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European Metals Holdings Ltd

European Metals Holdings Ltd Drill Programme Update

European Metals Holdings Ltd (LON:EMH) has today announced analytical results for the confirmation drillholes CIW-13, CIW-14 and CIW-18 at the Cinovec Lithium-Tin-Tungsten Project (“the project” or “Cinovec”).

Key Points:

· Analytical results for further three drillholes at Cinovec Main confirmed or exceeded the expected lithium content and mineralization widths.

· The best results are from CIW-14: 82 m averaging 0.48% Li2O, and 175m averaging 0.40%Li2O. The first inteval includes high-grade intervals 4m@1.07%Li2O and 4m@1.58%Li2O. The mineralised intercepts are summarized in Tables that are part of this news release, below.

· Drilling continues in the western part of the Cinovec deposit (targeting high grade zones near the rhyolite/granite contact) and in the central part (targeting near-surface mineralization on the flanks of the historic underground mine).

These results and the previously announced drillholes will now be used to enable an interim update of the resource model to be completed. This resource is anticipated to be released in the next 2 weeks.

European Metals Holdings Ltd CEO Keith Coughlan said “I am very pleased to receive these results as it will allow us to now undertake an interim update of the resource model for the pre-feasibility study. The update is to be used in more detailed mine planning for the study as we expect a significant portion of the deposit to be upgraded to an Indicated Mineral Resource status. I look forward to reporting this update in the next two weeks. In the meantime, drilling will continue to both expand the resource and increase its level of confidence to allow a further resource upgrade in the first half of 2017.”

Drill Programme

The CIW-13, CIW-14 and CIW-18 drillholes were drilled at the southern edge of the Cinovec Main sector of the deposit near its boundary with Cinovec South. The area is marked by relative sparsity of historic drill data and lithium analyses. The boundary between Cinovec Main and Cinovec South is a barren NE trending corridor whose nature is poorly constrained due to lack of data.

The current drill programme at Cinovec Main has been planned to confirm and delineate near surface lithium and tin mineralisation that would provide initial feed to the mill. Other goals are the conversion of resources from the Inferred to Indicated category, and delivery of material for metallurgical testing. So far, ten diamond core holes have been completed, and three are underway. Visual inspection and logging indicates that the geology in these holes is as expected. Drill details are listed in Table 1 below.

After geological logging, drill core is cut in half with a diamond saw. Quarter core samples are selected (honouring geological boundaries) and dispatched to ALS (Romania) for preparation and assay; the 3/4 of the core is returned to the core box and stored securely on site. Samples are being prepared and analysed by ALS using ICP and XRF techniques following standard industry practice for lithium and tin deposits. Strict QAQC protocols are observed, including the insertion of a Li standard in random fashion for every 10 core samples.

Table 1 – Completed drillholes, Cinovec Main
Hole ID North East Elevation (m) Depth (m) Azimuth Dip Comments
CIW-11 -966097.5 -779299.5 867.4 444.4 -77.86 40.1 confirmation/infill
CIW-20 -965638 -778810.5 837.5 257.6 -84.6 336.7 confirmation/infill
CIW-13 -966126.8 -779175.5 862.8 429.3 -80.4 76 confirmation/infill
CIW-19 -965692.1 -778810.8 837.8 271.6 -89.58 332.1 confirmation/infill
CIW-08 -965800.2 -778791.4 837.6 274.9 -89.3 156.9 confirmation/infill
CIW-18 -966182.6 -779018.6 855.5 395.7 -89.05 210.6 confirmation/infill
CIW-14 -966093.3 -779055.8 854.5 417.8 -89.07 323.3 confirmation/infill
CIW-07 -965841.5 -778867.3 841 300 -89.57 333.6 confirmation/infill
CIW-26 -965937.2 -779214.8 865.3 430.5 -89.38 248 confirmation/infill
CIW-21 -965952.3 -778811.8 841.3 320.6 -89.02 42.68 confirmation/infill

Hole locations are recorded in the local S-JTSK Krovak grid, all coordinates are surveyed.

Mineralized Intercepts and Lithology

The three drillholes are collared near the porphyry-granite contact marking the top of lithium mineralization, in an area of 166 by 130 by 100m (see Figure 1). In the westernmost drillhole CIW-13 drill hole the rhyolite/granite contact was crossed at depth of 98.6m, whilst the two westward drillholes CIW-14 and CIW-18 were collared very near or at the contact. Below the contact, variably altered granite with two major and several minor greisen/greisenized zones were intersected. Drillhole CIW-18, located in the SW sector, is proximal to NE trending corridor with no greisenisation and lithium mineralization. The nature of this zone that separates the Cinovec South and the Cinovec Main sections is not well constrained due to relative paucity of drill data.

