European Lithium Ltd (ASX:EUR) board members Tony Sage and Malcolm Day have purchased $117,928 worth of company shares on-market over recent weeks.
The on-market buying from Sage, the company’s non-executive chairman, and non-executive director Day are a testament to the board’s confidence in the company’s future.
The share purchases were disclosed on three occasions, beginning with Day on April 19, and followed by Sage on April 30 and today.
Sage now holds over 6.4 million shares in the company and Day holds over 14.4 million shares.
Last week, European Lithium received drill results confirming the resource expansion potential of the zone II exploration area at its flagship Wolfsberg project in Austria.
Assays received for four of the five holes drilled all show multiple pegmatite intersections with results featuring 7.05 metres grading up to 1.9% lithium oxide.
Thicknesses and grades were similar to those seen in zone I confirming the potential of zone II to mirror the JORC resource in zone I of 10.98 million tonnes grading 1.00% lithium oxide.
All drill hole data from zone II will be used to develop a geological model to plan future drilling and estimate a maiden JORC resource.
PFS values Wolfsberg at up to $441.9 million
Last month, results from a pre-feasibility study into a mining operation at Wolfsberg assigned a pre-tax net present value (NPV) of up to $441.9 million.
Notably, the valuation was based on only the measured and indicated resource of 6.3 million tonnes at 1.17% lithium oxide.
READ: European Lithium's PFS shows Wolfsberg's economic viability and demonstrates upside
A definitive feasibility study is expected to commence in July, which could potentially evaluate mining a significantly larger lithium resource.