Cadence Minerals plc reported strong results from 12 completed holes out of a 19-hole drill programme at the Cínovec project in Prague.
The company holds approximately 12% percent of the equity in the Australian site operator, European Metals Holdings Ltd (EMH), which has started work on the thirteenth hole.
Cínovec lies on the border crossing with Germany and contains lithium-bearing mica zinnwaldite – the largest hard rock lithium deposit in Europe.
The project is fully funded to final investment decision with approximately €26.7 million.
Analysis of the first six holes, CIS-18 to CIS-23, from the Cínovec South deposit showed results either in line with or better than expectations, Cadence added.
Resource drill holes CIS-24, CIS-25, CIS-26, CIS-28, CIS-29 and CIS-30 have been drilled with analytical results pending. Drilling of resource hole CIS-27 is currently underway.
Results of the first six holes showed:
Hole CIS-18 returned 57m averaging 0.41% Li2O, incl. 5m @ 0.96% Li2O, 3 m @ 1.13% Li2O, 0.12% Sn (Tin) and 0.104% W (Tungsten), and 7 m @ 0.136% W.
Hole CIS-19 returned 68.9m averaging 0.45% Li2O and 0.11% Sn, incl. 10.8m @ 0.75% Li2O, 10m @ 0.13% Sn, 2.25m @ 0.54% Li2O, 0.15% Sn and 0.13% W, 4m @ 0.95% Sn, and 2m @ 0.15% Sn.
Hole CIS-20 returned 82.8m averaging 0.41% Li2O, incl. 8.9m @ 0.66% Li2O.
Hole CIS-21 returned 76.3m averaging 0.55% Li2O, incl. 12m @ 0.81% Li2O.
Hole CIS-22 returned 115.5m averaging 0.47% Li2O, incl. 3m @ 0.91% Li2O and 3m @ 0.87% Li2O, and 28m @ 0.27% Sn.
Hole CIS-23 returned 98.6m averaging 0.51% Li2O, incl. 9.7m @ 0.92% Li2O, 1m @ 1.49% Li2O, and 2.9m @ 1.31% Li2O.
Cadence added that in all of the six holes, the upper section of the drilled ore body was elevated in tin.
The best intercept was returned from the hole CIS-22, with an interval of 28m averaging 0.27% Sn.
If considered no cut-off and internal waste, following tin intercepts were recorded: 29 m @ 0.1% Sn in CIS-18, 52m @ 0.14% Sn in CIS-19, 74m @ 0.06% Sn in CIS-20, 37m @ 0.1% Sn in CIS-21, 50.5m @ 0.17% Sn in CIS-22, 71.5m @ 0.09% Sn in CIS-23.
The current drill programme was planned to define blocks of resource for the first five years of mining within the Cínovec-South area, in order to convert the resource from indicated to measured category.
The holes have been terminated in ore consistent with the aim of targeting the first five years of resource blocks for the mine.
“It is important to note that the first stage of the proposed process, the wet magnetic separation has the effect of greatly increasing the grade of lithium oxide in the concentrate to approximately 2.85%,” said EMH executive chairman Keith Coughlan.
“The zinnwaldite concentrate produced from Cínovec requires only roasting, compared to the calcination and roasting required of processing spodumene.
“The combined effect of not requiring calcination, energy intensification and use of natural gas is expected to considerably reduce greenhouse gas emissions of the project when compared to existing spodumene projects.”
Cadence chief executive Kiran Morzaria is also chairman of EMH Audit & Risk Committee and a member of the Remuneration Committee and Nomination Committee.
Cadence is the largest shareholder in EMH, which owns 49% of Geomet s.r.o.
Geomet controls the mineral exploration licences awarded by the Czech State over Cínovec.