European Lithium Ltd eyes resource upgrade at Austria Wolfsberg Lithium Project

European Lithium Ltd has completed its drilling program at the Wolfsberg Lithium Project in Austria which aims to support an updated JORC 2012 resource.

European Lithium Ltd has completed its drilling program at the Wolfsberg Lithium Project in Austria which aims to support an updated JORC 2012 resource.

The objective of the drilling program was to verify 17,000 metres of historical surface and underground drilling.

The company expects the analysis of the drilling samples to be completed by mid-October.

This will enable the verification program report to be completed which will progress towards an upgraded JORC Code 2012 compliant resource by the end of October or early November 2016.

The recently acquired project is located 40 kilometres from the Samsung battery plant in Gratz, Austria.

There are granted mining leases over 11 mining areas within the Wolfsberg project.

European Lithium, previously named Paynes Find Gold Ltd, relisted on the ASX during September after acquiring the Wolfsberg Lithium Project.

Wolfsberg has a JORC compliant inferred resource of 3.7 million tonnes at 1.5% lithium oxide.

The project has had 17,000 metres of drilling and 1,400 metres of declines, drives and crosscuts completed and installed by previous owners.

This previous work will allow the company to examine routes to fast track the development phase.

It has a planned production profile of 15-20 months from acquisition.

The previous owner has spent €11.53 million on acquisition and exploration.

The project is close to the largest lithium import markets in the European Union, which is a major lithium importer, consuming 24% of the global market, second only to China.

Local infrastructure and sources of energy are nearby.

The project also provides a significant transport cost advantage over lithium imported from South America and Australia.

source: proactiveinvestors.com.au