Paynes Find Gold Ltd (ASX:PNE) has completed its due diligence ahead of its proposed acquisition of a JORC compliant inferred resource of 3.7 million tonnes grading 1.5% lithium.
Paynes is now seeking shareholder approval to acquire European Lithium Limited, the 100% owner of the Wolfsberg Lithium Project in Austria.
The project is located 40 kilometres from the Samsung battery plant in Gratz, Austria.
There are granted mining leases over 11 mining areas within the Wolfsberg project.
Extensive previous exploration completed on the project will allow for a planned production profile of 15-20 months from acquisition.
Paynes' will look to receive additional approval from shareholders at the upcoming meeting to raise $6 million to $9 million.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.