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- European Lithium (EUR) updates the measured and indicated resources at the Wolfsberg Project in Austria
- The new resource reads 9.7 million tonnes at 1.03 per cent lithium oxide, up 54 per cent from the previous 6.3 million tonnes at 1.17 per cent lithium oxide
- Estimation of the inferred resource is ongoing and will be announced separately in due course
- European Lithium has also agreed to buy back the legacy royalty over Wolfsberg for €1.50 ($2.34) per tonne of mineral resource extracted from the project
- Shares in European Lithium are down 10.8 per cent on the market and are trading at 16.5 cents
European Lithium (EUR) has updated the measured and indicated resources at the Wolfsberg Project in Austria.
The Wolfsberg Project lies 270 kilometres south of Vienna and consists of 22 original and 32 overlapping exploration licences.
The new resource reads 9.7 million tonnes at 1.03 per cent lithium oxide, up 54 per cent from the previous 6.3 million tonnes at 1.17 per cent lithium oxide.
The update was calculated from 7953.3 metres of core from drilling undertaken in August 2021.
Estimation of the inferred resource is ongoing and will be announced separately in due course.
European Lithium has also agreed to buy back the legacy royalty over Wolfsberg for €1.50 ($2.34) per tonne of mineral extracted from the project.
Non-Executive Chairman Tony Sage commented on the increased resource.
“It’s fantastic that the company has reached another milestone by significantly increasing the resource at Wolfsberg,” he said.
“This and buying back the royalty are major positives for the company in progressing with the definitive feasibility study for Wolfsberg. This will see EUR taking advantage of the recent tremendous growth in the hydroxide price.”
Shares in European Lithium were down 10.8 per cent on the market and were trading at 16.5 cents at 11:28 am AEDT.
