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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
European Metals Holdings Limited | LSE:EMH | London | Ordinary Share | VGG3191T1021 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -2.25% | 21.75 | 21.00 | 22.50 | 22.00 | 21.75 | 21.75 | 73,256 | 09:24:34 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Metal Ores,nec | 1.12M | -5.93M | -0.0286 | -7.60 | 45.09M |
TIDMEMH
RNS Number : 2794P
European Metals Holdings Limited
16 November 2016
For immediate release
16 November 2016
EUROPEAN METALS HOLDINGS LIMITED
Drill Programme Update
European Metals Holdings Limited ("European Metals" or "the Company") (ASX and AIM: EMH) is pleased to announce analytical results for the confirmation drillholes CIW-13, CIW-14 and CIW-18 at the Cinovec Lithium-Tin-Tungsten Project ("the project" or "Cinovec").
Key Points:
* Analytical results for further three drillholes at Cinovec Main confirmed or exceeded the expected lithium content and mineralization widths. * The best results are from CIW-14: 82 m averaging 0.48% Li(2) O, and 175m averaging 0.40%Li(2) O. The first inteval includes high-grade intervals 4m@1.07%Li(2) O and 4m@1.58%Li(2) O. The mineralised intercepts are summarized in Tables that are part of this news release, below. * Drilling continues in the western part of the Cinovec deposit (targeting high grade zones near the rhyolite/granite contact) and in the central part (targeting near-surface mineralization on the flanks of the historic underground mine).
These results and the previously announced drillholes will now be used to enable an interim update of the resource model to be completed. This resource is anticipated to be released in the next 2 weeks.
European Metals CEO Keith Coughlan said "I am very pleased to receive these results as it will allow us to now undertake an interim update of the resource model for the pre-feasibility study. The update is to be used in more detailed mine planning for the study as we expect a significant portion of the deposit to be upgraded to an Indicated Mineral Resource status. I look forward to reporting this update in the next two weeks. In the meantime, drilling will continue to both expand the resource and increase its level of confidence to allow a further resource upgrade in the first half of 2017."
Drill Programme
The CIW-13, CIW-14 and CIW-18 drillholes were drilled at the southern edge of the Cinovec Main sector of the deposit near its boundary with Cinovec South. The area is marked by relative sparsity of historic drill data and lithium analyses. The boundary between Cinovec Main and Cinovec South is a barren NE trending corridor whose nature is poorly constrained due to lack of data.
The current drill programme at Cinovec Main has been planned to confirm and delineate near surface lithium and tin mineralisation that would provide initial feed to the mill. Other goals are the conversion of resources from the Inferred to Indicated category, and delivery of material for metallurgical testing. So far, ten diamond core holes have been completed, and three are underway. Visual inspection and logging indicates that the geology in these holes is as expected. Drill details are listed in Table 1 below.
After geological logging, drill core is cut in half with a diamond saw. Quarter core samples are selected (honouring geological boundaries) and dispatched to ALS (Romania) for preparation and assay; the 3/4 of the core is returned to the core box and stored securely on site. Samples are being prepared and analysed by ALS using ICP and XRF techniques following standard industry practice for lithium and tin deposits. Strict QAQC protocols are observed, including the insertion of a Li standard in random fashion for every 10 core samples.
Table 1 - Completed drillholes, Cinovec Main
Hole North East Elevation Depth Azimuth Dip Comments ID (m) (m) -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-11 -966097.5 -779299.5 867.4 444.4 -77.86 40.1 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-20 -965638.0 -778810.5 837.5 257.6 -84.6 336.7 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-13 -966126.8 -779175.5 862.8 429.3 -80.4 76.0 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-19 -965692.1 -778810.8 837.8 271.6 -89.58 332.1 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-08 -965800.2 -778791.4 837.6 274.9 -89.3 156.9 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-18 -966182.6 -779018.6 855.5 395.7 -89.05 210.6 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-14 -966093.3 -779055.8 854.5 417.8 -89.07 323.3 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-07 -965841.5 -778867.3 841.0 300.0 -89.57 333.6 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-26 -965937.2 -779214.8 865.3 430.5 -89.38 248 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ -------------------- CIW-21 -965952.3 -778811.8 841.3 320.6 -89.02 42.68 confirmation/infill -------- ---------- ---------- ---------- ------ -------- ------ --------------------
Hole locations are recorded in the local S-JTSK Krovak grid, all coordinates are surveyed.
