European Lithium Ltd’s (ASX:EUR) (FRA:PF8) phase 2 resource extension drilling at its Wolfsberg Lithium Project in Austria has hit high grade pegmatite intersections of up to 1.91 metres of true thickness with up to 2.4% lithium oxide (Li2O).
The company has completed 7 drillholes (totalling 2929 metres of core) to date, which represents more than 30% of the entire infill drill campaign.
The average drill speed and core recovery has been maintained at a constant high level with a second rig mobilised to support operations in late May.
Drill holes 8 and 9 expected to reach their final depth by the end of this week.
“Promising potential upside”
The aim of the infill drilling program is to increase the existing JORC reserves for the Definitive Feasibility Study (DFS) to 11 million tonnes (+74.3%) at 1% Li2O and to show extensions of the ore body for future drilling programs at the Project.
European Lithium chief executive officer Dietrich Wanke said: “I thank all partners for their excellent performance working on the drilling program to remain on time and within budget and achieve the highly promising outcome that is part of our DFS.
“We are excited to achieve core with true thickness of up to 1.91 metres at grades reaching 2.4% Li2O that shows the promising potential upside of the Wolfsberg deposit.”
Pegmatite intersection of drill hole P18-11 at 322 metres with a true thickness of 1,60 metres.
Looking forward
The remaining 12 drill holes of the program will be drilled over the next two months.
The company anticipates first production from the project to commence in 2023, and is ideally placed to become the first local lithium hydroxide supplier in the European battery supply chain.