European Lithium Ltd’s (ASX:EUR) (FRA:PF8) (VSE:ELI) award by Austria's leading investor network, Boerse Social, comes at a time when the company is about to embark on an important period of exploration.
Appropriately, the award is for the number one ‘Company Newcomer’ of 2017, as high density drilling at its Wolfsberg Lithium Project in Austria is about to commence.
Tony Sage, non-executive chairman, said: “It was rewarding for the company to be recognised as number one newcomer.
“The award demonstrates that our great efforts to introduce the company to the Viennese capital markets has paid off, and we look forward to further success in 2018.”
Company has cash backing to fund extensive drilling campaign
Following capital raisings in 2017 and the sale of a non-core asset, European Lithium estimates that it has circa $7 million before costs from capital raisings to invest in exploration.
This should commence after permitting, and management expects that the company will subsequently be in a position to increase the measured and indicated resource.
European Lithium anticipates that the upgraded resource that will be used in the definitive feasibility study will be higher than that currently being used for the pre-feasibility study.