European Lithium Ltd (ASX:EUR) is well-funded following its recent $10 million finance facility secured to complete the Definitive Feasibility Study (DFS) for the Wolfsberg Lithium Project in Austria.
The DFS is underway following up on a positive pre-feasibility study (PFS) in April 2018 that supported Wolfsberg’s economic viability as a future lithium mining operation.
The $10 million facility allows EUR to ensure the DFS process is fully funded whilst retaining flexibility in the event negotiations for a strategic partner result in alternative funding, such as a cash injection into the project.
EUR has also commenced mobilisation for a drilling program to upgrade its 10.98 million JORC resource with drilling expected to follow in the fourth quarter of 2018.
As part of the DFS, SRK Consulting is preparing the scope of work for the optimised mine design and increased declaration of mineral reserves, based on the PFS and current drilling program results when completed.
A 100-tonne sample with 50 tonnes each for Amphiboltite Hosted Pegmatite (AHP) and Micaschist Hosted Pegmatite (MHP) has been prepared for the detailed metallurgical process studies through the pilot plant.
This is to ensure a high quality final product (lithium hydroxide) with the most efficient and competitive metallurgical process.
READ: European Lithium aims to bank on European interest as it mulls primary Vienna Stock Exchange listing
EUR aims to bank on strong European interest in its Wolfsberg Lithium Project and is investigating moving its primary listing to the Vienna Stock Exchange (VSE).
The company’s board is considering the spin-off and main listing of its Austrian subsidiary in the PRIME MARKET on VSE as part of its integrated European lithium-ion battery supply strategy.
If this transaction proceeds, the company will strive for a rank in the top 40 companies on the VSE and participation in the ATX prime market index.