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![European Metals](https://investingnews.com/media-library/european-metals.png?id=28859343&width=1200&height=801)
Quarterly Activities Report December 2022
European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) (“European Metals” or the “Company”) is pleased to provide an update on its activities during the three-month period ending 31 December 2022 highlighting the continued progress in the development of the globally significant Cinovec Lithium/Tin Project (“the Project” or “Cinovec”) in the Czech Republic.
During the reporting period, the Company made two very significant announcements.
Firstly, the Company announced that it had finalised a considerably simplified Lithium Chemical Plant (“LCP”) flowsheet with the initial six locked cycle test (“LCTs”) providing 99.99% pure Lithium Carbonate. The LCTs were completed at ALS Global in Perth and demonstrated overall lithium recoveries of 88-93%, (refer to the Company’s ASX release dated 31 October 2022) (Simplified Extraction Process delivers exceptionally clean battery grade lithium products with improved economics).
The simplified flowsheet precipitates lithium phosphate directly from the polished PLS and then goes on to clean the lithium phosphate to enable precipitation of a much cleaner crude lithium carbonate. The final purification step of bicarbonation and re-precipitation is the same as in the earlier flowsheet, but the end-product is of even higher quality due to the input crude lithium carbonate being much cleaner. The simplification of the central section of the LCP flowsheet reduces the number of basic chemical engineering unit processes (after the initial roast/water leach) from 15 to 7. The revised process also results in the elimination of all energy-intensive cooling processes.
The Company has been advised by its principal hydrometallurgical adviser, Lithium Consultants Australasia (LCA), that the changes to the LCP noted above are expected to reduce both Capex and Opex in the LCP by 10-20%. The Capex reduction is based upon the fact that the simplified flowsheet requires the use of only two crystallisers vs the four crystallisers and 1 evaporator in the original flowsheet. The similar reduction on Opex in achieved through reduced power use resulting from not having to operate the additional equipment. The Company expects that lower reagent use, and the elimination of all process cooling steps will change the environmental footprint of the project positively, reducing the chemicals and energy required in the LCP process.
As can be seen from the table, the crude lithium carbonate first precipitated (i.e., with no purification or re-precipitation steps) meets the battery-grade specification for 11 of the 14 impurity thresholds.
The battery-grade lithium carbonate recrystallised after a single bicarbonation step shows an exceptionally clean battery-grade material.
A provisional patent application covering the simplified flowsheet has been lodged by the Company on behalf of Geomet s.r.o. to protect what the Company believes to be a very valuable and simple process to produce battery grade lithium carbonate or hydroxide from any lithiferous ore.
Secondly, the Company announced the appointment of Luthardt Investment GmbH, (“Luthardt”) a Berlin-based consultancy specializing in energy production and government relations support to large infrastructure projects internationally. Luthardt is led by Sven Luthardt, who has broad business experience supporting companies in Europe and the Middle East, particularly in the field of Government relations.
Luthardt will advise the Company as well as the project company, Geomet, on EU and national government-level relations, with the aim of promoting official support of the Cinovec Project. In consideration for the engagement, the Company will issue Luthardt a total of 2 million unlisted options to acquire fully paid ordinary shares, exercisable at AU$0.80 on or before 30 December 2023, which shall vest in two equal tranches, subject to milestones tied to achievement of downstream partnerships and policy support for the project in Germany being met. (refer to the Company’s ASX release dated 28 October 2022) (Engagement of German strategic energy investment adviser)
Otherwise, the quarter was marked by continued progress by the Company towards finalisation of the Definitive Feasibility Study (“DFS”) together with ongoing discussions with prospective offtakers and Project Finance participants. From a macro perspective, the price for lithium remains extremely strong with Lithium Carbonate setting all time high prices in October and the expectation of continuing strong demand within the European Union for lithium resulting from the announcement of Gigafactory production capacities of approximately 120 GWh in 2022. By 2025, this is expected to quadruple to over 500 GWh, and by 2030 potentially fourteenfold to up to 1.7 TWh.
There were also significant macro events within Europe for the period that are likely to have a positive effect on the demand for lithium and the support of the Cinovec Project. Amongst these was the announcement of the European Critical Raw Materials Act by European Commission President Ursula von der Leyen in September which is aimed at securing a sustainable EU supply of critical raw materials for Europe and lessening European dependency on certain other suppliers.
During the reporting period, European Metals was pleased to announce the appointment of Marc Rowley to lead the DFS team to progress the Cinovec Project in the Czech Republic (refer to the Company’s ASX release dated 10 November 2022) (Experienced Lithium Project Delivery Specialist Marc Rowley to join European Metals and the Cinovec Project).
