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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.75 | 4.48% | 17.50 | 17.00 | 18.00 | 17.50 | 16.55 | 16.75 | 461,291 | 09:01:46 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 1.12M | -5.93M | -0.0286 | -7.69 | 45.61M |
From Apr 2019 to Apr 2024
TIDMEMH
RNS Number : 8288L
European Metals Holdings Limited
06 October 2016
For immediate release
6 October 2016
EUROPEAN METALS HOLDINGS LIMITED
Shallow Lithium Mineralisation Intersected at Cinovec
European Metals Holdings Limited ("European Metals" or "the Company") (ASX and AIM: EMH) is pleased to announce analytical results for two confirmation drillholes CIW-19 and CIW-20 at the Cinovec Lithium-Tin-Tungsten Project ("the project" or "Cinovec").
Key Points:
-- The two drillholes are the most northern drilled by the Company and are collared near the old main shaft. -- Significant lithium mineralization intersected from less than 30m depth in both holes, these are the shallowest intervals to-date. -- Drillhole CIW-19 returned two main lithium-mineralized intercepts of 53.1m averaging 0.35%Li(2) O (25-78.1m) and 144m averaging 0.37%Li(2) O (85-229m), with a high-grade interval of 10.8m@0.71% Li(2) O (103-113.8m). -- Drillhole CIW-20 returned three main mineralized intercepts: 98m averaging 0.35%Li(2) O (28-126m), 16.85m averaging 0.33% Li(2) O (132.15-149m) and 60m averaging 0.49%Li(2) O (154-214m), with the latter containing high-grade intervals of 9m@0.67%Li2O (160-169m) and 12.1m@0.85%Li2O (174-186.1m). -- Significant tin and tungsten mineralization was intersected in upper part of both drillholes: 3.1m@0.20%Sn and 0.021%W, 4.75m@0.13%Sn and 0.015%W, 2.45m@0.17%Sn and 0.003%W and 1.35m@0.122%W and 0.07%Sn in drillhole CIW-19; 3m@0.37%Sn and 0.003%W, and 1m@0.36%Sn and 0.004%W in drillhole CIW-20. -- 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). Altogether, eight drillholes have been completed this year (2,791m) with three other underway at this time.
European Metals CEO Keith Coughlan said:
"This year's drilling programme has yielded excellent results. During the year we have continued to verify the historic drilling and also, have identified high-grade drill intersections in areas that there has been relatively little historical work. The shallow lithium intercepts that extend significantly beyond historical workings, combined with the substantive tin and tungsten intercepts, we believe, will have a positive effect on the economics of the project. With three drill rigs operating targeting high-grade zones and metallurgical test work almost complete, we look forward to updating the market as the project advances up the development curve and towards potential commercialization".
Drill Programme
The drillholes CIW-19 and CIW-20 are located in the central part of the Cinovec, near the Central Shaft where high-grade tin and tungsten veins were mined in the past. 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, eight 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 a random fashion for every 10 core samples.
Table 1 - Completed drillholes, Cinovec Main
Hot Features
Premium
Hole North East Elevation Depth Azimuth Dip Comments
ID (m) (m)
-------- ----------- ---------- ---------- ------ -------- ------- --------------------
-966097.5 -779299.5
CIW-11 (1) (1) 867.4 444.4 40.1 -77.86 confirmation/infill
-------- ----------- ---------- ---------- ------ -------- ------- --------------------
-965638.0 -778810.5
CIW-20 (1) (1) 837.5 257.6 336.7 -84.6 confirmation/infill
-------- ----------- ---------- ---------- ------ -------- ------- --------------------
-965692.1 -778810.8
CIW-19 (1) (1) 837.8 271.5 332.1 -89.58 confirmation/infill
-------- ----------- ---------- ---------- ------ -------- ------- --------------------
-965800.2 -778791.4
CIW-08 (1) (1) 837.6 274.9 156.85 -89.3 confirmation/infill
-------- ----------- ---------- ---------- ------ -------- ------- --------------------
-966185.0 -779020.0
CIW-18 (2) (2) 837.5 395.7 210.6 -89.05 confirmation/infill
-------- ----------- ---------- ---------- ------ -------- ------- --------------------
-966126.8 -779175.5
CIW-13 (1) (1) 862.8 429.3 76.0 -80.4 confirmation/infill
-------- ----------- ---------- ---------- ------ -------- ------- --------------------
-9660882.0 -779050.0
CIW-14 (2) (2) 858 417.8 323.3 -89.07 confirmation/infill
-------- ----------- ---------- ---------- ------ -------- ------- --------------------
-965847.0 -778867.0 -90
CIW-07 (2) (2) 841 300.0 0 (3) (3) confirmation/infill
-------- ----------- ---------- ---------- ------ -------- ------- --------------------
Hole locations are recorded in the local S-JTSK Krovak grid, (1) Coordinates surveyed, (2) Coordinates determined by GPS, (3) Planned, no inclinometry yet
Mineralized Intercepts and Lithology in CIW-19 and CIW-20
The drillholes CIW-19 and CIW-20 are collared in altered granite near the historic mine shaft. This geological domain is characterized by the presence of quartz veins flanked by relatively narrow li-mica veneers, hosted in variably altered and mineralized lithium granite. Most of the quartz veins were mined out in the past. The drillholes hit several open stopes after vein mining.
