European Lithium gets all-clear to finalise definitive feasibility study for Wolfsberg project

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European Lithium Ltd (ASX:EUR) (FRA:PF8) (VIE:ELI) has received the all-clear to finalise a definitive feasibility study (DFS) for Wolfsberg Lithium Project in the heart of Europe following the settlement of a legal dispute.

Austrian subsidiary ECM Lithium AT GmbH has reached an agreement with Glock Gut-und Forstverwaltung GmbH who is the landowner of ECM’s mining and exploration licences.

This follows an independent expert clarifying that there was never a risk to ground and spring water sources to the nearby communities in Styria.

With this agreement with the landowner, EUR expects the DFS to be completed in 2021 or early 2022.

“Strong partner”

CEO Dietrich Wanke said: “It is a pleasure and important to continue work with a strong partner in developing the unique and most advanced lithium mining project within Europe.

“We anticipate to increase the measured/indicated and inferred JORC-compliant resource base to be developed into JORC-compliant reserves during the ongoing complex DFS work.”

Glock Gut-und Forstverwaltung is the owner of the properties to which the mining licences and the exploration licences of ECM relate and where exploration activities are taking place and lithium-bearing ore shall be mined in the future.

“No adverse effects”

The independent expert determined that the lithium deposit is located on the other side of the Koralpe and therefore there are no adverse effects.

Based on this agreement, European Lithium expects that the final feasibility study will be finished in 2021 or early 2022 and that, therefore, the setting up of the mine could start between late 2022 and early 2023.

Wanke added: “We are convinced that we will achieve our ambitious aim to become one of the first battery-grade lithium producers in Europe, despite the current restrictions during the pandemic all over the world.”

EUR shares have been as much as 7.5% higher in early ASX trade to A$0.058.

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