Click here for the full ASX Release
This article includes content from European Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Maiden Fieldwork Discovers Widespread Chalcocite Dominant Vein Systems at Expanded Nunavut Rae Cu-Ag-Au Project
White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that work has commenced at the Rae copper, silver and gold project in Nunavut (“Rae” or the “Project”). Initial visual observations across all sample sites have confirmed numerous vein systems of chalcocite dominant mineralisation across significant strike lengths.
- Multiple styles of copper mineralisation identified, providing for potential district scale mineralisation:
- Massive chalcocite veining observed at Cu-Tar
- Sedimentary hosted copper and replacement mineralisation seen at HALO
- Native copper within vesicular basalt flow tops discovered at Kilauea
- Previous high grade historical locations have been located and samples taken within an expanded vicinity. At all priority targets the identifiable strike length has significantly increased.
- The HALO vein system now mapped and sampled over more than 440m strike length. Discovery of high grade sediment hosted copper greatly expands prospectivity and tonnage potential of the target
- Chalcocite dominant veining observed over a ±400m strike length at the Cu-TAR zone, alongside 3 other chalcocite veins and cemented copper rich breccia. These veins have been sampled along strike until they disappear under shallow cover
- The DON target has been identified to host 2 semi-massive chalcocite-bornite veins with over 200m strike length
- The PAT target now extended to >400m of outcropping, semi-massive, vein hosted chalcocite-bornite mineralisation
- Field evidence at the CALMAL target area where copper bearing hydrothermal fluids observed mineralising the Rae Group sediments. Potential for bulk tonne “Red Bed” copper
- Widespread native copper traced over 120 m at the Kilauea target
- The MobileMT airborne geophysical survey completed at Great Bear Lake, on time and on budget. Rae survey expected to be completed in the next 5-10 days
- First tranche of Assays from Great Bear expected in August
- Latest land rush to Nunavut amplifies the first mover strategic advantage that the Company has achieved
“The outcropping copper mineralisation throughout the project area is visually stunning and exceeds expectations. The focus of our maiden field programme across both Nunavut and Great Bear Lake has been twofold. Firstly, to confirm decades old historical state survey results from multiple project locations and extend the observable strike of each and in parallel undertaking airborne geophysics to further refine these targets. Second is prioritise and prepare project areas for drilling.
At Halo, multiple mineralised vertical structures have been identified and now constitute priority targets. This deep-seated plumbing acts as conduits for copper rich hydrothermal fluids that have deposited what appears to be significant quantities of copper into the surrounding reactive sandstones. This field observation provides the first direct evidence of extensive high grade sedimentary hosted “red bed” copper on Company ground, something not previously observed by historical exploration. We grow more confident each day of significant results coming from this sampling programme.
The recently completed airborne MOBILEMT survey at Great Bear is expected to work well and will add substantially to the understanding of the local and regional mineralising structures. Integrating this geophysical layer with assay results will eventually allow for a maiden drilling campaign by the Company which is scheduled to kick off in the coming months. The same aerial survey is now underway at Rae and expected to complete this week.”
Troy Whittaker - Managing Director
In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of visible mineralisation reported in sampling. The Company will update the market when laboratory analytical results become available, which are expected within 4-6 weeks.
Click here for the full ASX Release
This article includes content from White Cliff Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Red Mountain Lithium Discovery Bolstered with More Outstanding Thick Intersections
Second batch of assays delivers further high-grade intersections
Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that assay results from the next four holes, RMRC004-007, of the inaugural Reverse Circulation (RC) drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, USA, have returned high-grade mineralisation.
Key Highlights
- Multiple lithium intersections reported in assay results for the next four holes, RMRC004-007, with intersections up to +80m thickness, including:
- RMRC004: 83.8m @ 1,230ppm Li from 16.8m.
- RMRC005: 80.8m @ 1,270ppm Li from 56.4m
- RMRC006: 62.5m @ 1,070ppm Li from 6.1m and 70.1m @ 1,090ppm Li from 89.9m
- RMRC007: 74.7m @ 1,160ppm Li from 18.3m
- Intersections sit mid-project within 4.6km of strike length drilled to date at Red Mountain.
- Assay results for the remaining four drill holes expected in late July.
Assay results from the second batch of samples include the following drill intersections:
- RMRC004 : 13.7m @ 1,070ppm Li / 0.57% Lithium Carbonate Equivalent1 (LCE) from surface
- 83.8m @ 1,230ppm Li / 0.65% LCE from 16.8m
- RMRC005 : 26.0m @ 656ppm Li / 0.35% LCE from 3.0m
- 80.8m @ 1,270ppm Li / 0.68% LCE from 56.4m to End of Hole
- RMRC006 : 62.5m @ 1,070ppm Li / 0.57% LCE from 6.1m
- 15.3m @ 896ppm Li / 0.48% LCE from 71.6m 70.1m @ 1,090ppm Li / 0.58% LCE from 89.9m
- RMRC007 : 74.7m @ 1,160ppm Li / 0.61% LCE from 18.3m
- 25.9m @ 1,580ppm Li / 0.84% LCE from 115.8m
This second batch of assays, from drill holes located centrally within the group drilled so far (Figure 1), demonstrate thicker intersections than those previously announced, with all four holes intersecting +70m zones grading over 1,000ppm lithium. These outstanding results indicate the scale and grade potential at Red Mountain, as it continues to emerge as a project of significance in North America. Assays for the final four holes from the campaign are expected to be received later this month, which, along with other results, will allow the Company to determine the next steps at this highly prospective Project.
