European Lithium Limited, West Leederville, Australia, (ASX:EUR, FRA:PF8, VSE:ELI) , developing one of Europe’s most advanced Lithium projects, is pleased to provide this update regarding progress of the resource extension drilling at the Company’s Wolfsberg Lithium Project, in Austria. This program is intended to upgrade Inferred resources of 4.68Mt to the JORC compliant Measured and Indicted category, increasing total resources of 10.98Mt to be included in the mine planning process within the DFS at the Wolfsberg Project.
The Company’s drilling contractors successfully mobilized drilling rig(s) to site and commenced work at the Wolfsberg Project on 23 February 2021.
As announced on 2 February 2021, the surface drilling underway is phase 2, comprising max. 21 deep diamond holes in Zone 1 to a total elevation of 1,055 metres above sea level (masl). The holes are between 320 metres and 510 metres in depth with max. 8,340 metres of total drilling. The program includes optional trenching of 300 metres to a depth of 3-4 metres at the nose of the anticline to better understand the geology and transition from Zone 1 to Zone 2.
At completion of the surface drilling program the Company aims to:
• Increase and upgrade the JORC code (2012) compliant resource which is currently 6.3mt Measured and Indicated at 1.17% Li2O to 10.98mt Measured and Indicated at 1.00% Li2O, • This includes the upgrade of 4.98mt Inferred at 0.78% Li2O into Indicated or Measured, in turn adding to the total to be converted into JORC reserves during DFS, and
• Demonstrate the extension of the JORC inferred resource at northwest in Zone 1 (Northern flank of the anticline) and increase the total tonnes above the current 10.98mt.
Dietrich Wanke, CEO, commented on the commencement of the resource extension work: “We are pleased to welcome our contractors at site to complete the resource extension drilling program. Mobilisation occurred smoothly and the Company is cooperating with all parties to ensure the program is completed as anticipated.”
