EUROPEAN LITHIUM COMPLETES FIRST DEEP HOLE DRILLING PROGRAMME AT WOLFSBERG LITHIUM PROJECT

Highlights

- Lithium veins shown to extend in mica schist down to about RL1250m
- Significant shallow lithium intersections in previously unexplored amphibolite.
- Resource upgrade due in Juni 2017

European Lithium Limited (ASX:EUR, FRA:PF8)(the Company) is pleased to report the final results from the initial surface deep drilling programme completed at its advanced Wolfsberg Lithium Project (Wolfsberg), in Austria.

The programme was described in the ASX release on 18 April 2017 which reported the results of the first two deep drill holes. This release reports results of the final two deep drill holes (P15-14 and P15-19). Significant intersections included veins 2.33 metres thick assaying 1.44% Li2O and 1.01metres thick assaying 1.56% Li2O in amphibolite close to surface that was previously undrilled and a packet of veins 3.62 metres thick containing 2.09 metres of mineralised veins assaying a composite 1.00% Li2O in the mica schist at depth about 1250 masl (drill hole P15-14). The internal dilution can be rejected by laser sorting. Drill hole P15-19 was targeted to intersect anticipated veins even deeper. This drill hole also intersected pegmatite veins in the amphibolite close to surface and a significant package of veins 2.67 metres thick containing 2.03 metres of mineralized veins assaying 2.01% Li2O in the amphibolite.

The deep hole drill programme results will be used to upgrade the resource tonnes and a revised resource declaration is anticipated in Juni 2017.

Steve Kesler, CEO, commented “The drilling results to date clearly demonstrates that the pegmatite veins extend to depth to at least 1250masl. These results also intersected pegmatite veins in an area of previously unrecognized potential which merits further exploration. Interpretation of the results is underway with the intention of declaring an increased resource in Juni 2017.”

Drill Core Logs
The drill core log with photographs of the core boxes are shown in Appendix 1 for drill hole P15-14 and in Appendix 2 for drill hole P15-19. Data on the intersections and sampling lengths (with the previous deep drill holes) is summarised in Table 1 and reproduced in Table 2 to show vein packets that would be mined as such. It was previously reported in the ASX release of 9 Februar 2017 that laser sorting was effective at eliminating waste rock from mined material. This makes the mining of vein packets and narrow veins with their inherent waste dilution feasible.

Drill Hole ID

Sample From

Sample To

Sample Thickness

%Li

%Li2O (calculated)

P15-11

248.58

249.25

0.67

0.04

0.09

P15-11

249.25

249.72

0.47

1.255

2.70

P15-11

257.83

258.15

0.32

0.636

1.37

P15-11

262.2

262.73

0.53

0.152

0.33

P15-11

301.45

301.81

0.36

0.156

0.34

P15-11

303.26

303.98

0.72

0.124

0.27

P15-11

307

307.53

0.53

0.108

0.23

P15-11

308.77

309.47

0.7

0.221

0.48

P15-11

311.5

312.15

0.65

0.212

0.46

P15-11

315

316

1

0.397

0.85

P15-11

326.84

327.15

0.31

0.81

1.74

P15-11

330.45

331.35

0.9

0.544

1.17

P15-11

372.54

373.19

0.65

0.702

1.51

P15-11

404.84

405.16

0.32

0.317

0.68

P15-11

406.1

406.78

0.68

0.2

0.43

P15-11

407.03

408.08

1.05

0.286

0.62

P15-11

408.46

409.12

0.66

0.574

1.24

P15-11

482.54

483.4

0.86

0.184

0.40

P15-17

273.25

273.81

0.56

0.268

0.58

P15-17

324.71

325.56

0.85

0.992

2.14

P15-17

325.56

326.4

0.84

0.887

1.91

P15-17

327.04

327.71

0.67

0.945

2.03

P15-17

327.71

328.38

0.67

0.779

1.68

P15-17

329.61

330.26

0.65

0.745

1.60

P15-17

330.26

330.91

0.65

0.916

1.97

P15-17

377.78

378.68

0.9

0.787

1.69

P15-17

378.68

379.58

0.9

0.618

1.33

P15-17

382.65

383.64

0.99

0.15

0.32

P15-17

383.64

384.63

0.99

0.183

0.39

P15-17

459.52

460.34

0.82

0.249

0.54

P15-14

53.57

54.74

1.17

0.79

1.71

P15-14

54.74

55.9

1.16

0.55

1.18

P15-14

65.32

66.33

1.01

0.72

1.56

P15-14

70.26

70.98

0.72

0.07

0.15

P15-14

96

96.5

0.50

0.02

0.04

P15-14

334.83

335.6

0.77

0.28

0.59

P15-14

376.14

376.94

0.80

0.22

0.48

P15-14

416.6

417.15

0.55

0.14

0.30

P15-14

461

462.27

1.27

0.43

0.93

P15-14

463

463.35

0.35

0.41

0.88

P15-14

464.15

464.62

0.47

0.61

1.31

P15-19

47.31

48.3

0.99

0.52

1.11

P15-19

206.5

207.1

0.60

1.00

2.14

P15-19

207.1

207.75

0.65

1.18

2.54

P15-19

208.39

209.17

0.78

0.68

1.46

Table 1 Pegmatite intersection widths and lithium assays

Drill Hole ID

Composite From (m)

