European Metals secures exploration licence extension at Cinovec

6 August 2019 (Last Updated August 6th, 2019 11:26)

European Metals has been granted an exploration licence extension at the Cinovec lithium-tin project, a deposit based in Prague, Czech Republic.

European Metals secures exploration licence extension at Cinovec
Map of Cinovec licences, the largest lithium deposit in Europe. Credit: European Metals Holdings Limited.

European Metals has been granted an exploration licence extension at the Cinovec lithium-tin project, a deposit based in Prague, Czech Republic.

The Cinovec exploration licence covers two granted preliminary mining permits (PMPs).

The company noted that the PMPs give the company the sole and exclusive rights to apply for a Final Mining Permit. However, they do not allow for further drilling.

The licence, granted by the Czech Ministry of the Environment, has now been extended until 31 December next year.

European Metals said in a statement: “The Czech Ministry of the Environment stated in its extension decision the possibility of a further extension of the licence if necessary to complete all planned work. The company does not envisage that a further extension will be necessary.”

The company’s wholly-owned subsidiary Geomet holds control over the mineral exploration licenses awarded by the Czech State over the Cinovec lithium-tin project.

Cinovec is known to host a significant hard rock lithium deposit with a total Indicated Mineral Resource of 372.4Mt grading at 0.45% Li2O and 0.04% Sn, and an inferred mineral resource of 323.5Mt at 0.39% Li2O and 0.04% Sn.

The deposit has earlier mined over 400,000t of ore through a sub-level open stope underground mining operation.

Cinovec is the largest lithium deposit in Europe and the world’s fourth largest non-brine deposit.

In January, European Metals received an offer from Krupa Global Investments (KGI) to purchase the Cinovec lithium deposit.