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European Metals confirms progress with Cinovec lithium deposit

Published: 21:01 16 Mar 2018 AEDT

lithium, periodic table
The pre-revenue group had US$3.43mln of cash and equivalents at the end of the six-month period

European Metals Holdings Limited (LON:EMH) in its interim financial report, reflected on a period in which it saw progress at the group’s flagship Cinovec project, in Czech Republic, though the primary ‘new’ piece of information was that the explorer and mine developer ended December with a health cash position.

The pre-revenue group had US$3.43mln of cash and equivalents at the end of the six-month period, and it reported a US$1.8mln loss, with the majority of the outgoing in the form of share-based payments.

READ: European Metals “entirely focused” on working with all stakeholders in Czech Republic

In November, the company raised £2.28mln of new capital via a sale of shares to predominantly UK-based sophisticated investors.

Operationally, progress was made with a six-hole drill programme, which saw a total of 2,697 metres drilled and enabled a new update to the project’s JORC compliant indicated mineral resources – significantly, that upgrade means that Cinovec now ranks as the biggest lithium resource in Europe.

Subsequently, the Cinovec south deposit has now been added to the Czech resource register, marking the first step towards securing a mining permit.

European Metals still aiming to publish DFS this year

European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) Executive Chairman Keith Coughlan speaks to Thomas Warner from Proactive after the mineral exploration and development company announced results from the Lithium Chemical Plant (LCP) pilot programme at its Cinovec Project in the Czech...

on 9/11/23