Cadence Minerals plc (LON:KDNC) has noted the update today from European Metals Holdings Limited that a Measured Resource drilling has commenced at the Cinovec Lithium-Tin Project.
· A total of nineteen resource drill holes will be completed during this campaign for a total of 5,550 m, with the first hole well advanced.
· A further two hydro-geological drill holes and four geotechnical drill holes are planned once resource drilling has been completed.
· The programme will provide approximately 10t of drill core for further metallurgical testing and to generate samples..
EMH confirms that drilling has commenced and that the first hole, CIS-18, is on schedule for completion at 275 metres. The programme commenced following the Company receiving permission from the statutory authorities in the Czech Republic for this year’s planned diamond drilling campaign.
Drilling is aimed at converting a sufficient portion of the existing Indicated Mineral Resource to the Measured Resource category and subsequently to a Mineral Reserve, to cover the first two years of the scheduled mining plan and obtaining a sufficient amount of ore samples for the next phase of metallurgical testing. The majority of the material will be utilised in the pilot scale testing for the Front End Engineering Design (“FEED”) Study.
A total of nineteen diamond drill holes will be completed for 5,550 metres. A further four geotechnical holes along the planned underground decline route will be drilled and logged subsequent to the completion of the resource drilling. This data will allow final development ready designs to be completed for the declines.
The full release can be found at: https://www.londonstockexchange.com/news-article/EMH/measured-resource-drilling-commenced/14646754
EMH Executive Chairman Keith Coughlan commented: “It is very pleasing to be able to get back to drilling on the Project. There are no Covid 19 related movement restrictions or limitations and the drilling is progressing well. The aim of the campaign is to convert the initial years mining into Proven Reserves category. Following consultations with potential lenders, we expect that this will assist greatly in the securing of more attractive debt finance for the Project once we enter that stage of operations.”
Cadence Minerals Holding in EMH
Cadence holds approximately 15% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec.