Lithium explorer European Metals Holdings Limited (LON:EMH) remains confident that drilling underway at Cinovec in the Czech Republic will move significant resources into the indicated category.
European Metals has reported results from five of the eight holes planned in the programme, which is part of work ongoing on a Definitive Feasibility Study.
The company had no further news on a letter from Czech group Krupa Global Investments that purported to make an indicative offer on behalf of Ceske Lithium, one of KGI’s group of companies.
Losses in the half year to December were A$2.13mln (A$1.89mln), with cash at the period end of A$2mln.
Cinovec's hard rock lithium deposit currently has a total indicated resource of 348mln tonnes grading 0.45% Li2O and 0.04% tin, with an additional inferred resource of 309mln tonnes grading 0.39% Li2O and 0.04% tin.
This makes Cinovec the largest lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource.