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European Lithium Ltd (ASX:EUR) is taking on a lithium project in Ireland which has been confirmed as prospective for spodumene pegmatites through both surface sampling and a recent program of diamond drilling.
The company has completed the process to acquire all shares in LHR Resources Limited, which holds the rights to the Leinster Lithium Project – in the country’s southeast – from Technology Metals Plc, in an all-scrip transaction.
As part of the acquisition, EUR has appointed George Karageorge as executive general manager exploration. Mr Karageorge is well known for his experience as an international mining executive with MinRex, Iceni Gold, and as founding geologist with Pilbara Minerals.
EUR chair Tony Sage said the acquisition indicated the company was serious about investing in the regional battery metals scene.
“The acquisition shows our commitment to continue expanding in the European lithium sector and illustrates our capability to identify, secure and build in highly prospective lithium provinces, leveraging our world class exploration and project development
expertise,” he said.
“This development is strategic for the European Union to establish the sustainable supply
chains of the critical minerals essential for the transition to low carbon emission economy.
“By using our shareholding in CRML to purchase this asset demonstrates the value of our investment in Critical Metals Corp.”
Investors appeared impressed by the news, and at 13:54 AEDT, EUR shares were trading at 2.7 cents – a rise of 8% since the market opened.
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