European Lithium Ltd (ASX:EUR) has verified original data for use in an imminent JORC resource upgrade at the 100% owned Wolfsberg lithium project in Austria.
This original Minerex data is supported by the recent drilling and channel sampling and will now be used to finalise a resource model.
A JORC 2012 compliant resource is the next key step in advancing the Wolfsberg lithium project.
Steve Kesler, CEO, commented: “We always knew that the quality of work performed by Minerex was of a very high standard. Unfortunately, with the passage of time, drill core and key data went missing.
“The geological team in Austria has done a magnificent job in recovering most of the original data and putting it into a form that can be readily used for resource modelling.”
Background
European Lithium, previously named Paynes Find Gold Ltd, relisted on the ASX during September after acquiring the Wolfsberg Lithium Project.
Wolfsberg had an inferred resource declared by previous owners of 3.7 million tonnes at 1.5% lithium oxide.
The project has had 17,000 metres of drilling and 1,400 metres of declines, drives and crosscuts completed and installed by previous owners, and this work will allow the company to examine routes to fast track the development phase.
Recent drill results
The company recently received assays confirming high grades of lithium at Wolfsberg with grades measuring up to 3.35% lithium oxide.
Highlights from the drilling include 4.26 metres grading 1.44% lithium oxide from 91 metres.
Seven holes with twin hole collars with highlights including:
- 4.26 metres at 1.44% lithium oxide from 91 metres;
- 3.62 metres at 1.41% lithium oxide from 95.2 metres; and
- 0.65 metres at 3.35% lithium oxide from 57.5 metres.
Analysis
An upgrade to the current JORC resource represents a significant step in advancing the lithium project towards the development phase.
The recently acquired project is located 40 kilometres from the Samsung battery plant in Gratz, Austria.
Wolfsberg is proximate to the largest lithium import markets in the European Union, which is a major lithium importer, consuming 24% of the global market, second only to China.
Local infrastructure and sources of energy are nearby.
Announcements by Samsung, Nissan, Tesla, LG Chem, Jaguar, Ford, Land Rover and BMW outline plans and considerations to build lithium battery plants in Europe.
News flow is expected with regard to the pending upgraded resource model.