(MENAFN- ProactiveInvestors)Rare Earth Minerals (LON:REM) has acquired 6.65% of one of the largest lithium deposits in Europe. The holding in the Cinovec deposit in the Czech Republic will be acquired through a stake in European Metals Holdings which has 100% of the exploration rights over the lithium/tin deposit. The cost is £200000 through a placing of shares by Australia-listed European Metals. Rare Earths said a recent resource update indicated the potential for Cinovec to be a very low cost source of lithium carbonate (LCE) with an inferred resource of 514.8Mt at 0.43% Li2O for 5.5Mt LCE.There is an additional exploration target of 350Mt-450Mt at 0.39-0.47% Li2O for 3.4Mt-5.3Mt. Tin resources were an indicated 7.0Mt at 0.23% with a total tin resource of 167000 tonnes. David Lenigas Rare Earth's chairman said: "This investment is a strategic acquisition which provides REM exposure to a significant lithium deposit in the European Union. The project abuts Germany one of the largest potential consumers of lithium in the EU.'
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.