European Metals finds 'substantial' increase in lithium resource at Czech mine

Maryam Cockar Sharecast | 17 Feb, 2017 10:29 - Updated: 10:29 | | |

mine
  • 2,247.16
  • -5.11%-121.10
  • Max: 2,368.26
  • Min: 2,227.02
  • Volume: 0
  • MM 200 : n/a
17:19 27/03/17
  • 916.95
  • -0.10%-0.95
  • Max: 919.89
  • Min: 916.00
  • Volume: 0
  • MM 200 : n/a
17:19 27/03/17
  • 67.00
  • -2.55%-1.75
  • Max: 69.80
  • Min: 65.84
  • Volume: 289,464
  • MM 200 : n/a
17:18 27/03/17

Miner European Metals found that there is a “substantial” increase in indicated resource at its lithium and tin project in the Czech Republic, following a seven month drilling programme.

The AIM-listed company said this confirmed the status of the Cinovec project as the largest lithium resource in Europe.

The company found after the drilling campaign of 17 holes of 6,081 meters that lithium indicated resource increased 50% to 3.9m tonnes of lithium carbonate equivalent, contained in 347.7m tonnes at 0.45% lithium oxide and 0.04% tin - 0.1% lithium cut-off.

Lithium total resource also rose 11.8% to 7m tonnes of lithium carbonate equivalent, contained in 656.5m tonnes at 0.43% lithium oxide and 0.04% tin - 0.1% lithium cut-off.

Contained tin in the total mineral resource increased to 262,600 tonnes and the contained tin in the total mineral resource grew to 262,600 tonnes.

Managing director Keith Coughlan said: "Cinovec is a globally significant lithium deposit. Its location on the German-Czech Republic border places it in very close proximity to the largest car manufacturers in Europe and is in a unique position to supply lithium to the rapidly growing European electric vehicle industry.

“The substantial increase in the higher confidence indicated resources in both contained lithium and in valuable by-product tin provides more certainty that European industry will be able to source locally produced lithium in a secure and stable environment."

Lynn Widenbar, an independent resource consultant, added: "The additional new drilling results from 2016 have greatly increased confidence in the historic surface and underground drilling and sampling, resulting in a substantial amount of previously Inferred material being re-classified as Indicated. The additional drilling has also enabled the two main value elements of lithium and tin to be combined in one complete model that covers the entire mineralisation at the Cinovec deposit."

Shares in European Metals were up 6.25% to 68p at 0959 GMT.

More news

27 Mar US close: Stocks end mostly lower amid doubts about Trump agenda

US stocks ended mostly lower on Monday, with the Dow notching its longest losing streak since August 2011 amid growing doubts about President Donald Trump’s ability to push through his economic agenda.

27 Mar Fed's Evans sounds dovish note

A top US central bank official sounded a relatively dovish note on Monday.

27 Mar Bonds: Treasuries start week on a strong note, Bunds underperform

These were the movements in the most closely-followed 10-year sovereign bond yields: US: 2.37% (-4bp)UK: 1.17% (-3bp)Germany: 0.42% (-0bp)France: 0.97% (-1bp)Spain: 2.20% (-3bp)Italy: 2.20% (-3bp)Portugal: 4.08% (-6bp)Greece: 7.26% (-15bp) Japan: 0.06% (-1bp)

27 Mar Europe close: Stocks end lower, but off worst levels

Europe' main indices traded lower on Monday as doubts over US president Donald Trump’s agenda crept in, sending the euro higher, despite an upbeat reading on German business confidence and positive news on the political front in the Eurozone's largest nation.

27 Mar London close: FTSE falls on resources, financials as Trump's ability to deliver scrutinised

Equities in London closed the day much lower with investors selling resources stocks and heading for gold on doubts about whether US President Donald Trump will be able to deliver on his healthcare and fiscal stimulus promises.

27 Mar Directors dealings: Babcock chief, chairman buy on weakness

Babcock's boss and chairman both picked up shares in the company they lead at the start of the week.

27 Mar US open: Dow heading to longest losing run in 6 years on Trump concerns

US stocks opened lower on Monday putting the Dow on track for its longest losing streak since 2011 amid growing doubts about President Donald Trump’s ability to push through his economic agenda.

27 Mar Tuesday preview: Ladbrokes Coral and Wolseley results due

Tuesday's financial calendar sees Ladbrokes Coral and Wolseley among the larger of those reporting results, while headlines may be grabbed by the Scottish Parliament as it votes on whether to support a second independence referendum the day before Theresa May's planned announcement about kicking off the Brexit negotiation process.

27 Mar FTSE 250 movers: Inchcape motors on; miners lose their lustre

A positive note on Inchcape saw shares in the automotive services and retailer lead the risers on the FTSE 250.

27 Mar Exova confirms discussions with potential suitors

Exova Group, noting recent market speculation, confirmed on Monday it received proposals from Element Materials Technology, Jacobs Holding and PAI Partners SAS regarding a possible cash offer for the company.