European Metals Holdings (ASX/AIM:EMH) has raised $1,755,000 to progress the company’s 100% owned Cinovec Lithium and Tin Project in the Czech Republic, located on the border with Germany and the Czech Republic.
A total of 13 million Chess Depository Interests (CDIs) were issued to sophisticated investors including the existing largest shareholder, London listed Rare Earth Minerals plc (LON:REM).
A drilling program designed to convert a significant portion of the existing resource to the indicated category will form the basis of a Preliminary Feasibility Study.
This will assist in marketing of the future lithium supply to global battery manufacturers.
Cinovec hosts a hard rock lithium deposit of 514.8 million tonnes at 0.43% Li2O but the in-fill drilling results indicates good width and grades of tin and tungsten that could be recovered without added cost.
Drilling aims to convert the inferred resource to indicated category and provide material for metallurgical testing.
A second drill program will target the shallow high grade lithium zone that could form the basis of an early mining operation at Cinovec.
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