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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| European Metals Holdings Limited | LSE:EMH | London | Ordinary Share | AU000000EMH5 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -2.13% | 23.00 | 23.00 | 24.60 | 24.00 | 23.80 | 24.00 | 92,707 | 16:35:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 1.12M | -5.93M | -0.0286 | -8.32 | 49.34M |
From May 2019 to May 2024
TIDMEMH
RNS Number : 4221V
European Metals Holdings Limited
08 April 2019
For immediate release
8 April 2019
EUROPEAN METALS HOLDINGS LIMITED
CINOVEC PROJECT UPDATE - BATTERY GRADE LITHIUM HYDROXIDE PRODUCED - CLARIFICATION ON TEST-WORK PROCESS
HIGHLIGHTS
-- Flowsheet successfully developed and tested for the production of lithium hydroxide from Cinovec ore.
-- A potential production rate in excess of 25,000 tpa lithium hydroxide has been demonstrated to be possible utilising a robust process route proven in the lithium production sector.
-- A formal update of the project PFS reflecting the production of lithium hydroxide is underway and will be completed within the next 6 weeks.
European Metals Holdings Limited ("European Metals" or "the Company") is pleased to provide a project update highlighting the outcomes from a recently completed engineering assessment of the flowsheet and subsequent testwork aimed at demonstrating the ability to produce lithium hydroxide from Cinovec ore. The move by the Company to develop a process for the production of lithium hydroxide from the Cinovec project is in response to market forces that continue to move Czech and European manufacturers towards the production of advanced technology batteries.
The engineering assessment and associated testwork were conducted on aspects of the hydrometallurgical portion of the flowsheet of the Preliminary Feasibility Study (PFS) reported on 19 April 2017 (PFS confirms potential low-cost lithium carbonate producer).
A series of tests were completed in recent months by Dorfner Anzaplan in Germany looking initially at the direct production of lithium hydroxide from leach liquors and subsequently testing a more traditional route of converting lithium carbonate through to lithium hydroxide.
While both process routes were successful in producing battery grade lithium hydroxide, assessment of the relevant process risks indicated that the more robust flowsheet involved the production of battery grade lithium carbonate followed by conversion to battery grade lithium hydroxide. The composition of the material produced compared with a typical industry specification is detailed in the table 1 below.
Hot Features
Premium
Species Typical Specification EMH
(ppm) (ppm)
Na 50 <1
---------------------- -------
K 50 <1
---------------------- -------
Cl 30 <15
---------------------- -------
SO4 100 51
---------------------- -------
Fe 7 <1
---------------------- -------
Table 1: Lithium hydroxide comparison to typical specification
The engineering assessment was conducted using a 4.3kg sample of lithium concentrate taken from a stock of historic ore samples taken from various sites in the Cinovec deposit. The sample was subjected to roasting after mixing with sodium sulphate, gypsum and limestone to a prescribed ratio, water leached, various steps of purification undertaken finally rendering a battery grade lithium hydroxide laboratory scale sample upon completion.
The result of the testwork was the production of a sample of battery grade lithium hydroxide. The work concentrated on the grade of product produced and not recovery rates. The total amount of product produced was below 10 grams. Further information regarding the sampling techniques and data is set out in the tables annexed to this announcement.
This data is now being used as the foundation for an update of the PFS such that the final product from the process will be battery grade lithium hydroxide with the option to produce battery grade lithium carbonate should the market support both products. The relevant flowsheets will be available upon completion of this engineering work.
European Metals MD Keith Coughlan commented, "The clear majority of European battery producers are indicating a requirement for lithium input to be supplied as battery grade lithium hydroxide. The fact that EMH has now demonstrated the ability to produce this product from Cinovec ore is an exciting development that will enable the Company to supply its final product into the European marketplace.
Meeting the European battery market's requirements and expectations is foremost in our considerations. EMH's next step is a formal update of the 2017 PFS, the outcomes from which will be reported shortly."
BACKGROUND INFORMATION ON CINOVEC
PROJECT OVERVIEW
Cinovec Lithium/Tin Project
European Metals, through its wholly owned subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Cinovec hosts a globally significant hard rock lithium deposit with a total Indicated Mineral Resource of 372.4Mt @ 0.45% Li(2) O and 0.04% Sn and an Inferred Mineral Resource of 323.5Mt @ 0.39% Li(2) O and 0.04% Sn containing a combined 7.18 million tonnes Lithium Carbonate Equivalent and 263kt of tin reported 28 November 2017 (Further Increase in Indicated Resource at Cinovec South). An initial Probable Ore Reserve of 34.5Mt @ 0.65% Li(2) O and 0.09% Sn reported 4 July 2017 (Cinovec Maiden Ore Reserve - Further Information) has been declared to cover the first 20 years mining at an output of 22,500tpa of lithium carbonate reported 11 July 2018 (Cinovec Production Modelled to Increase to 22,500tpa of Lithium Carbonate).
This makes Cinovec the largest lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource.
The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation.