Astute Chairman, Tony Leibowitz, said:
“Our confidence in the scale and significance of this discovery continues to increase with each successful drill-hole at Red Mountain. Assays from the latest four holes have exceeded expectations and returned some very thick, high-grade intercepts which have confirmed robust lithium mineralisation in the middle of the project, between intersections from the discovery holes.
“With final assay results expected for the remaining four holes shortly, data from all holes will then be integrated into an updated geological model for Red Mountain with a view to expediting the process to achieving a maiden Mineral Resource Estimate.”
Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
About Lithium Carbonate Equivalent (LCE)
Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.
Click here for the full ASX Release
This article includes content from Astute Metals NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Avenira Limited (ASX: AEV) – Trading Halt
Description
The securities of Avenira Limited (‘AEV’) will be placed in trading halt at the request of AEV, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 26 July 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from Avenira Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Critical Metals Corp Completes Stage 1 Investment for Tanbreez Acquisition
European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce that Critical Metals Corp. (Nasdaq: CRML) (Critical Metals Corp), a mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today announced that it has completed the stage 1 investment as part of its recently announced plans to acquire a 92.5% controlling interest in the Tanbreez Greenland Rare Earth Mine (the Tanbreez Project) from Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes (Rimbal) (refer ASX announcement 11 June 2024 and 19 June 2024). Following the issue of 8,398,656 CRML shares to Rimbal as the stage 1 consideration, Critical Metals Corp now holds a 42.00% equity interest in the Tanbreez Project. European Lithium will retain its 7.5% ownership in the Tanbreez Project.
Critical Metals Corp CEO and Chairman, Tony Sage commented: “The successful completion of Stage 1 reflects another pivotal milestone in our strategic acquisition of Tanbreez. Tanbreez is a game-changing rare earth asset for the West, an assessment supported by both our due diligence, including our visit to the project last week, as well as third-party evaluations. By acquiring Tanbreez, we are taking a key step towards positioning Critical Metals Corp as a reliable and long-term strategic supplier of both light and heavy rare earth elements to meet the escalating demand for these materials for technology and defense applications in the western world.”
About European Lithium
European Lithium Limited is an exploration and development stage mining company focused mainly on lithium in Austria, Ukraine, Ireland, and Australia. European Lithium currently holds 67,788,383 (approximately 75%) ordinary shares in Critical Metals Corp. Based on the closing share price of Critical Metals Corp being US$10.19 per share as of 23 July 2024, the Company’s current investment in Critical Metals Corp is valued at US$690,763,623 (A$1,036,145,434) noting that this valuation is subject to fluctuation in the share price of Critical Metals Corp. For more information, please visit https://europeanlithium.com.
Click here for the full ASX Release
This article includes content from European Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exploration Program Underway at Corvette River Lithium, Gold, Copper & Silver Project in Quebec
- A phased program of extensive field mapping, excavator trenching, and channel sampling testing high-grade gold and lithium targets across22km of strike within the prolific Lac Guyer Greenstone Belt
Metals Australia Ltd (ASX: MLS) has commenced phase one of its fully permitted1 Corvette River exploration program. The program includes detailed field mapping, extensive excavator trenching and channel sampling to firm up drilling targets for the anticipated drilling phase of the program.
The Project consists of several claim areas, including Felicie on the Corvette Lithium Trend which hosts Patriot Battery Metals’ world-class Corvette Lithium Project2 and the West Eade and East Eade claims on the parallel Corvette South Trend, approximately 12 km to the south. Both trends are on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
Phase 1 of the program will investigate and prioritise zones across the extensive claims areas for further work and follow up drilling. The program will include extensive geological mapping, excavator trenching and channel sampling, for multi-element assaying, using a team of geologists, support staff, excavators and an air support team. Field logistics are supported by helicopters, including heavy lift helicopters, to move excavators, required equipment and personnel. The program is being phased, given the limited access to heavy lift helicopters during this period. The program is sequential, initially focussed in the Felicie area (see Figure 1), to be followed by the East Eade and then the West Eade claim areas.
