- European Lithium (EUR) has recounted its September quarter activities, which largely focused on the Wolfsberg project in Austria
- Over 7900 metres was drilled during the period to support a resource upgrade and definitive feasibility study (DFS), due for completion in early 2022
- To support the DFS, European Lithium raised $6.5 million in August through a placement to investors
- The company rounded off the quarter with $8.6 million in cash
- European Lithium has been in a trading halt since October 26 in preparation for a potential acquisition, with shares last trading at 13.5 cents on October 25
European Lithium (EUR) has recounted its September quarter activities, which largely focused on the Wolfsberg project in Austria.
The company conducted a deep drilling program which totalled over 7900 metres during the quarter.
Drilling recorded an intersection of 1.91 metres of pegmatite mineralisation at 2.4 per cent lithium dioxide, which the company said was a pleasing result given the average grade of the deposit is just one per cent lithium dioxide.
All of the data has been collected and will be used to update the geological model and upgrade the existing mineral resource before the end of the year.
The program was also conducted to support a definitive feasibility study (DFS), which is on track to be completed by the end of the first quarter of 2022.
In early August, the lithium stock boosted its cash position with a placement that raised $6.5 million. European Lithium said the funds would enable it to complete the DFS.
In terms of expenditure, EUR spent $3.02 million on operating activities which mainly went towards exploration and admin costs.
The company rounded off the quarter with $8.6 million in cash.
European Lithium has been in a trading halt since October 26 in preparation for a potential acquisition, with shares last trading at 13.5 cents on October 25.