Thick pegmatites bring early signs of success for European Lithium drilling campaign

Special Report: European Lithium’s Wolfsberg lithium deposit is showing serious upside, with the first assays of a major drilling campaign returning thick lithium-rich pegmatites.

The ASX-listed developer is already looking at ways to add value to the Austrian project, where it hopes to be Europe’s first domestic lithium hydroxide producer.

That includes a partnership to study with the University of Graz on closed-loop battery recycling.

But where it will add value most in the immediate term will likely be through the drill-bit, with European Lithium (ASX: EUR) 30 per cent of the way through a major infill drilling campaign to boost JORC reserves for its upcoming DFS.

Hitting 2.4 per cent lithium oxide at a true thickness of 1.91m was the highlight. Not a bad result at all given the measured and indicated resources used in its 2018 PFS came in at 6.3Mt with a grade of 1.17%.

“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,” CEO Dietrich Wanke said.

“We are excited to achieve core with true thickness of up to 1.91m at grades reaching 2.4% Li2O that shows the promising potential upside of the Wolfsberg deposit.”

European Lithium has completed seven holes in its drilling blitz so far, generating 2929m of core, with an eighth and ninth hole set to be done soon.

It is ramping up the pace with a second rig reaching the site at the end of May and will pump out another 12 holes to wrap up the program over the next two months.

 

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.

The post Thick pegmatites bring early signs of success for European Lithium drilling campaign appeared first on Stockhead.

Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.

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