The Tables below list the mineralised intercepts from all three drillholes.

Table summarizing mineralised intercepts in CIW-13
CIW-13
From To Interval (m) Li2O (%) Sn (%) W (%) Note
153 254 101 0.37 incl. 4m@0.90%Li2O (169-173m), 9m@0.58%Li2O (190-199m), and 6m@0.62%Li2O (202-208m)
170 172 2 1.11 0.02 0.114
172 173 1 0.65 0.88 0.029
194 195 1 0.5 0.82 0.006
277 429.3 152.3 0.37 incl. 3m@0.98%Li2O (371-374m), and 4m@0.81%Li2O (381-385m)
319 321 2 0.32 0.15 0.002
338 340 2 0.45 0.11 0.002
Cut-off: 0.2% Li2O, 0.1 %Sn, 0.05%W

 

Table summarizing mineralised intercepts in CIW-14
CIW-14
From To Interval (m) Li2O (%) Sn (%) W (%) Note
2 30 28 0.27
38 72 34 0.23
102 116 14 0.22
132 214 82 0.48 incl. 4m@0.76%Li2O (135-139m),
4m@1.07%Li2O (156-160m),
and 4m@1.58%Li2O (173-177m)
135 139 4 0.76 0.32 0.022
142 143 1 0.75 0.69 0.033
151 152 1 0.68 1.2 0.007
176 177 1 0.81 0.003 0.334
236 411 175 0.4 incl. 6m@0.74%Li2O (269.5-275.5m), and 14m@0.71%Li2O (346-360m)
280 281 1 0.37 0.01 0.081
284 288 4 0.44 0.04 0.057

 

Table summarizing mineralised intercepts in CIW-18
CIW-18
From To Interval (m) Li2O (%) Sn (%) W (%) Note
23.35 97 73.65 0.23
103 139 36 0.21
151 394 243 0.3 incl. 2m@0.66%Li2O (182-184m), 2m@0.80%Li2O (205-207m), and 2m@0.94%Li2O (214-216m)
169 170 1 0.8 0.45 0.028
171 172 1 0.5 0.03 0.205
177 178 1 0.35 0.02 0.073
199 200 1 0.83 0.01 0.073
273.5 276 2.5 0.19 0.03 0.228
292 293 1 0.36 0.22 0.009
299 301 2 0.35 0.13 0.003
304 307 3 0.47 0.45 0.007

(Please refer to the announcement on the European Metals Website for the graphic Figure 1 – A geological map showing the Company’s drill holes against surface geology and subsurface greisen bodies projected to surface (in green). Historic UG workings and drill holes not shown – www.europeanmet.com.)
BACKGROUND INFORMATION ON CINOVEC

PROJECT OVERVIEW

Cinovec Lithium/Tin Project

European Metals owns 100% of the Cinovec lithium-tin deposit in the Czech Republic. Cinovec is an historic mine incorporating a significant undeveloped lithium-tin resource with by-product potential including tungsten, rubidium, scandium, niobium and tantalum and potash. Cinovec hosts a globally significant hard rock lithium deposit with a total Indicated Mineral Resource of 49.1Mt @ 0.43% Li2O and an Inferred Mineral Resource of 482Mt @ 0.43% Li2O containing a combined 5.7 million tonnes Lithium Carbonate Equivalent.

This makes Cinovec the largest lithium deposit in Europe and the fourth largest non-brine deposit in the world.

Within this resource lies one of the largest undeveloped tin deposits in the world, with total Indicated Mineral Resource of 15.7Mt @ 0.26% Sn and an Inferred Mineral Resources of 59.7 Mt grading 0.21% Sn for a combined total of 178kt of contained tin. The Mineral Resource Estimates have been previously released on 18 May 2016. The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation.

A Scoping Study conducted by specialist independent consultants indicates the deposit could be amenable to bulk underground mining. Metallurgical test work has produced both battery grade lithium carbonate and high-grade tin concentrate at excellent recoveries with the Scoping Study. Cinovec is centrally located for European end-users and is well serviced by infrastructure, with a sealed road adjacent to the deposit, rail lines located 5 km north and 8 km south of the deposit and an active 22 kV transmission line running to the historic mine. As the deposit lies in an active mining region, it has strong community support.

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