Mineralized Intercepts and Lithology
The three drillholes are collared near the porphyry-granite contact marking the top of lithium mineralization, in an area of 166 by 130 by 100m (see Figure 1). In the westernmost drillhole CIW-13 drill hole the rhyolite/granite contact was crossed at depth of 98.6m, whilst the two westward drillholes CIW-14 and CIW-18 were collared very near or at the contact. Below the contact, variably altered granite with two major and several minor greisen/greisenized zones were intersected. Drillhole CIW-18, located in the SW sector, is proximal to NE trending corridor with no greisenisation and lithium mineralization. The nature of this zone that separates the Cinovec South and the Cinovec Main sections is not well constrained due to relative paucity of drill data.
The Tables below list the mineralised intercepts from all three drillholes.
Table summarizing mineralised intercepts in CIW-13
CIW-13 From To Interval Li(2) Sn W (%) Note (m) O (%) (%) incl. 4m@0.90%Li(2) O (169-173m), 9m@0.58%Li(2) O (190-199m), and 6m@0.62%Li(2) 153 254 101 0.37 O (202-208m) 170 172 2 1.11 0.02 0.114 172 173 1 0.65 0.88 0.029 194 195 1 0.50 0.82 0.006 incl. 3m@0.98%Li(2) O (371-374m), and 4m@0.81%Li(2) 277 429.3 152.3 0.37 O (381-385m) 319 321 2 0.32 0.15 0.002 338 340 2 0.45 0.11 0.002 ----- ------ --------- ------- ----- ------ ----------------------------- Cut-off: 0.2% Li2O, 0.1 %Sn, 0.05%W
Table summarizing mineralised intercepts in CIW-14
CIW-14 From To Interval Li(2) Sn W (%) Note (m) O (%) (%) 2 30 28 0.27 38 72 34 0.23 102 116 14 0.22 incl. 4m@0.76%Li(2) O (135-139m), 4m@1.07%Li(2) O (156-160m), and 4m@1.58%Li(2) 132 214 82 0.48 O (173-177m) 135 139 4 0.76 0.32 0.022 142 143 1 0.75 0.69 0.033 151 152 1 0.68 1.20 0.007 176 177 1 0.81 0.003 0.334 incl. 6m@0.74%Li(2) O (269.5-275.5m), and 14m@0.71%Li(2) 236 411 175 0.40 O (346-360m) 280 281 1 0.37 0.01 0.081 284 288 4 0.44 0.04 0.057 ----- ---- --------- ------- ------ ------ -----------------------------
Table summarizing mineralised intercepts in CIW-18
CIW-18 From To Interval Li(2) Sn W (%) Note (m) O (%) (%) 23.35 97 73.65 0.23 103 139 36 0.21 incl. 2m@0.66%Li2O (182-184m), 2m@0.80%Li2O (205-207m), and 2m@0.94%Li2O 151 394 243 0.30 (214-216m) 169 170 1 0.80 0.45 0.028 171 172 1 0.50 0.03 0.205 177 178 1 0.35 0.02 0.073 199 200 1 0.83 0.01 0.073 273.5 276 2.5 0.19 0.03 0.228 292 293 1 0.36 0.22 0.009 299 301 2 0.35 0.13 0.003 304 307 3 0.47 0.45 0.007 ------ ---- --------- ------- ----- ------ --------------------------
(Please refer to the announcement on the European Metals Website for the graphic Figure 1 - A geological map showing the Company's drill holes against surface geology and subsurface greisen bodies projected to surface (in green). Historic UG workings and drill holes not shown - www.europeanmet.com.)
