EMH said the license provides prospects of discovering and developing additional lithium and tin ore with the best historic lithium intercept recorded being 82.8 metres averaging 0.31 per cent lithium dioxide (Li2O), starting at depth of 585m.
“We welcome the fact that the Czech government has granted us this third exploration license for which we recently applied,” European Metals Holdings CEO Keith Coughlan said in the company’s announcement to the Australian Securities Exchange.
“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 mineralised granite similar to the one at Cinovec, but at deeper levels and not outcropping.
“The exploration target is high-grade lithium and tin mineralisation amenable to extraction from deeper horizons of the future Cinovec underground mine.
“Having this license granted means that the company now controls 100 per cent of the known mineralisation of the Cinovec ore body and adjacent mineralised areas.”