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European Lithium schedules delivery of pre-feasibility study

Shares are trading up 35% over the past month to $0.068.
map of Europe showing Austria marked by a pin
The project's central European location means it is close to lithium import markets

European Lithium (ASX:EUR) has appointed all necessary consultants for the planned pre-feasibility study (PFS) for its Wolfsberg Lithium Project located in Austria.

DRA Global is the lead consultant for the PFS and its project team began introductory work on 31 October 2017.

A work schedule has been developed for completion of the PFS in the March quarter 2018.

During October, the company completed a placement raising $2.3 million, mainly from European based sophisticated investors, at an issue price of $0.05 per share.

The funds raised will be used towards finalising the pre-feasibility study at Wolfsberg.

Wolfsberg Lithium Project

The 100% owned Wolfsberg Lithium Project has a JORC resource of 10.98 million tonnes grading 1.0% lithium oxide.

The deposit is split into Zone 1 and Zone 2.

The current resource, which is located in Zone 1 has the potential to be further increased by drilling at depth and along strike.

Furthermore, results from initial drilling in Zone 2 showed wide high-grade intersections, which confirm the potential of this area to mirror the resources of Zone 1.

PFS consultants

DRA Global has been appointed to lead the PFS and integrate the work of all consultants as well as undertake the engineering and cost estimates for the processing and infrastructure.

SRK from the UK will develop the preliminary mine design to PFS level and Dorfner Anzaplan from Germany have been retained to conduct further metallurgical test work.

Other consultants include Benchmark Minerals Intelligence and Orykton Consulting.

READ NOW: European Lithium to fast-track lithium pre-feasibility study

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