BACKGROUND INFORMATION ON CINOVEC
PROJECT OVERVIEW
Cinovec Lithium/Tin Project
European Metals owns 100% of the Cinovec lithium-tin deposit in the Czech Republic. Cinovec is an historic mine incorporating a significant undeveloped lithium-tin resource with by-product potential including tungsten, rubidium, scandium, niobium and tantalum and potash. Cinovec hosts a globally significant hard rock lithium deposit with a total Indicated Mineral Resource of 49.1Mt @ 0.43% Li2O and an Inferred Mineral Resource of 482Mt @ 0.43% Li(2) O containing a combined 5.7 million tonnes Lithium Carbonate Equivalent.
This makes Cinovec the largest lithium deposit in Europe and the fourth largest non-brine deposit in the world.
Within this resource lies one of the largest undeveloped tin deposits in the world, with total Indicated Mineral Resource of 15.7Mt @ 0.26% Sn and an Inferred Mineral Resources of 59.7 Mt grading 0.21% Sn for a combined total of 178kt of contained tin. The Mineral Resource Estimates have been previously released on 18 May 2016. The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation.
A Scoping Study conducted by specialist independent consultants indicates the deposit could be amenable to bulk underground mining. Metallurgical test work has produced both battery grade lithium carbonate and high-grade tin concentrate at excellent recoveries with the Scoping Study. Cinovec is centrally located for European end-users and is well serviced by infrastructure, with a sealed road adjacent to the deposit, rail lines located 5 km north and 8 km south of the deposit and an active 22 kV transmission line running to the historic mine. As the deposit lies in an active mining region, it has strong community support.
CONTACT
For further information on this update or the Company generally, please visit our website at www. http://europeanmet.com or contact:
Mr. Keith Coughlan
Managing Director
OTHER INFORMATION
COMPETENT PERSON
Information in this release that relates to exploration results is based on information compiled by European Metals Director Dr Pavel Reichl. Dr Reichl is a Certified Professional Geologist (certified by the American Institute of Professional Geologists), a member of the American Institute of Professional Geologists, a Fellow of the Society of Economic Geologists and is a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and a Qualified Person for the purposes of the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. Dr Reichl consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. Dr Reichl holds CDIs in European Metals.
The information in this release that relates to Mineral Resources and Exploration Targets has been compiled by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Widenbar and Associates and produced the estimate based on data and geological information supplied by European Metals. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Widenbar consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company's business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company's control.
Although the company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
LITHIUM CLASSIFICATION AND CONVERSION FACTORS
Lithium grades are normally presented in percentages or parts per million (ppm). Grades of deposits are also expressed as lithium compounds in percentages, for example as a percent lithium oxide (Li(2) O) content or percent lithium carbonate (Li(2) CO(3) ) content.
Lithium carbonate equivalent ("LCE") is the industry standard terminology for, and is equivalent to, Li(2) CO(3) . Use of LCE is to provide data comparable with industry reports and is the total equivalent amount of lithium carbonate, assuming the lithium content in the deposit is converted to lithium carbonate, using the conversion rates in the table included below to get an equivalent Li(2) CO(3) value in percent. Use of LCE assumes 100% recovery and no process losses in the extraction of Li(2) CO(3) from the deposit.
Lithium resources and reserves are usually presented in tonnes of LCE or Li.
To convert the Li Inferred Mineral Resource of 532Mt @ 0.20% Li grade (as per the Competent Persons Report dated May 2016) to Li(2) O, the reported Li grade of 0.20% is multiplied by the standard conversion factor of 2.153 which results in an equivalent Li(2) O grade of 0.43%.
