European Lithium Limited (ASX:EUR, FRA:PF8, VSE:ELI) has confirmed the potential of zone II at its Wolfsberg project in Austria to significantly boost lithium resources.
This follows the release of promising results from surface drilling in zone II with widths and grades higher than in zone I.
Five drill holes were completed during the March quarter of 2018, four of which showed multiple pegmatite intersections, while results of the fifth are pending.
All holes show multiple intersections
The four drill holes all show multiple intersections of lithium-bearing pegmatite in both amphibolite and mica schist host rocks.
Adding further support that this zone could emulate zone I was the fact that grades of the intersections were better than those in zone I, which has an established resource of about 11 million tonnes.
As well as thick intersections, there were robust grades of up to 2.5% lithium, which are higher than in zone I.
Similarities to zone I indicate potential
Thicknesses and grades are better than those in zone I with one notable drill hole intersecting a pegmatite vein of 7.05 metres.
European Lithium chairman Tony Sage said: “These results confirm the potential of zone II to be superior to the resources declared in zone I.”
“Following receipt of all assay data from the current drilling program a geological model for zone II will be developed.
“This will include all previous drilling results with the intent of estimating a maiden inferred resource for zone II.
“A follow-up drilling program in zone II will then be proposed to further increase resources in that zone.”
Previous surface sampling proves accurate
The current resource for the project in zone I, the northern limb of an anticline, was declared following verification of previous drilling data.
Zone II is the southern limb of the anticline.
Surface sampling of pegmatite boulders and limited scout drilling in 2012 on this southern limb demonstrated the presence of lithium-bearing pegmatites.
There are 12 completed drill holes in zone II, including those from 2012, and they will be used to establish a preliminary geological model for the zone.
This will be used to plan the next phase of drilling in zone II and also estimate a maiden inferred resource.
READ: European Lithium's PFS shows Wolfsberg's economic viability and demonstrates upside
Once a new resource is defined after a further drilling program it will have a positive impact on the NPV, which was announced three weeks ago.