- European Lithium (EUR) announces an increase of 11 per cent in total measured, indicated and inferred resources at its Wolfsberg lithium project
- The company says the estimation is 12.9 mt at one per cent lithium, which has been updated since previous 2018 estimates
- A definitive feasibility study is expected to be finalised this quarter
- Shares in EUR are trading sideways at 13 cents on the market this morning
European Lithium (EUR) has announced an increase of 11 per cent in total measured, indicated and inferred resources at its Wolfsberg lithium project.
The increase follows from previous estimates dating back to 2018.
The company has reportedly finalised its estimation based on its infill drilling program at zone 1 of the project, which is located in the South of Austria. Since completion, the company says the total measured, indicated and inferred resource is 12.9 megatonnes at one per cent Lithium Oxide.
The project comprises 22 original and 32 overlapping exploration licences and a mining licence, over 11 mining areas.
Chairman Tony Sage said “these results are another step in the right direction for the Wolfsberg project. An increase in resources means an extension of mine life…”
According to European Lithium, strong upside potential exists as numerous pegmatite intersections were not assigned to dedicated veins. They have not been included in any resource estimation to date.
The company says a definitive feasibility study is expected to be finalised this quarter. It also aims to commence lithium hydroxide production at the project by the end of 2023.
Shares in EUR are trading sideways at 13 cents on the market this morning.