The standard conversion factors are set out in the table below:
Table: Conversion Factors for Lithium Compounds and Minerals
Convert from Convert Convert Convert to to Li to Li(2) Li(2) CO(3) O ------------------- ------- -------- ---------- ------------- Lithium Li 1.000 2.153 5.323 Li(2) Lithium Oxide O 0.464 1.000 2.473 Li(2) Lithium Carbonate CO3 0.188 0.404 1.000 ------------------- ------- -------- ---------- -------------
WEBSITE
A copy of this announcement is available from the Company's website at www.europeanmet.com.
TECHNICAL GLOSSARY
The following is a summary of technical terms:
"ball and rod Indicies that provide an assessment indices" of the energy required to grind one tonne of material in a ball or rod mill "carbonate" refers to a carbonate mineral such as calcite, CaCO(3) "comminution" The crushing and/or grinding of material to a smaller scale "cut-off grade" lowest grade of mineralised material considered economic, used in the calculation of Mineral Resources "deposit" coherent geological body such as a mineralised body "exploration" method by which ore deposits are evaluated "flotation" selectively separating hydrophobic materials from hydrophilic materials to upgrade the concentration of valuable minerals "g/t" gram per metric tonne "grade" relative quantity or the percentage of ore mineral or metal content in an ore body "heavy liquid is based on the fact that different separation" minerals have different densities. Thus, if a mixture of minerals with different densities can be placed in a liquid with an intermediate density, the grains with densities less than that of the liquid will float and grains with densities greater than the liquid will sink "Indicated" as defined in the JORC and SAMREC or "Indicated Codes, is that part of a Mineral Mineral Resource" Resource which has been sampled by drill holes, underground openings or other sampling procedures at locations that are too widely spaced to ensure continuity but close enough to give a reasonable indication of continuity and where geoscientific data are known with a reasonable degree of reliability. An Indicated Mineral Resource will be based on more data and therefore will be more reliable than an Inferred Mineral Resource estimate "Inferred" or as defined in the JORC and SAMREC "Inferred Mineral Codes, is that part of a Mineral Resource" Resource for which the tonnage and grade and mineral content can be estimated with a low level of confidence. It is inferred from the geological evidence and has assumed but not verified geological and/or grade continuity. It is based on information gathered through the appropriate techniques from locations such as outcrops, trenches, pits, working and drill holes which may be limited or of uncertain quality and reliability "JORC Code" Joint Ore Reserve Committee Code; the Committee is convened under the auspices of the Australasian Institute of Mining and Metallurgy "kt" thousand tonnes "LCE" the total equivalent amount of lithium carbonate (see explanation above entitled Explanation of Lithium Classification and Conversion Factors) "lithium" a soft, silvery-white metallic element of the alkali group, the lightest of all metals "lithium carbonate" the lithium salt of carbonate with the formula Li(2) CO(3) "magnetic separation" is a process in which magnetically susceptible material is extracted from a mixture using a magnetic force "metallurgical" describing the science concerned with the production, purification and properties of metals and their applications "Mineral Resource" a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such a form that there are reasonable prospects for the eventual economic extraction; the location, quantity, grade geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge; mineral resources are sub-divided into Inferred, Indicated and Measured categories "mineralisation" process of formation and concentration of elements and their chemical compounds within a mass or body of rock "Mt" million