European Lithium and Jadar Resources have formed a technical advisory committee to grow the Wolfsberg project. Pic: via Getty Images
European Lithium, Jadar progress alliance to deliver Wolfsberg growth
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European Lithium (ASX:EUR) has formed a technical advisory committee with Jadar Resources (ASX:JDR) that could expand its Wolfsberg project in Austria.
The committee, which comprises the company’s chairman Tony Sage and Jadar’s chairman Luke Martino, will review previous drilling and examine the potential for Wolfsberg lithium mineralisation to extend into its partner’s Weinebene and Eastern Alps projects.
It will also make recommendations for exploration programs, budgets and development scenarios in relation to the assets and operations.
Mapping, rock chips and soil sampling undertaken in the area to date have identified numerous spodumene bearing pegmatites with very high lithium values up to 3.39% lithium oxide.
“We are excited to formally establish the Technical Advisory Committee and commence our collaborative efforts with our partner Jadar in order to maximise and potentially grow the Resource at Wolfsberg whilst we finalise the upcoming definitive feasibility report on the Wolfsberg Lithium project,” Sage noted.
His counterpart Martino added that the committee would lead their exploration efforts in Austria.
Collaboration agreement
The two companies had entered into a collaboration agreement in May this year to progress their respective projects which are adjacent to each other.
Under the agreement, European Lithium acquired a 20% stake in the Weinebene and Eastern Alps projects for $125,000 in cash and 6.67 million EUR shares.
Both companies also agreed to a pre-emptive right over their respective stakes should either party choose to sell their interest in the projects.
Weinebene is adjacent to and overlaps the Wolfsberg deposit in some areas with European Lithium expressing its belief in May that the veins that comprise the JORC resource at Wolfsberg extend into the neighbouring project area.
The Eastern Alps project contains indications of high-grade lithium targets with significant residual brownfields plus greenfields exploration potential across the entire 64.1sqkm project area.
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.