This geological domain also has a distinct geochemical signature in that the vein-hosting granite is continuously enriched in tin. So in CIW-19 the upper 170 meters average 0.042%Sn (median 262ppm), and 155m@0.044%Sn (median 260ppm) in CIW-20, respectively.
The vein set is underlain by greisenized granite with greisen intervals well mineralized with lithium.
In the lowest parts of the drillholes, unusually elevated grades of niobium and tantalum were recorded, with the best individual samples of 510ppm Nb and 212ppm Ta (CIW-20).
Table summarizing mineralised intercepts in CIW-19
CIW-19
--------------------------------------------------------------------------
From To Interval Li(2) Sn W (%) Note
(m) O (%) (%)
------ ------- --------- ------- ----- ------ ----------------------
16.65 18 1.35 0.14 0.07 0.122
------ ------- --------- ------- ----- ------ ----------------------
20 21 1 0.16 0.01 0.002
------ ------- --------- ------- ----- ------ ----------------------
25 78.1 53.1 0.35
------ ------- --------- ------- ----- ------ ----------------------
63 67.75 4.75 0.40 0.13 0.048
------ ------- --------- ------- ----- ------ ----------------------
66.9 70 3.1 0.58 0.20 0.021
------ ------- --------- ------- ----- ------ ----------------------
incl. 10.8m@0.71%Li2O
(103-113.8m)
and 1.8m@1.46%Li2O
85 229 144 0.37 (112-113.8m)
------ ------- --------- ------- ----- ------ ----------------------
92 93 1 0.26 0.11 0.003
------ ------- --------- ------- ----- ------ ----------------------
103 105.45 2.45 0.95 0.17 0.003
------ ------- --------- ------- ----- ------ ----------------------
119.5 120.7 1.2 0.65 0.14 0.002
------ ------- --------- ------- ----- ------ ----------------------
149 153 4 0.26 0.13 0.015
------ ------- --------- ------- ----- ------ ----------------------
159.9 161 1.1 0.36 0.18 0.002
------ ------- --------- ------- ----- ------ ----------------------
239 242 3 0.39
------ ------- --------- ------- ----- ------ ----------------------
Table summarizing mineralized intercepts in CIW-20.
CIW-20
-----------------------------------------------------------------------
From To Interval Li(2) Sn W (%) Note
(m) O (%) (%)
------- ---- --------- ------- ----- ------ ---------------------
15 18 3 0.21
------- ---- --------- ------- ----- ------ ---------------------
28 126 98 0.35
------- ---- --------- ------- ----- ------ ---------------------
68 69 1 0.39 0.36 0.004
------- ---- --------- ------- ----- ------ ---------------------
84 85 1 0.20 0.23 0.005
------- ---- --------- ------- ----- ------ ---------------------
97 98 1 0.55 0.10 0.016
------- ---- --------- ------- ----- ------ ---------------------
123 124 1 0.37 0.12 0.002
------- ---- --------- ------- ----- ------ ---------------------
132.15 149 16.85 0.33
------- ---- --------- ------- ----- ------ ---------------------
140 143 3 0.39 0.37 0.003
------- ---- --------- ------- ----- ------ ---------------------
143 145 2 0.23 0.06 0.096
------- ---- --------- ------- ----- ------ ---------------------
151 152 1 0.16 0.33 0.053
------- ---- --------- ------- ----- ------ ---------------------
incl. 9m@0.67%Li2O
(160-169m)
and 12.1m@0.85%Li2O
154 214 60 0.49 (174-186.1m)
------- ---- --------- ------- ----- ------ ---------------------
234 237 3 0.31
------- ---- --------- ------- ----- ------ ---------------------
(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.)
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 testwork 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.
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
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 2
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.
=============== =============================================================== ============================================================
This information is provided by RNS
The company news service from the London Stock Exchange
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