Explorer and developer European Lithium (ASX:EUR) has been granted several new mining licences and extensions at its Wolfsberg Lithium Project in Austria, nearly doubling the footprint of its operations.
The company, which has a $115.7 million market capitalisation, says these new licences and extensions follow a public hearing conducted by the Austrian Mining Authority and grow the Wolfsberg project to a total of 20 licences..
European Lithium reports it applied for the licences following the identification of several mining fields extending outside the existing licence areas during mine planning and designing as part of the Wolfsberg Definitive Feasibility Study (DFS).
Subsequently, European Lithium applied for the new ‘Barbara’ mining field, which is located adjacent to the existing mining field, called Andreas, and contains 11 mining licences. The company notes this field provides it with 6 new licences, and 3 existing licences have had their area extended.
Speaking on the granting of the new licences and extensions, European Lithium Chairman Tony Sage says: “The grant of these mining licenses further reinforces our belief that Wolfsberg will be the first local producer of battery-grade lithium in Europe to fuel the green energy transition.
“The grant of these mining licenses further reinforces our belief that Wolfsberg will be the first local producer of battery-grade lithium in Europe”
The Wolfsberg Project benefits from Austria’s robust and mature mining industry that reflects many of the aims of the EU’s proposed Critical Raw Materials Act, including a fast track for critical projects like ours.”
This announcement comes following the company’s decision to divest its ‘non-core’ asset, tenement E47/4144, through a binding term sheet with BVI-registered Moosh Moosh, as announced by European Lithium last month.
Under the binding term sheet, the company reported it would receive consideration of $1 million cash or equivalent in shares in an ASX-listed company in addition to retaining an entitlement to a 1% net smelter royalty on minerals extracted from the tenement.
European Lithium is an ASX-listed explorer and developer focused on being the first local lithium supplier into an integrated European battery supply chain through its wholly owned Wolfsberg Lithium project in Austria.
The project is located about 270km southwest of Vienna and represents a hard rock lithium deposit with historical exploration, a JORC resource, and exploration upside.
Write to Adam Drought at Mining.com.au
Images: European Lithium Ltd
