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European Lithium makes progress with Wolfsberg resource extension drilling

The company aims to boost lithium resources at the Austrian project by around 45%.

Drilling at Wolfsberg
The company is utilising a new flexible surface drilling program at Wolfsberg

European Lithium Ltd (ASX:EUR) (FRA:PF8) (VSE:ELI) (AQSE:EUR) is making progress with a resource extension drilling program at the advanced Wolfsberg Lithium Project in Austria.

A new flexible surface drilling program is being utilised with this work forming part of an accelerated definitive feasibility study (DFS).

READ: European Lithium has drill bit spinning with 45% boost in Wolfsberg resources targeted

The stage I program comprises five shallow holes between 250 metres and 290 metres in depth for a total of around 1,300 metres.

A stage II program will include seven holes for 2,770 metres with each hole between 320 and 470 metres in depth.

Chairman Tony Sage said the company was pleased with the drilling progress as well as with the progress of its ambitious DFS schedule.

The drilling program is expected to increase the JORC-compliant lithium resource by around 45%.

EUR aims to upgrade the 4.86-million-tonne inferred resource at Wolfsberg to the measured and indicated categories while also boosting the overall resource.

Measured and indicated resources stand at 6.3 million tonnes at 1.17% lithium oxide (Li2O).

Upon completion of the program, EUR expects measured and indicated resources will total approximately 10.98 million tonnes at 1.0% Li20.

The upgraded and updated resource will then be included in the mine planning process within the DFS.

READ: European Lithium continues to gain strong European support for lithium strategy

EUR’s CEO Dietrich Wanke said: “It is important to continue the resource extension with an optimised drilling program.

“We anticipate results will prove the measured and indicated JORC compliant resource base to be developed into JORC-compliant reserves during the complex DFS work.”

Planning of these holes has been completed by independent consultants GEO Unterweissacher and MineIT in collaboration with SRK.

Quick facts: European Lithium Ltd

Price: 0.049 AUD

Market: ASX
Market Cap: $35.6 m

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