European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has advanced plans to create a local lithium supply chain in Europe with ‘encouraging’ results from joint venture (JV) partner EV Resources Ltd’s rock chip sampling at the Eastern Alps Lithium Satellite Projects in Austria, which returned high lithium values up to 3.24%.
European Lithium purchased a 20% stake in the Eastern Alp Projects back in May 2021, capitalising on the tenure’s proximity to EUR’s own Wolfsberg Lithium Project, which already holds a JORC-compliant resource of 12.9 million tonnes at 1% lithium oxide.
EV Resources has identified a high priority target in the form of the Millstätter Seerücken project, based on lithium outcrop observed over 4 kilometres of strike.
EUR’s JV partner has doubled down on the Eastern Alps project area based on these results, securing 33 new licences for an additional 14.9 square kilometres of tenure at the Millstätter Seerücken and Garrach projects.
Eastern Alps Lithium Satellite Projects’ locations.
Securing lithium supply chain in Europe
“We are encouraged to see exceptional high-grade lithium samples found on our JV projects and ground close to the company’s Wolfsberg Lithium Project,” European Lithium executive chair Tony Sage said.
“It provides further confidence to support our understanding of the prospectivity of the immediate project area and region.
“The company looks forward to commencing further drilling at Wolfsberg within Zone 2, later this year.
“We continue to work collaboratively to develop the region and secure a local lithium supply chain for Europe.”
European Lithium completed a $30 million placement last quarter, in part to fund a resource extension drilling program at Zone 2 of the Wolfsberg Lithium Project.
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