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European Lithium eyes increased resource in Austria as it restarts drilling

The company is well funded with circa $6.8 million in cash following successful capital raisings.

drilling at night
Aiming for more resources to support a higher production rate

European Lithium Ltd (ASX:EUR) (FRA:PF8) (VIE:ELI) is restarting its drilling program to increase the resource at its Wolfsberg Lithium project in Austria.

The current measured and indicated resource at Wolfsberg is 6.3 million tonnes at 1.17% lithium oxide.

READ: European Lithium increases lithium resources significantly

This resource is being used as the basis of reserve estimation and mine design for the pre-feasibility study (PFS) that is scheduled for completion in Q1 2018.

A contract has been awarded to the drilling company GEOPS which is prepared for drilling activities in winter conditions.

They have mobilised and will start site preparation on 5 February 2018 and aim to complete the outstanding six drill holes in Zone 2 totalling 1,250 metres by early April 2018.

More resources to support a higher production rate

Apart from the potential of Zone 2 there is additional potential deeper in the amphibolite hosted pegmatites of Zone 1.

The drilling in Zone 2 and the new amphibolite area of Zone 1 will be conducted from surface.

European Lithium’s intention is to increase the measured and indicated resources that can support a higher production rate than currently considered for the PFS.

This higher production rate would then be the basis for a definitive feasibility study (DFS).

European Lithium is well funded with circa $6.8 million in cash as at 31 December 2017 following a successful capital raise in December 2017.

READ: European Lithium raises $5 million in heavily oversubscribed placement

Quick facts: European Lithium Ltd

Price: 0.062 AUD

ASX:EUR
Market: ASX
Market Cap: $37.26 m
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