EMH has completed a Preliminary Feasibility Study, conducted by specialist independent consultants, which indicated a return post tax NPV of USD540m and an IRR of 21% reported 19 April 2017 (PFS Confirms Potential Low Cost Lithium Carbonate Producer). It confirmed the deposit is amenable to bulk underground mining. Metallurgical test work has produced both battery grade lithium carbonate and high-grade tin concentrate at excellent recoveries. 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.
The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within Europe specifically.
There are no other material changes to the original information and all the material assumptions continue to apply to the forecasts.
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
COMPETENT PERSON
Information in this release that relates to exploration results is based on information compiled by 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.
The standard conversion factors are set out in the table below:
Table: Conversion Factors for Lithium Compounds and Minerals
Convert from Convert to Convert to Convert to Li(2)
Li Li(2) O CO(3)
------------------- ------- ----------- ----------- -----------------
Lithium Li 1.000 2.153 5.324
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 indices" Indicies that provide an assessment 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 separation" is based on the fact that different 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" or "Indicated as defined in the JORC and SAMREC Codes,
Mineral Resource" is that part of a Mineral 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 "Inferred as defined in the JORC and SAMREC Codes,
Mineral Resource" is that part of a Mineral 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)
"LiOH" lithium hydroxide monohydrate (LiOH.H(2) O),
the commercial form of lithium hydroxide
"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) 419 996 333 Keith Coughlan, Managing Director Email: keith@europeanmet.com Kiran Morzaria, Non-Executive Tel: +44 (0) 20 7440 0647 Director Tel: +61 (0) 8 6245 2057 Julia Beckett, Company Secretary Email: julia@europeanmet.com Beaumont Cornish (Nomad & Tel: +44 (0) 20 7628 3396 Broker) Email: corpfin@b-cornish.co.uk Michael Cornish Roland Cornish Joint Broker Tel: +44 (0) 20 7186 9950 Damon Health Erik Woolgar Shard Capital
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. The person who arranged for the release of this announcement on behalf of the Company was Keith Coughlan, Managing Director.
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, * Between 2014 and 2017, the Company commenced a core
random chips, or specific specialised industry drilling program and collected samples from core
standard measurement tools appropriate to the splits in line with JORC Code guidelines.
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad * Sample intervals honour geological or visible
meaning of sampling. mineralization boundaries and vary between 50cm and 2
m. Majority of samples are 1 m in length
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any * The samples are half or quarter of core; the latter
measurement tools or systems used. applied for large diameter core.
* Aspects of the determination of mineralisation that * Between 1952 and 1989, the Cinovec deposit was
are Material to the Public Report. sampled in two ways: in drill core and underground
channel samples.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse * Channel samples, from drift ribs and faces, were
circulation drilling was used to obtain 1 m samples collected during detailed exploration between 1952
from which 3 kg was pulverised to produce a 30 g and 1989 by Geoindustria n.p. and Rudne Doly n.p.,
charge for fire assay'). In other cases more both Czechoslovak State companies. Sample length was
explanation may be required, such as where there is 1 m, channel 10x5cm, sample mass about 15kg. Up to
coarse gold that has inherent sampling problems. 1966, samples were collected using hammer and chisel;
Unusual commodities or mineralisation types (eg from 1966 a small drill (Holman Hammer) was used.
submarine nodules) may warrant disclosure of detailed 14179 samples were collected and transported to a
information. crushing facility.
* Core and channel samples were crushed in two steps:
to -5mm, then to -0.5mm. 100g splits were obtained
and pulverized to -0.045mm for analysis.
* In this case 4.3 kg of lithium concentrate sample was
used from a stock previously derived from samples
historically taken from various sites in the deposit.
* The sample in this case was subjected to roasting
after mixing with sodium sulphate, gypsum and
limestone to a prescribed ratio, water leached,
various steps of purification undertaken finally
rendering a battery grade lithium hydroxide
laboratory scale sample upon completion.
Drilling * No additional drilling was undertaken.
techniques * Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
Drill sample * No additional drilling was undertaken.
recovery * Method of recording and assessing core and chip
sample recoveries and results assessed.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* 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 * No additional drilling or logging was undertaken.
* Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
Sub-sampling * No additional drilling was undertaken.
techniques * If core, whether cut or sawn and whether quarter,
and sample half or all core taken.
preparation
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples.
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
Quality of Where applicable the following analytical techniques and
assay data * The nature, quality and appropriateness of the standards were utilized in this testwork.
and assaying and laboratory procedures used and whether * Selected samples were characterized by X-ray
laboratory the technique is considered partial or total. diffraction (XRD) analysis (Bruker, Diffractometer D8
tests ADVANCE with DAVINCI design) according to DIN 13925.
The crystalline phases were identified by an expert
* For geophysical tools, spectrometers, handheld XRF using the JCPDS data base (International Centre for
instruments, etc, the parameters used in determining Diffraction Data).
