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European Lithium Limited ( ASX:EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company ) is pleased to announce an upgrade in The Wolfsberg Project's Measured and Indicated resource from 6.3Mt @1.17% Li2O to 9.7Mt at 1.03 % Li2O (refer to ASX Announcement 3 July 2017 for previous resource announcement).
- Targeted drilling by EUR has successfully increased the estimated Mineral Resource
- Actual drilling results support the geological model and vein continuity along strike and into depth
- Reliable modelling parameters for resource estimation used
- Estimation of inferred resources ongoing and to be separately announced
- EUR buys back legacy royalty over Wolfsberg, further improving project economics
This constitutes an increase of nearly 54% from the previous resource with further upside potential from existing exploration targets already identified along strike and in Zone 2 .
Infill drilling comprising 20 drill holes and 7,953.3m of core was completed on 14 August 2021 with an average core recovery of 97.6%.
EUR has also agreed to buy back a legacy €1.50 royalty per tonne of mineral extracted from the Wolfsberg Project.
Tony Sage, EUR Non -Executive Chairman commented:
"It's fantastic that the Company has reached another milestone by significantly increasing th e resource at Wolfsberg. This and buying back the royalty are major positives for the Company in progressing with the DFS for Wolfsberg. This will see EUR taking advantage of the recent tremendous growth in the hydroxide price."
Read the full article here.