Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited ('European Metals' 'EMH') has announced final drill results and an upgraded mineral resource estimate for the lithium and tin resources in the Cinovec Lithium-Tin deposit in the Czech Republic.
EMH has recently completed a drilling campaign at Cinovec South, comprising 22 diamond drill core holes for 6,622 metres, with the goal of increasing resource certainty in the existing resource model in and around the initial planned mining areas and upgrading part of the resource from the Indicated category to the higher confidence Measured category.
Re-classification of 53.3 million tonnes (MT) into Measured resource category grading 0.47% Li2O and 0.08% Sn.
28.5 MT of Inferred resource upgraded to Indicated resource category
The Measured and Indicated resource has increased from 372.4 to 413.4 MT @ 0.47% Li2O and 0.05%Sn.
The total Measured, Indicated and Inferred resources have increased by 12.3MT to 708.2MT @ 0.43% Li2O and 0.05% Sn (0.1% Li (0.2153% Li2O) Cut-off).
Increase in overall resource to 7.39 MT LCE
Analysis received for final 10 diamond core holes in the Geomet s.r.o. drilling program including: Hole CIS-16 returned 101.7m averaging 0.59% Li2O, incl. 11.35m @ 0.85% Li2O
Hole CIS-32 returned 61m averaging 0.66% Li2O and 0.17% Sn, incl. 30.5m @ 0.30% Sn
Hole CIS-33 returned 113.3m averaging 0.54% Li2O, incl. 14.7m @ 0.60% Li2O
Hole CIS-34 returned 111.4m averaging 0.54% Li2O and 0.13% Sn, incl. 21.15m @ 0.71% Li2O and 0.57% Sn
European Metals Executive Chairman Keith Coughlan commented; 'The primary stated aim of this drilling program was to convert a larger portion of the resource to the measured category to provide greater certainty of the financial model and security to financiers. The results clearly indicate that the program has been successful and the robustness and consistency of the Cinovec resource further demonstrated. As we move closer to ultimate financing and offtake discussions, this higher degree of certainty provides more funding options for the project. Results from the final drill holes of the program have been in line with or better than expected.
'As we have reported previously, because zinnwaldite is paramagnetic, wet magnetic separation, the first stage of the ore processing has the effect of greatly increasing the grade of lithium oxide in the concentrate to approximately 2.85%. The zinnwaldite concentrate produced from Cinovec requires only roasting, compared to the calcination and roasting required of processing spodumene. This not only improves the economics, it will also have the effect of considerably reducing greenhouse gas emissions of the Project when compared to spodumene projects.'
Cadence CEO Kiran Morzaria added; 'Today's resource upgrade for total Measured, Indicated and Inferred resources adds greater value to Cinovec's already exceptional potential as a future battery grade lithium supply hub for Europe and the rest of the world. Cadence are pleased to remain shareholders and supporters of EMH, and we look forward to further developments.'
Cadence Minerals Holding in EMH
Cadence holds approximately 9.7% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. ('Geomet'), controls the mineral exploration licenses awarded by the Czech State over Cinovec.
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