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc. * The chemical composition was analyzed by X-ray
fluorescence spectroscopy (XRF, S8 Tiger by Bruker
AXS, S4 Pioneer by Bruker AXS)
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie * According to DIN EN ISO 12677. XRF analysis was
lack of bias) and precision have been established. applied for all solid samples, except for analysis of
Li and Rb, which were analyzed by ICP after Na2O2
fusion.
* Moisture content was determined by drying the sample
at 105degC in a drying oven according to EN ISO
787-2.
* Loss on ignition was determined according to DIN EN
ISO 12677 at a temperature of 1,025 degC in a muffle
furnace.
* The chemical composition of selected samples was
analyzed by Inductively Coupled Plasma spectrometry
(ICP, Varian Vista MPX) according to DIN EN ISO 11885
E22. ICP was applied for all liquid samples.
* Lithium and Rubidium analysis by chemical digestion
of the samples was carried out by sodium peroxide
(Na2O2) fusion. Na2O2 was used to oxidize the sample
that becomes soluble in a diluted acid solution.
Lithium and rubidium analysis was performed by using
inductively coupled plasma spectrometry (Varian,
Vista MPX).
* Particle size, morphology and structure of particles
can be visualized by SEM providing valuable
information for the interpretation of processing
results (e.g. degree of sintering, crystallization).
Samples were investigated with a Phenom XL scanning
electron microscope with qualitative information on
the elemental composition of selected particles
determined by EDX.
* An additional analytical tool in SEM is the detection
of backscattered electrons (BSD). The intensity of
backscattered electrons is proportional to the atomic
number of the material, thus heavy elements in the
sample appear bright while light elements are much
less pronounced.
* No geophysical data was collected.
Verification
of sampling * The verification of significant intersections by * No drilling or other sampling was undertaken
and assaying either independent or alternative company personnel.
* No twinned holes have been completed.
* The use of twinned holes.
* No adjustments or calibrations were made to any
* Documentation of primary data, data entry procedures, primary assay data collected for the purpose of
data verification, data storage (physical and reporting assay grades and mineralized intervals.
electronic) protocols.
* Discuss any adjustment to assay data.
Location of * No additional drilling was undertaken.
data points * Accuracy and quality of surveys used to locate drill
holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
Data spacing * No additional drilling was undertaken.
and * Data spacing for reporting of Exploration Results.
distribution
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
Orientation * No additional drilling was undertaken.
of data in * Whether the orientation of sampling achieves unbiased
relation to sampling of possible structures and the extent to
geological which this is known, considering the deposit type.
structure
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
Sample
security * The measures taken to ensure sample security. * In the 2014-19 programs, only the Company's employees
and contractors handled drill core and conducted
sampling. The core was collected from the drill rig
each day and transported in a company vehicle to the
secure Company premises where it was logged and cut.
Company geologists supervised the process and
logged/sampled the core. The samples were 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. Metallurgical samples
are transported at times utilizing global carriers.
* Historically, sample security was ensured by State
norms applied to exploration. The State norms were
similar to currently accepted best practice and JORC
guidelines for sample security.
Audits or
reviews * The results of any audits or reviews of sampling * No external audits have been completed for this round
techniques and data. of testwork.
============= ============================================================ =================================================================
Section 2 Reporting of Exploration Results
(Criteria listed in section 1 also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement and * Type, reference name/number, location and ownership * Cinovec exploration rights held under three licenses
land tenure including agreements or material issues with third Cinovec (expires 30/07/2019), Cinovec 2 (expires
status parties such as joint ventures, partnerships, 31/12/2020) and Cinovec 3 (expires 31/10/2021).100%
overriding royalties, native title interests, owned, no native interests or environmental concerns.
historical sites, wilderness or national park and A State royalty applies metals production and is set
environmental settings. as a fee in Czech crowns per unit of metal produced.
* The security of the tenure held at the time of * There are no known impediments to obtaining an
reporting along with any known impediments to Exploitation Permit for the defined resource.
obtaining a licence to operate in the area.
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, post-orogenic granite intrusionTin
and tungsten occur in oxide minerals (cassiterite and
wolframite). Lithium occurs in zinwaldite, a Li-rich
muscovite
* Mineralization in a small granite cupola. Vein and
greisen type. Alteration is greisenisation,
silicification.
Drill hole
Information * A summary of all information material to the * No additional drilling was undertaken.
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 * No additional drilling was undertaken.
methods techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
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 * No additional drilling was undertaken.
mineralisation reporting of Exploration Results.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
Diagrams
* Appropriate maps and sections (with scales) and * No additional drilling was undertaken.
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill
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; (historic data + 92 measurements
data geological observations; geophysical survey results; in 2016-17 from current core holes); petrographic and
geochemical survey results; bulk samples - size and mineralogical studies, hydrological information,
method of treatment; metallurgical test results; bulk hardness, moisture content, fragmentation etc.
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. Historically-reported grades
large-scale step-out drilling). require modern validation in order to improve the
resource classification.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological * The number and location of sampling sites will be
interpretations and future drilling areas, provided determined from a 3D wireframe model and
this information is not commercially sensitive. geostatistical considerations reflecting grade
continuity.
* The geologic model will be used to determine if any
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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