tonnes "optical microscopy" the determination of minerals by observation through an optical microscope "ppm" parts per million "recovery" proportion of valuable material obtained in the processing of an ore, stated as a percentage of the material recovered compared with the total material present "resources" Measured: a mineral resource intersected and tested by drill holes, underground openings or other sampling procedures at locations which are spaced closely enough to confirm continuity and where geoscientific data are reliably known; a measured mineral resource estimate will be based on a substantial amount of reliable data, interpretation and evaluation which allows a clear determination to be made of shapes, sizes, densities and grades. Indicated: a mineral resource sampled by drill holes, underground openings or other sampling procedures at locations too widely spaced to ensure continuity but close enough to give a reasonable indication of continuity and where geoscientific data are known with a reasonable degree of reliability; an indicated resource will be based on more data, and therefore will be more reliable than an inferred resource estimate. Inferred: a mineral resource inferred from geoscientific evidence, underground openings or other sampling procedures where the lack of data is such that continuity cannot be predicted with confidence and where geoscientific data may not be known with a reasonable level of reliability "SAGability" testing material to investigate its performance in a semi-autonomous grinding mill "spiral concentration" a process that utilises the differential density of materials to concentrate valuable minerals "stope" underground excavation within the orebody where the main production takes place "t" a metric tonne "tin" A tetragonal mineral, rare; soft; malleable: bluish white, found chiefly in cassiterite, SnO(2) "treatment" Physical or chemical treatment to extract the valuable metals/minerals "tungsten" hard, brittle, white or grey metallic element. Chemical symbol, W; also known as wolfram "W" chemical symbol for tungsten
ADDITIONAL GEOLOGICAL TERMS
"apical" relating to, or denoting an apex "cassiterite" A mineral, tin dioxide, SnO2. Ore of tin with specific gravity 7 "cupola" A dome-shaped projection at the top of an igneous intrusion "dip" the true dip of a plane is the angle it makes with the horizontal plane "granite" coarse-grained intrusive igneous rock dominated by light-coloured minerals, consisting of about 50% orthoclase, 25% quartz and balance of plagioclase feldspars and ferromagnesian silicates "greisen" A pneumatolitically altered granitic rock composed largely of quartz, mica, and topaz. The mica is usually muscovite or lepidolite. Tourmaline, fluorite, rutile, cassiterite, and wolframite are common accessory minerals "igneous" said of a rock or mineral that solidified from molten or partly molten material, i.e., from a magma "muscovite" also known as potash mica; formula: KAl(2) (AlSi(3) O(10) )(F,OH)(2) . "quartz" a mineral composed of silicon dioxide, SiO2 "rhyolite" An igneous, volcanic rock of felsic (silica rich) composition. Typically >69% SiO(2) "vein" a tabular deposit of minerals occupying a fracture, in which particles may grow away from the walls towards the middle "wolframite" A mineral, (Fe,Mn)WO(4) ; within the huebnerite-ferberite series "zinnwaldite" A mineral, KLiFeAl(AlSi(3) )O(10) (F,OH)(2) ; mica group; basal cleavage; pale violet, yellowish or greyish brown; in granites, pegmatites, and greisens
ENQUIRIES:
European Metals Holdings Limited Tel: +61 (0) 419 996 Keith Coughlan, Chief 333 Executive Officer Email: keith@europeanmet.com Tel: +44 (0) 20 7440 Kiran Morzaria, Non-Executive 0647 Director Tel: +61 (0) 6141 3504 Julia Beckett, Company Email: julia@europeanmet.com Secretary Beaumont Cornish (Nomad Tel: +44 (0) 20 7628 & Broker) 3396 Michael Cornish Email: corpfin@b-cornish.co.uk Roland Cornish
The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.
JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary ============= ============================================================ ============================================================= Sampling techniques * Nature and quality of sampling (eg cut channels, * As previously, the Company is conducting its core random chips, or specific specialised industry drilling programme and collecting samples from core standard measurement tools appropriate to the splits in line with JORC Code 2012 Edition minerals under investigation, such as down hole gamma guidelines. Sample intervals honour geological or sondes, or handheld XRF instruments, etc). These visible mineralisation boundaries. examples should not be taken as limiting the broad meaning of sampling. * Between 1952 and 1989, the Cinovec deposit was sampled in two ways: in drill core and underground * Include reference to measures taken to ensure sample channel samples. representivity and the appropriate calibration of any measurement tools or systems used. * Channel samples, from drift ribs and faces, were collected during detailed exploration between 1952 * Aspects of the determination of mineralisation that and 1989 by Geoindustria n.p. and Rudne Doly n.p., are Material to the Public Report. both Czechoslovak State companies. Sample length was 1 m, channel 10x5cm, sample mass about 15kg. Up to 1966, samples were collected using hammer and chisel; * In cases where 'industry standard' work has been done from 1966 a small drill (Holman Hammer) was used. this would be relatively simple (eg 'reverse 14179 samples were collected and transported to a circulation drilling was used to obtain 1 m samples crushing facility. from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is * Core and channel samples were crushed in two steps: coarse gold that has inherent sampling problems. to -5mm, then to -0.5mm. 100g splits were obtained Unusual commodities or mineralisation types (eg and pulverized to -0.045mm for analysis. submarine nodules) may warrant disclosure of detailed information. Drilling techniques * Drill type (eg core, reverse circulation, open-hole * Current programme is conventional and wireline core hammer, rotary air blast, auger, Bangka, sonic, etc) drilling of the deposit with percussion precollars. and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by * The current core size is HQ3 (62mm diameter) in upper what method, etc). parts of holes; in deeper sections the core size is reduced to NQ3 (44mm diameter). Core recovery is high (average exceeds 95%). * Historically only core drilling was employed, either from surface or from underground. * Surface drilling: 80 holes, total 30,340 meters; vertical and inclined, maximum depth 1596m (structural hole). Core diameters from 220mm near surface to 110 mm at depth. Average core recovery 89.3%. * Underground drilling: 766 holes for 53,126m; horizontal and inclined. Core diameter 46mm; drilled by Craelius XC42 or DIAMEC drills. Drill sample recovery * Method of recording and assessing core and chip * Core recovery for historical surface drill holes was sample recoveries and results assessed. recorded on drill logs and entered into the database. * Measures taken to maximise sample recovery and ensure * No correlation between grade and core recovery was representative nature of the samples. established. * Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Logging * Whether core and chip samples have been geologically * The core descriptions are recorded into paper logging and geotechnically logged to a level of detail to forms by hand and later entered into an Excel support appropriate Mineral Resource estimation, database. mining studies and metallurgical studies. * The historic core was logged in detail in a facility * Whether logging is qualitative or quantitative in 6 km from the mine site. The following features were
nature. Core (or costean, channel, etc) photography. logged and recorded in paper logs: lithology, alteration (including intensity divided into weak, medium and strong/pervasive), and occurrence of * The total length and percentage of the relevant potentially economic minerals expressed in %, intersections logged. macroscopic description of congruous intervals and structures and core recovery. Sub-sampling techniques * If core, whether cut or sawn and whether quarter, * Core is washed, photographed, geologically logged, and sample half or all core taken. sample intervals determined and marked then the core preparation is cut in half. One half is delivered to ALS Global for assaying after duplicates, blanks and standards * If non-core, whether riffled, tube sampled, rotary are inserted in the sample stream. The remaining split, etc and whether sampled wet or dry. drill core is stored on site for reference. * For all sample types, the nature, quality and * Sample preparation is carried out by ALS Global in appropriateness of the sample preparation technique. Romania, using industry standard techniques appropriate for the style of mineralisation represented at Cinovec. * Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. * Historically, core was either split or consumed entirely for analyses. * Measures taken to ensure that the sampling is representative of the in situ material collected, * Samples are considered to be representative. including for instance results for field duplicate/second-half sampling. * Sample size and grains size are deemed appropriate for the analytical techniques used. * Whether sample sizes are appropriate to the grain size of the material being sampled. Quality of assay data * The nature, quality and appropriateness of the * Core samples are assayed by ALS Global. The most and assaying and laboratory procedures used and whether appropriate analytical methods were determined by laboratory the technique is considered partial or total. results of tests using various analytical techniques. tests * For geophysical tools, spectrometers, handheld XRF * The following analytical methods are used: ME-MS81 instruments, etc, the parameters used in determining (lithium borate fusion or 4 acid digest, ICP-MS the analysis including instrument make and model, finish) for a suite of elements including Sn and W reading times, calibrations factors applied and their and ME-4ACD81 (4 acid digest, ICP-AES finish) derivation, etc. additional elements including lithium. Samples with over 1% tin are analysed by XRF. * Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory * Standards, blanks and duplicates are inserted into checks) and whether acceptable levels of accuracy the sample stream. In 2014 initial tin standard (i.e. lack of bias) and precision have been results indicated possible downgrading bias; the established. laboratory repeated the analysis with satisfactory results. * Historically, tin content was measured by XRF and using wet chemical methods. W and Li were analysed by spectral methods. * Analytical QA was internal and external. The former subjected 5% of the sample to repeat analysis in the same facility. 10% of samples were analysed in another laboratory, also located in Czechoslovakia. The QA/QC procedures were set to the State norms and are considered adequate. It is unknown whether external standards or sample duplicates were used. * Overall accuracy of sampling and assaying was proved later by test mining and reconciliation of mined and analysed grades. Verification of sampling * The verification of significant intersections by * During the 2014 drill campaign the Company indirectly and assaying either independent or alternative company personnel. verified grades of tin and lithium by comparing the length and grade of mineral intercepts with the current block model. * The use of twinned holes. * Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. * Discuss any adjustment to assay data. Location of data points * Accuracy and quality of surveys used to locate drill * The drill collar locations are surveyed by a holes (collar and down-hole surveys), trenches, mine registered surveyor. workings and other locations used in Mineral Resource estimation. * Down hole surveys are carried out by a contractor. * Specification of the grid system used. * Historically, drill hole collars were surveyed with a great degree of precision by the mine survey crew. * Quality and adequacy of topographic control. * Hole locations are recorded in the local S-JTSK Krovak grid. * Topographic control is excellent. Data spacing and * Data spacing for reporting of Exploration Results. * Historical data density is very high. distribution * Whether the data spacing and distribution is * Spacing is sufficient to establish Indicated and sufficient to establish the degree of geological and Inferred Mineral Resources (see notes on grade continuity appropriate for the Mineral Resource classification below). The Mineral Resource was and Ore Reserve estimation procedure(s) and initially estimated using MICROMINE software in Perth, classifications applied. 2012 and updated in 2015. * Whether sample compositing has been applied. * Areas with lower coverage of Li% assays have been identified as exploration targets.
* Sample compositing has not been applied. Orientation of data in * Whether the orientation of sampling achieves unbiased * Drill hole azimuth and dip is planned to intercept relation to sampling of possible structures and the extent to the mineralized zones at near-true thickness. As the geological which this is known, considering the deposit type. mineralized zones dip shallowly to the south, drill structure holes are vertical or near vertical and directed to the north. * If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this * The Company has not directly collected any samples should be assessed and reported if material. underground because the workings are inaccessible at this time. * Based on historic reports, level plan maps, sections and core logs, the samples were collected in an unbiased fashion, systematically on two underground levels from drift ribs and faces, as well as from underground holes drilled perpendicular to the drift directions. The sample density is adequate for the style of deposit. * Multiple samples were taken and analysed by the Company from the historic tailing repository. Only lithium was analysed (Sn and W too low). The results matched the historic grades. Sample security * The measures taken to ensure sample security. * As in the 2014 programme, only the Company's employees and contractors handle drill core and conduct sampling. The core is collected from the drill rig each day and transported in a company vehicle to the secure Company premises where it is photographed, logged and cut. Company geologists supervise the process and log/sample the core. The samples are transported by Company personnel in a Company vehicle to the ALS Global laboratory pick-up station. The remaining core is stored under lock and key. * Historically, sample security was ensured by State norms applied to exploration. The State norms were similar to currently accepted best practice and JORC Code guidelines for sample security. Audits or reviews * The results of any audits or reviews of sampling * Review of sampling techniques possible from written techniques and data. records. No flaws found. ============= ============================================================ =============================================================
