European Lithium drills out evidence of new resource area
The Zone 2 area lies outside the current JORC resource estimate.
Company
ASX:EUR
European Lithium is a listed mining exploration and development company focusing on its wholly owned Wolfsberg Lithium Project in Austria. The company aims to be the first local lithium supplier into an integrated European battery supply chain.
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The Zone 2 area lies outside the current JORC resource estimate.
Wolfsberg's resource is expected to swell from a pending update.
The company has now completed its second deal in the cobalt space.
The halt will remain in place until Thursday 8th June 2017.
The company recently signed a binding term sheet with its first off-take partner.
An initial mining study has already valued Wolfsberg at US$94.8 million.
The halt will remain in place until Monday 15th May 2017.
Study results value Wolfsberg at US$94.8 million noting upside potential.
Drill results from the first two deep holes have been received.
Due diligence has been completed unlocking a $20,000 cash payment.
Drilling results are expected over the next four weeks.
Observations of pegmatites in the drill core bodes well for pending assays.
The company’s strategy is to acquire and invest in undervalued assets.
Test work has now commenced on flotation and magnetic separation.
Current drilling is aimed at extending lithium mineralisation at Wolfsberg.
Cape Lambert Resources shares are up 30% year to date.
European Lithium (ASX:EUR) has issued 70.3 million shares as part of the Tranche 2 consideration shares tied to the acquisition of the Wolfsberg lithium project in Austria.
Tony Sage said that the funds will be applied to fund the aggressive development of Wolfsberg.
European Lithium is continuing the aggressive development of the Wolfsberg Lithium Project.
European Lithium has received a Buy Recommendation at A$0.18 share price target.