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European Lithium to fast-track lithium pre-feasibility study

The pre-feasibility study will be funded by the recent $2.1 million placement.

map of Europe showing Austria
The PFS consultant has extensive lithium project experience

European Lithium (ASX:EUR) has appointed DRA Global to complete the pre-feasibility study (PFS) for its Wolfsberg Lithium Project located in Austria.

DRA will incorporate studies completed to date into the PFS and will undertake the engineering and capital and operating cost estimates for the processing and infrastructure at the project.

European Lithium recently made history by becoming the first Australian company to be admitted to the Vienna Stock Exchange (VSE).

READ: European Lithium makes history with dual-listing

The company recently completed a placement raising over $2.1 million, mainly from European based sophisticated investors, at an issue price of $0.05 per share.

The funds raised will be used towards finalising the pre-feasibility study at Wolfsberg.

DRA Global has vital lithium project experience

DRA has extensive experience in lithium projects having been responsible for the PFS and DFS of Nemaska Lithium’s (CVE:NMX) project in Quebec, Canada

The consultancy firm has also delivered the beneficiation plant for the Mt Cattlin lithium project in Western Australia for Galaxy Resources (ASX:GXY).

DRA has also undertaken the preliminary engineering and design of the processing facilities for Altura Mining’s (ASX:AJM) Pilgangoora lithium project also in Western Australia.

What the PFS will incorporate

Technical studies already completed to date have included JORC resource verification as well as a resource increase and the identification of exploration targets.

Metallurgical studies by Dorfner Anzaplan demonstrated that the Wolfsberg ore can produce a 6.2% lithium oxide spodumene concentrate that can be readily converted to battery grade lithium carbonate and hydroxide.

READ: European Lithium produces battery-grade lithium carbonate

The preliminary mine design completed by SRK used long hole open stoping with ore sorting to reject waste dilution and confirmed the project to be technically and economically viable.

This scoping level study indicated a pre-tax net present value (NPV) of US$95 million.

Quick facts: European Lithium Ltd

Price: 0.083 AUD

ASX:EUR
Market: ASX
Market Cap: $48.73 m
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