- European Metals (EMH) shares are up today after the company released its first results from a drilling program at the Cinovec Lithium and Tin Project, located on the Czech Republic and Germany border
- Currently, the company has completed 12 out of 19 holes and has received results from the first six holes
- The best intercept averaged 0.27 per cent tin across 28 metres
- European Metals says the results are in line or better than expected
- On the market, European Metals is up 10.1 per cent and is trading for $1.14 per share
European Metals (EMH) shares are in the green this morning after the company received its first results from a drilling program at the Cinovec Lithium and Tin Project.
So far, the company has completed 12 out of 19 holes and has received results from the first six holes.
The company called the results “in line or better than expected”, with the best intercept averaging 0.27 per cent tin across 28 metres.
Cinovec is the largest hard rock lithium deposit in Europe and is located on the Czech Republic and Germany border, 100 kilometres north-west from Prague.
The current drilling program was planned to define blocks of resource for the first five years of mining within the Cinovec-South area, with the aim of converting the resource from indicated to measured category.
“We are pleased to report that these interim results of the current drilling programme at Cinovec are either in line with or better than our expectations,” Executive Chairman Keith Coughlan said.
“The primary purpose of the programme is to convert a larger portion of the resource to the measured category to provide greater certainty to the financial model and security for the financiers we are currently in discussions with,” he added.
Notably, Cinovec is fully funded to the final investment decision with around €26.7 million (around A$42 million) in the project currently.
On the market, European Metals is up 10.1 per cent and is trading for $1.14 per share at 11:16 am AEDT.