European Lithium Ltd’s Wolfsberg drilling campaign advances on target and below
The company expects the drilling program will increase the resources at Wolfsberg – which would further strengthen the project’s economics.
() (FRA:PF8) (VSE:ELI) has progressed its Phase 2 resource drilling program at the Wolfsberg Lithium Project in Austria, with the program on target and currently below budgetary expectations.
The drilling includes 21 deep diamond holes to a total elevation of 1,055 metres above sea level and a maximum 8,340 metres of total drilling, and the company has now reached the targeted depth of 440.7 metres.
The second phase also covers trenching of 300 metres to a depth of 3-4 metres at the nose of the anticline to better understand the geology and transition from Zone 1 to Zone 2.
Based on the results received, the company believes the geology fits to a large extent with the geological model.
Two AHP veins, with vein at 248.7 metres containing big spodumene crystals.
“Supporting future demand for lithium”
The company is advancing towards its goal of becoming one of the first battery-grade lithium producers in Europe and intends to help meet the region’s growing demand for self-sufficiency in the supply of natural resources.
This, in turn, will play a key role in the European Union’s commitment to a cleaner and greener future through electric vehicles and energy storage.
European Lithium chief executive officer Dietrich Wanke said: “Given the challenging times we are facing at present, our progress at the Wolfsberg Lithium Project is encouraging and shows our strong commitment to fast track the project and support future demand for lithium to fuel the evolution of Europe to clean energy.”
The aim of this infill program is to double the existing JORC reserves for the DFS and show extensions of the ore body for future drilling programs.
Resource increase and upgrade
This last stage of exploration is being completed in conjunction with the definitive feasibility study (DFS) at the Wolfsberg Project.
The company aims to increase and upgrade the JORC code (2012) compliant resource, which is currently 6.3 million tonnes measured and indicated at 1.17% lithium oxide to 10.98 million tonnes measured and indicated at 1.00% lithium oxide.
This includes the upgrade of 4.98 million tonnes inferred at 0.78% lithium oxide into indicated or measured – in turn adding to the total to be converted into JORC reserves during the DFS.
It is expected that the drilling will also demonstrate the extension of the JORC inferred resource at northwest in Zone 1 (northern flank of the anticline) and increase the total tonnes above the current 10.98 million tonnes.
The drill program is expected to be completed by the end of the third quarter, along with the release of the increased and upgraded resource.
Mica-schist hosted pegmatites with visible spodumene.
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