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Rare Earth Mineral Plc report that European Metals Holdings Limited in which REM owns a 20.92% shareholding, has announced analytical results for two confirmation drillholes CIW-19 and CIW-20 at the Cinoved Lithium-Tin-Tungsten Project.
Highlights:
1. The two drillholes are the most northern drilled by the Company and are collared near the old main shaft.
2. Significant lithium mineralization intersected from less than 30m depth in both holes, these are the shallowest intervals to-date.
3. Drillhole CIW-19 returned two main lithium-mineralized intercepts of 53.1m averaging 0.35%Li2O (25-78.1m) and 144m averaging 0.37%Li2O (85-229m), with a high-grade interval of 10.8m@0.71% Li2O (103-113.8m).
4. Drillhole CIW-20 returned three main mineralized intercepts: 98m averaging 0.35%Li2O (28-126m), 16.85m averaging 0.33% Li2O (132.15-149m) and 60m averaging 0.49%Li2O (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).
5. 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.
6. 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.
Mr Kiran Morzaria CEO of Rare Earth Minerals commented that "Rapid progress continues to be made in advancing the Cinovec Project. These developments along with the excellent economics present in the scoping study, re-affirm that the Cinovec project will, we believe, become a low cost, market leading lithium and tin asset.”