European Lithium Ltd (ASX:EUR) has increased its JORC lithium resource estimate by 50% at the Wolfsberg Lithium Project located Austria.
As a result of the recent successful deep drilling program, the resource now stands at 10.98 million tonnes grading 1.00% lithium oxide.
Steve Kesler, CEO, commented: “The deep drilling confirmed that the resource extends down dip and significantly increases its size.
“The drilling also established potential for additional resources in the amphibolite both deeper and in a previously undrilled area.
“Together with the exciting potential of Zone 2 it is ever clearer that Wolfsberg hosts one of the major lithium deposits in Europe and one that can be a leading supplier to the emerging lithium battery industry of Europe.”
Resource details
The resource at Wolfsberg, comprises the previously declared Measured and Indicated resource and this latest Inferred resource:
- Measured resource (old): 2.86 million tonnes at 1.28% lithium oxide;
- Indicated resource (old):3.44 million tonnes at 1.08% lithium oxide;
- Measured and Indicated (total old): 6.30 million tonnes at 1.17% lithium oxide;
- Inferred resource (new): 4.68 million tonnes at 0.78% lithium oxide; and
- Total resource (new): 10.98 million tonnes at 1.00% lithium oxide.
Further expansion potential
The current resource, which is located in Zone 1 has potential to be further increased by drilling at depth and along strike.
Furthermore, results from initial drilling in Zone 2 show wide high grade intersections, which confirm the potential of this area to mirror the resources of Zone 1.
Next steps
The Measured and Indicated resource will form the base data for the upcoming prefeasibility study (PFS).
Further drilling will be needed to upgrade the Inferred resource category to at least Indicated before it can be used in the PFS.
However, it shows the potential for production capacity increase and mine life extension, which in turn can add value to the project.