Zinnwald Lithium PLC on Wednesday gave an update on its drilling projects in Germany.

The High Wycombe, England-based Germany-focused lithium development company said it drilled 16.9 kilometres over 56 holes at the Zinnwald licence in total so far. Its project is located around 22 miles from the east German city of Dresden.

Further, it said it had a cash position of €20.9 million, up significantly from €2.1 million at March 31.

Chief Executive Officer Anton de Plessis said: ‘We are accelerating multiple workstreams as we focus on completing a bankable feasibility study at our integrated lithium hydroxide project in Germany early in 2024 and expanding the project’s size and scope ahead of commencing construction.’

Zinnwald shares were 0.5% lower at 11.08 pence each in London on Wednesday afternoon.

Copyright 2023 Alliance News Ltd. All Rights Reserved.