Join our daily newsletter At The Bell to receive exclusive market insights
- European Metals Holdings has been granted an extension to the Cinovec Exploration Licence that covers the two granted Preliminary Mining Permits
- The EL was due to expire in July 2019 but the company wants to conduct further metallurgical and measured resource drilling, so the licence has been extended to December 31 2020
- Cinovec is the largest lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource
European Metals Holdings has been granted an extension to the Cinovec Exploration Licence that covers the two granted Preliminary Mining Permits (PMP’s).
The granted PMP’s give European Metals the exclusive right to apply for a Final Mining Permit, however, it does not warrant for further drilling.
The exploration licence was due to expire in July but because the company wants to conduct further metallurgical and measured resource drilling, the licence has been extended until December 31 2020.
The Cinovec Lithium/Tin Project is located 100 kilometres north-west from Prague on the border with Germany. It’s situated in Krusne Hore Mountains which divide the Czech Republic from Germany. This area is a historic mining region, with mining dating back to the 1300s.
European metals’ wholly-owned subsidiary, Geomet controls the mineral exploration licences at Cinovec.
Cinovec hosts a globally significant hard rock lithium deposit with a total Indicated Mineral Resource of 372.4 megatons at 0.45 per cent lithium dioxide and 0.04 per cent tin. Its total Inferred Mineral Resource is 323.5 megatons at 0.39 per cent lithium dioxide and 0.04 per cent tin.
This project is the largest lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource.
The company currently holds PMP’s for east and south deposits however a PMP application for the north-west deposit is currently in process. If this is successful, the company’s PMP’s will cover the entire project.
After granting the exploration licence, the company needs to undertake a summary geological and reserves calculation report to submit to the Ministry of Environment (MoE). If this is successful, the company will be granted a Deposit Certificate from the Czech Ministry of the Environment.
Approval from MoE and a Deposit Certificate entitles European Metals to apply for a PMP.
During its decision, the Czech Ministry of the Environment stated a further extension is possible if the company needs however it does not believe it’ll be necessary.
