European Lithium (ASX:EUR) has completed the acquisition of privately held LRH Resources, which owns the Leinster Lithium Project in Ireland, from UK-based Technology Minerals (LSE:TM1).
The Leinster project is located south of Dublin and comprises 15 prospecting licences covering 477km2 and an additional eight licences covering 284km2. The north and south block of the project contains several development prospect areas where lithium bearing spodumene pegmatites have been located.
Under the agreement, European Lithium will issue 1.37 million shares in Critical Metals Corp (NASDAQ:CRML) to Technology Minerals. The shares will be locked up until 28 February 2025.
European Lithium Chairman Tony Sage says the acquisition shows the company’s commitment to expand in the European lithium sector.
“This development is strategic for the European Union to establish the sustainable supply chains of the critical minerals essential for the transition to a low carbon emission economy,” Sage says.
“By using our shareholding in CRML to purchase this asset demonstrates the value of our investment in Critical Metals Corp.”
European Lithium, which has a market capitalisation of $34.95 million, has appointed geologist and international mining executive George Karageorge as executive general manager of exploration to advance the development of the project.
Sage adds that Karageorge brings experience to the company in taking projects from exploration through to development and production.
“His appointment will enable us to focus our attention on making another significant lithium discovery by building and developing a high-quality portfolio across Europe,” he says.
Karageorge has worked alongside several ASX and TSX-listed companies since 2011, including as CEO and Managing Director for MinRex Resources (ASX:MRR) and Argent Minerals (ASX:ARD).
European Lithium is an explorer and developer focused on its Wolfsberg Lithium Project in Austria. The company aims to become the first local lithium supplier into an integrated European battery supply chain.
Write to Aaliyah Rogan at Mining.com.au
Images: Technology Minerals