The primary objectives of the program are to investigate identified target locations through field mapping of structures and outcrops, extensive excavator trenching and channel sampling to finalise planning positions and the priority of follow-on drill targets in the following project locations:
- Felicie Project – Field map, trench and sample structures and outcrops associated with previous rock chip sampling that included grades of up to 4.16 g/t Au, 44.1 g/t Ag and 0.23% Cu3 from a zone of 180m strike-length open in all direction.
- East Eade – Extensive investigation of an approximately 300m wide complex fold-closure, which included previous assays of up to 29.7 g/t Au and 12 g/t Au3 See photographs of East Eade below.
- West Eade – Further investigate areas around historical sample sites with assays of up to 11.45g/t Au3 and more recent rock chip sampling results including 3.37 g/t Au over 3m3.
- Lithium Targets – Follow up on Lithium bearing pegmatite targets that have been previously reported, including CR1 (mapped over 1.6 km4) at Felicie and CS15 at West Eade (see Figure 1)
Figure 1: MLS’s Corvette River Project – Felicie, East Eade & West Eade Phase 1 Field Exploration sites, includingtrenching target locations for key gold, Silver & lithium targets outlined with geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“It’s pleasing to be under way with phase 1 of our field exploration program at Corvette River. The commencement of this program is a result of a lot of great work by our team and our contractor, Magnor Exploration. We have developed a detailed and prioritised exploration program targeting lithium as well as gold, silver and copper and put in place a contract to allow this important work to be completed during the summer field season, when ground truthing is possible in Quebec. Importantly the program phasing recognises the challenges associated with accessing heavy lift helicopters during the peak summer period.
We are now on the ground with a dedicated team of geologists and field staff, including excavators. The team will be able to follow up on the targets, associated structures and outcrops that have been identified from previous sampling. This will allow accurate positioning of trenching and channel sampling. The outcomes of this work will result in a well-defined and prioritised list of drill targets – which will be the subject of phase 2 of the program.
This program will follow up on the highly prospective lithium pegmatite targets as well as high-grade gold and silver target zones we have communicated previously. I look forward to communicating the results of phase 1 when they are available.
We continue to aggressively progress all our high-quality projects on their pathway through exploration and, when results warrant, into development. Four of our projects are now pending government approval for their next phase of exploration, including Lac Carheil, which also has active prefeasibility study work underway. It’s been an incredibly active period of planning, permit applications and work-program contracting. We are now seeing the field exploration stages starting to emerge – with Corvette River now fully permitted for advanced exploration target testing.
We are only able to advance this work because we have a very supportive board, a dedicated and driven team and the financial capacity to fund the programs we have planned. Currently, there is no value ascribed to our projects by the market and we have a market capitalisation well below cash backing, which is highly unusual. Given the high-quality pipeline of projects we are progressing and the opportunities they represent, I expect the balance of 2024 and beyond to represent exciting times for the Company.”
Click here for the full ASX Release
This article includes content from Metals Australia Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Liquid Assets & Future Proceeds from Divestments
Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce an update on the Company’s direct and indirect holdings in Australian Stock Exchange (“ASX”) and Canadian Stock Exchange (“CSE”) listed companies (together, the “Liquid Assets”) and the potential future proceeds from previous divestments of ‘non-core’ assets (“Future Divestment Proceeds”).
HIGHLIGHTS:
- Chariot holds a 24.08% membership interest in Mustang Lithium LLC
- Mustang Lithium LLC holds cash, listed shares and the right to potential future proceeds from previous divestments of certain mineral assets
- Chariot continues to hold a direct interest in listed shares in St George Mining Ltd, which were previously received as part of the payment from the sale of seven (7) projects in Western Australia to Lithium Star Pty Ltd, a wholly owned subsidiary of St George Mining Ltd
- Chariot continues to monitor its interest in shareholdings in a number of public companies listed on the ASX and CSE for potential value creation and/or liquidity
Mustang Lithium LLC
On 24 May 2024, FMS Lithium Corporation (“FMSL”) distributed all of the membership interests in Mustang to certain former shareholders of FMSL including Chariot (the “Mustang Distribution”). Chariot received 24.8243 units in Mustang and after the issuance of units to consultants, retains units representing a 24.08% membership interest in Mustang.
Mustang holds 100% of the membership interests of Horizon Lithium LLC (“Horizon”), Halo Lithium LLC (“Halo”) and Lithic Lithium LLC (“Lithic”) which were formerly subsidiaries of FMSL. Each of Halo, Horizon and Lithic hold or held certain claystone hosted lithium projects in Nevada, USA which have been described in previous announcements made by the Company (together the, “Mustang Projects”). Each of these projects are subject to an agreement with a publicly listed counterparty interested in developing the relevant project under which the subsidiary may receive future payments from the counterparty payable in cash and/or listed shares.
Click here for the full ASX Release
This article includes content from Chariot Corporation, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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