Day acquired the 20 million unlisted options via an off-market purchase and adds them to his substantial shareholding of around 14.5 million shares.
The company’s wholly-owned flagship project is the Wolfsberg Lithium Project in Austria, 270 kilometres south of Vienna.
A fully-funded definitive feasibility study (DFS) for Wolfsberg commenced in 2018 after a positive pre-feasibility study (PFS) was revealed.
Wolfsberg has access to established rail and road infrastructure which could be used to distribute the company’s lithium to European markets.
The company has ambitions to become the continent’s first lithium producer with the project, supplying the battery metals input as European Union governments encourage the uptake of electric vehicles.
Drilling focused on testing the extent of previously discovered bonanza gold in two intersections – 2 metres at 67.2 g/t gold from 27 metres and 5 metres at 63.1 g/t from 32 metres.
European Lithium holds 32 million shares in Cervantes representing a 6.47% interest in the company.