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European Lithium begins resource extension drilling at Wolfsberg Lithium Project in heart of Europe

The drilling program is intended to upgrade inferred resources of 4.68 million tonnes to the JORC-compliant measured and indicated categories so that the total 10.98-million-tonne resource can be included in the mine planning process.

European Lithium Ltd - European Lithium begins resource extension drilling at Wolfsberg Lithium Project in heart of Europe
Drilling is underway at the Wolfsberg project in Austria.

European Lithium Ltd’s (ASX:EUR) (FRA:PF8) (VSE:ELI) drilling contractors have mobilised drilling equipment to site and started a resource extension drilling program this week at Wolfsberg Lithium Project in Austria.

The drilling is intended to upgrade inferred resources of 4.68 million tonnes to the JORC-compliant measured and indicated categories.

This would result in total resources of 10.98 million tonnes being included in the mine planning process within the definitive feasibility study (DFS) at the Wolfsberg Project.

Mobilisation occurred smoothly

Drilling rig and equipment being mobilised to the drill site.

European Lithium chief executive officer Dietrich Wanke said: “We are pleased to welcome our contractors at site to complete the resource extension drilling program.

“Mobilisation occurred smoothly and the company is cooperating with all parties to ensure the program is completed as anticipated.”

European self-sufficiency

EUR is advancing the project in the heart of Europe with the intention of helping to meet Europe’s growing demand for self-sufficiency in the supply of natural resources.

This, in turn, will play a key role in the European Union’s commitment to a cleaner and greener future through electric vehicles and energy storage.

Phase 2 surface drilling

Phase 2 surface drilling is underway and comprises maximum 21 deep diamond holes in Zone 1 to a total elevation of 1,055 metres above sea level.

The holes will be between 320 metres and 510 metres in depth with maximum 8,340 metres of total drilling.

The drill rig on site of the first hole in the current program.

This program includes optional trenching of 300 metres to a depth of 3-4 metres at the nose of the anticline to better understand the geology and transition from Zone 1 to Zone 2.

At completion of the surface drilling program the company aims to:

  • Increase and upgrade the JORC code (2012) compliant resource which is currently 6.3 million tonnes measured and indicated at 1.17% lithium oxide to 10.98 million tonnes measured and indicated at 1.00% lithium oxide;
  • This includes the upgrade of 4.98 million tonnes in the inferred category at 0.78% lithium oxide into indicated or measured, in turn adding to the total to be converted into JORC reserves during DFS; and
  • Demonstrate the extension of the JORC inferred resource at northwest in Zone 1 (Northern flank of the anticline) and increase the total tonnes above the current 10.98 million tonnes.

Quick facts: European Lithium Ltd

Price: 0.062 AUD

ASX:EUR
Market: ASX
Market Cap: $57.4 m
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