European Metals Holdings completes Cinovec drillhole programme

Mineral exploration and development company European Metals Holdings announced on Monday that its planned core drillhole programme was completed on time and budget, without time loss incidents.

The AIM-traded firm said in total, 17 drill holes were drilled to a summary depth of 6081 meters.

At the same time, it announced the appointment of a “highly experienced” mining executive to the role of country manager.

On the drillhole programme, EMH said analytical results for the two additional drill holes at Cinovec Main confirmed or exceeded the expected lithium content and mineralisation widths.

It said one drillhole is located at the western edge of the deposit near the contact of the mineralisation, while the other drillhole is located in the central part of Cinovec Main.

The latter hole returned the best lithium interval to date, EMH said.

It said hole CIW-23 recorded an interval of 261.1m averaging 0.50%Li2O including high-grade intervals 23.9m@0.81%Li2O, 8m@1.05%Li2O, 4m@1.17%Li2O, 4m@1.41%Li2O, and 6m@0.95%Li2O.

In addition, significant tin and tungsten mineralisation was recorded at 11 meters averaging 0.081% tungsten, 5 meters averaging 0.14% tin and one meter averaging 1.2% tin, and two meters averaging 0.088% tungsten.

Hole CIW-10 reported an intercept of 223.9m averaging 0.43% Li2O.

All core samples for the remaining five holes had been delivered to the analytical laboratory with results expected to be delivered by the end of January.

Geological information from all 17 drill holes had been compiled into the Cinovec database, which EMH said serves to update the geological model for Cinovec Main.

The geologic model will be used to constrain and update the current block model, which will be updated in early February when all analyses will be received.

It said the block model and resource calculation will be part of the pre-feasibility study planned for release in April 2017.

EMH also announced the appointment of Richard Pavlik to the position of general manager of the company's Czech subsidiary Geomet.

“I am very pleased that we have finished the drilling programme on time and without any accidents,” said EMH CEO Keith Coughlan.

“These latest results highlight the substantial mineralisation at Cinovec and the opportunities available to target higher grade areas within these zones.”

Coughlan said when all results are received, EMH will upgrade the block model and finalise the resource estimate for the pre-feasibility study.

He said the board expects further conversion of inferred to indicated resources to occur as part of this re-modelling.

“I would also like to welcome Richard Pavlik as our country manager.

“Richard has extensive experience in the Czech Mining Community and will be a huge asset in providing in-country knowledge and capability during the feasibility, permitting and development process.”