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary =============== =============================================================== ============================================================ Mineral tenement and * Type, reference name/number, location and ownership * Cinovec exploration rights held under two licenses land tenure including agreements or material issues with third Cinovec and Cinovec 2. Former expires 30/7/2019, the status parties such as joint ventures, partnerships, latter 31/12/2020. overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. * 100% owned, no royalties, native interests or environmental concerns. * The security of the tenure held at the time of reporting along with any known impediments to * There are no known impediments to obtaining an obtaining a licence to operate in the area. Exploitation Permit for the defined resource. Exploration done by other * Acknowledgment and appraisal of exploration by other * There has been no acknowledgment or appraisal of parties parties. exploration by other parties. Geology * Deposit type, geological setting and style of * Cinovec is a granite-hosted tin-tungsten-lithium mineralisation. deposit. * Late Variscan age, alkalic rift-related granite. * Tin and tungsten occur in oxide minerals (cassiterite and wolframite). Lithium occurs in zinnwaldite, a Li-rich muscovite * Mineralisation in a small granite cupola. Vein and greisen type. Alteration is greisenisation, silicification. Drill hole * Reported previously. Information * A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. * If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data aggregation * In reporting Exploration Results, weighting averaging * Reporting of exploration results has not and will not methods techniques, maximum and/or minimum grade truncations include aggregate intercepts. (eg cutting of high grades) and cut-off grades are usually Material and should be stated. * Metal equivalent not used in reporting. * Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade * No grade truncations applied.
results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. * The assumptions used for any reporting of metal equivalent values should be clearly stated. Relationship between * These relationships are particularly important in the * Intercept widths are approximate true widths, unless mineralisation reporting of Exploration Results. noted. widths and intercept lengths * If the geometry of the mineralisation with respect to * The mineralization is mostly of disseminated nature the drill hole angle is known, its nature should be and relatively homogeneous; the orientation of reported. samples is of limited impact. * If it is not known and only the down hole lengths are * For higher grade veins care was taken to drill at reported, there should be a clear statement to this angles ensuring closeness of intercept length and effect (eg 'down hole length, true width not known'). true widths * The block model accounts for variations between apparent and true dip. Diagrams * Appropriate maps and sections (with scales) and * Appropriate maps and sections have been generated by tabulations of intercepts should be included for any the Company, and independent consultants. Available significant discovery being reported These should in customary vector and raster outputs, and partially include, but not be limited to a plan view of drill in consultant's reports. hole collar locations and appropriate sectional views. Balanced reporting * Where comprehensive reporting of all Exploration * Balanced reporting in historic reports guaranteed by Results is not practicable, representative reporting norms and standards, verified in 1997, and 2012 by of both low and high grades and/or widths should be independent consultants. practiced to avoid misleading reporting of Exploration Results. * The historic reporting was completed by several State institutions and cross validated. Other substantive * Other exploration data, if meaningful and material, * Data available: bulk density for all representative exploration should be reported including (but not limited to): rock and ore types; petrographic and mineralogical data geological observations; geophysical survey results; studies, hydrological information, hardness, moisture geochemical survey results; bulk samples - size and content, fragmentation etc. method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Further work * The nature and scale of planned further work (eg * Grade verification sampling from underground or tests for lateral extensions or depth extensions or drilling from surface (in progress). large-scale step-out drilling). Historically-reported grades require modern validation in order to improve the resource classification. * Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided * The number and location of sample sites have been this information is not commercially sensitive. determined from a 3D wireframe model and geostatistical considerations reflecting grade continuity. * The geologic model will be used to determine if infill drilling is required. * The deposit is open down-dip on the southern extension, and locally poorly constrained at its western and eastern extensions, where limited additional drilling might be required. * No large scale drilling campaigns are required. =============== =============================================================== ============================================================
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