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European Lithium restarts drilling on road to development 09:30 02 Feb 2017 Current drilling is aimed at extending lithium mineralisation at Wolfsberg. European Lithium restarts drilling on road to development European Lithium has restarted drilling European Lithium (ASX:EUR) has restarted drilling as expected after pausing for the Christmas period at the 100% owned Wolfsberg Lithium Project located in Austria. Drilling follows the 75% increase in the JORC resource tonnages to 6.3 million tonnes at 1.17% lithium oxide completed in November 2016. Drilling contractors remobilised on 9 January commencing a drilling campaign on the deep holes in Zone 1 that is anticipated to complete during the current quarter. As part of the company’s strategy to fast-track Wolfsberg’s development, SRK Consulting was engaged to undertake the mine design studies for the pre-feasibility study. An initial 7 week program is underway to address mine planning, geotechnical analysis, stope optimisation, production rate analysis, mine production scheduling and high level capital and operating costs. Background European Lithium, previously named Paynes Find Gold Ltd, relisted on the ASX during September 2016 after acquiring the Wolfsberg Lithium Project. The project is comprised of 22 original and 32 overlapping exploration licences and a mining licence over 11 mining areas has been issued by the Austrian Mining Authority. Wolfsberg was discovered by Minerex in the 1980s, a period when the lithium demand and price did not support project development. European Lithium undertook a successful program to verify the Minerex historical data, which has been used to in associate with recent drill results to compile this JORC resource. The project has had 17,000 metres of drilling and 1,400 metres of declines, drives and crosscuts completed and installed by previous owners, and this work will allow the company to examine routes to fast track the development phase. Furthermore, test-work has demonstrated that waste dilution from mining can be successfully separated from pegmatite ore by laser based sorting. Near-term goals European Lithium’s near term goals are using the current drill program results to increase the Wolfsberg lithium JORC resource further and finalise a pre-feasibility study. While the recent 75% increase in the JORC resource was a key step for the company in its fast-track plans, further resource increases will support the longevity of the project. It will allow the company to establish the most suitable mining method and maximum production rate and establish the optimum process for recovery of lithium concentrate, marketable by-products and battery grade lithium products. The company remains leveraged to short term news flow with drill results from the current program pending and updates from the mine design studies expected. |
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| aus der Diskussion: | European Lithium - (Re)Start einer Resource/Mine im Herzen Europas |
| Autor (Datum des Eintrages): | Investor85 (02.02.17 12:17:59) |
| Beitrag: | 40 von 42,849 (ID:54221974) |
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