European Metals Holdings granted new licence at Cinovec

European Metals Holdings announced on Tuesday that it was granted a new exploration licence at Cinovec III.

The AIM-traded company said the new Cinovec III licence fills the gap between its existing Cinovec II licence and the Czech-German border over the northern part of the Cinovec deposit, and extends east, adjoining the company's Cinovec II licence area.

It said the aerial extent of the Cinovec III licence is 6.8 square kilometres, covering a geologically prospective area to the east of the Cinovec deposit, with prospects of discovering and developing additional lithium and tin ore.

The best lithium intercept recorded in historic drilling is 82.8m averaging 0.31% Li2O, starting at depth of 585m, the board reported.

It added that the potential lithium mineralization east of Cinovec is blind, with historic scout drilling identifying greisenised and lithium mineralised granite at depths of 500 meters below surface.

“We welcome the fact that the Czech government has granted us this third exploration licence for which we recently applied,” said CEO Keith Coughlan.

“The licence 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.”

Coughlan said the exploration target is high grade lithium and tin mineralization amenable to extraction from deeper horizons of the future Cinovec underground mine.

“Having this licence granted means that the company now controls 100% of the known mineralisation of the Cinovec ore body and adjacent mineralised areas.”