Drills are spinning at European Lithium’s Wolfsberg project
Resource extension drilling is underway at European Lithium’s advanced Wolfsberg lithium project in Austria as it works towards the release of a definitive feasibility study.
The second phase of European Lithium’s (ASX:EUR) program, which started this week, is expected to upgrade the 4.68 million tonnes of Inferred resource of Wolfsberg to the Measured and Indicated categories, while also increasing the project’s total resource of 10.98Mt.
It will incorporate a maximum of 21 diamond drill holes in Zone 1 of the project to a total elevation of 1055 metres above sea level. The holes are between 320 and 510 metres in depth for a maximum of 8340 metres of total drilling.
The program also includes optional trenching of 300m to a depth of 3-4 metres at the nose of the project’s anticline, to better understand the geology and transition from Zone 1 to Zone 2.
It follows an already completed phase incorporating five shallow surface drill holes of less than 300m depth.
European Lithium CEO Dietrich Wanke said the company was happy to have work underway.
“We are pleased to welcome our contractors at site to complete the resource extension drilling program,” he said.
“Mobilisation occurred smoothly and the company is cooperating with all parties to ensure the program is completed as anticipated.”
Once the current surface drilling program is complete, EUR aims to increase the current Measured and Indicated resource of 6.3Mt at 1.17% lithium oxide to 10.98Mt measured and indicated at 1%.
This would include the upgrade of 4.98Mt at 0.78% lithium oxide worth of Inferred resource into the Indicated or Measured categories, adding to the total which can be converted into JORC-compliant mineral reserves in the DFS.
The company also hopes to demonstrate the extension of the Inferred mineral resource in the northwest of Zone 1, which would increase the resource’s total tonnage beyond the current 10.98Mt.
EUR is also currently progressing metallurgical test-work on materials mined at Wolfsberg ahead of the DFS release.
The DFS is currently underway and planned for completion in Q4 of 2021, subject to funding and any Covid-related delays.
A prime project
The Wolfsberg lithium project is located 270km south of Vienna in Carinthia, Austria, and just 20km east of the industrial town of Wolfsberg – well serviced by established infrastructure including access to the European motorway and rail network.
The project’s mineral resource is split across two zones – Zone 1 and Zone 2 – the northern and southern limbs of an anticline.
EUR raised $7 million via a placement in January to further its development of Wolfsberg, which it views as a project with significant potential to meet the growing appetite for battery metals across the European continent.
EUR is developing one of Europe’s most advanced lithium projects.
This article was developed in collaboration with European Lithium, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.