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European Lithium Ltd.
Summary
| Project: | Wolfsberg | |
|---|---|---|
| Deposit: | Wolfsberg | |
| Location: | Austria | |
| Commodities: | Lithium | |
| Date: | 11/21/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 21-11-2016: European Lithium Ltd. announces a Resource Estimation report for its Wolfsberg deposit at the Wolfsberg project. Resource upgraded to 'measured' confidence. European Lithium Limited (ASX: EUR, FRA: PF8) (the Company) is pleased to report that | |
| Resources: | (Resource, M+Ind): 6.30Mt @ 1.17%Li2O | |
| CP/QP: | [Resources]: Don Haines (Independent) | |
| ABSTRACT: | European Lithium Limited (ASX: EUR, FRA: PF8) (the Company) is pleased to report that it has upgraded the JORC Code (2012) compliant resource tonnes by 75% and the contained lithium by 33% for its 100% owned advanced Wolfsberg Lithium Project near Wolfsberg, Austria. Steve Kesler, CEO, commented “Establishing an increased JORC Code (2012) compliant Measured, Indicated and Inferred resource is a key step for the Company. The resource model will allow us to initiate mine design studies to determine the maximum rate of underground mining that can be economically achieved. The surface exploration programme, already announced, is expected to confirm the continuation of the pegmatite veins with depth and the extension into Zone 2 (the southern limb of the anticline) which will be important to establish the longevity of the Wolfsberg Lithium Project”. The Wolfsberg lithium deposit was discovered and explored by the Austrian state company, Minerex, between 1981 and 1987. The lithium demand and price at that time did not support the development of a mine and the company was closed. Ownership of the project came to the Company following the acquisition of European Lithium AT (Investments) Limited that completed in September 2016. A prospectus was issued for the transaction which included an ‘Independent Geologists Report’. This reported the lithium resource at Wolfsberg as 3.7 million tonnes ‘Inferred’ at 1.5% Li2O at a cut-off of 0.75% Li2O. from archives in Vienna. However, the original drill core no longer exists and original QA/QC protocols were not found. The Company undertook a successful programme to verify the Minerex data and this was reported to the ASX on 16 November 2016. This primary Minerex data has been used to develop a resource model compliant to JORC Code (2012). The work for this resource modelling has been carried out by Mine-IT Sanak Oberndorfer GmbH, Austria who has been working on resource modelling for the Wolfsberg Lithium Project since 2010. Geological interpretation has been assisted by Professor Richard Göd who was Chief Geologist for Minerex during their exploration and is now Geology adviser to the Company. | |
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