European Metals makes 'significant advancements' at Cinovec lithium project

European Metals has made some "significant advancements" in the development of its Cinovec project, the largest lithium deposit in Europe.

The London-listed firm has seen work has on an update to its preliminary feasibility study kick-off, with the group looking to model the production of higher value lithium hydroxide due to its increasing use in lithium-ion batteries.

Geomet, European Metals' wholly-owned ubsidiary, will begin geo-technical drilling for the portal and decline positions of the site later in September.

EM revealed that four initial holes will be drilled at the site with the results from the drilling being used to finalise the preliminary design of the project's box cut and initial decline.

Managing director Keith Coughlan, said: "We believe these incremental steps will provide a significant improvement to the economics of Cinovec and align ourselves with European requirements for lithium product."

As of 0850 BST, European Metals shares had surged 19.72% to 21.40p.