Composite To (m)

Composite width (m)

Composite Mineralized (m)

Composited %Li2O

Internal dilution

Host Rocks

P15-11

248.58

249.72

1.14

1.14

1.17

0%

AHP

P15-11

257.83

258.15

0.32

0.32

1.37

0%

AHP

P15-11

262.2

262.73

0.53

0.53

0.33

0%

AHP

P15-11

301.45

301.81

0.36

0.36

0.34

0%

AHP

P15-11

303.26

303.98

0.72

0.72

0.27

0%

AHP

P15-11

307

307.53

0.53

0.53

0.23

0%

AHP

P15-11

308.77

309.47

0.7

0.7

0.48

0%

AHP

P15-11

311.5

312.15

0.65

0.65

0.46

0%

AHP

P15-11

315

316

1

1

0.85

0%

AHP

P15-11

326.84

327.15

0.31

0.31

1.74

0%

AHP

P15-11

330.45

331.35

0.9

0.9

1.17

0%

AHP

P15-11

372.54

373.19

0.65

0.65

1.51

0%

MHP

P15-11

404.84

409.12

4.28

2.71

0.73

37%

MHP

P15-11

482.54

483.4

0.86

0.86

0.4

0%

MHP

P15-17

273.25

273.81

0.56

0.56

0.58

0%

AHP

P15-17

324.71

330.91

6.2

4.33

1.9

30%

AHP

P15-17

377.78

379.58

1.8

1.8

1.51

0%

AHP

P15-17

382.65

384.63

1.98

1.98

0.36

0%

AHP

P15-17

459.52

460.34

0.82

0.82

0.54

0%

MHP

P15-14

53.57

55.9

2.33

2.33

1.44

0%

AHP

P15-14

65.32

66.33

1.01

1.01

1.56

0%

AHP

P15-14

334.83

335.6

0.77

0.77

0.59

0%

MHP

P15-14

376.14

376.94

0.80

0.80

0.48

0%

MHP

P15-14

416.6

417.15

0.55

0.55

0.29

0%

MHP

P15-14

461

464.62

3.62

2.09

1.00

42%

MHP

P15-19

47.31

48.3

0.99

0.99

1.11

0%

AHP

P15-19

206.5

209.17

2.67

2.03

2.01

24%

AHP

Table 2 Composite widths and lithium assays highlighting results of most interest

The traces of the four deep drill holes are shown in plan view in the schematic Figure 1 which also shows the vein model for the currently declared measured and indicated resource of 6.3 million tonnes at 1.17% Li2O and the exploration extension hull indicated by the four deep drill holes.

European Lithium Bohrergebnisse Visualisierung

Figure 1: Schematic plan view of the current vein model (yellow) showing the deep drill hole traces and exploration extension hull (blue)

A section along strike A-A’ is shown in Figure 2 looking from the north. This shows the outline of the pegmatite veins in the current resource model (light brown), the traces of the four drill holes and the outline of the vein exploration extension hull (blue) indicated by the four deep drill holes. Vein 7 in the mica schist accounts for 28% of resource tonnes and is accentuated in the figure.

Drill hole P15-14 was targeted to intersect pegmatites in the mica schist down to about RL1250m. This drill hole intersected a significant package of pegmatite veins in the MHP with 3.62 metres comprising 2.03 metres of mineralised veins with a composited grade of 1.00% Li2O at about RL1260m. Drilling commenced through an initial amphibolite zone that was not thought to have potential for pegmatite veins. Unexpectedly, two significant interesctions were encountered within 50-70 metres of surface of 2.33 metres assaying 1.44% Li2O and 1.01 metres assaying 1.56% Li2O. This amphibolite area has extended strike and will merit further exploration.

Drill hole P15-19 was also targeted deeper into the mica schist to RL1100m. Again significant interesections of pegmaitite in the initial amphibolite were obtained including a packet of 2.67 metres with 2.03 metres mineralized veins at 2.01% Li2O . Only thin pegmatite veins were encountered in the mica schist. On the basis of a single drill hole to this depth it is not possible to know whether the pegmatite veins are generally thinning out at this depth.

European Lithium Bohrergebnisse Visualisierung2

Figure 2: Section along strike showing outline of the current vein model (light brown) with vein 7 accentuated, the traces of the drill holes and the exploration extension hull (blue)

A cross section C-C’ down dip for these last two drill holes is given in Figure 3 which shows the completed drill hole logs in relation to previously known veins in the mica schist. A provisional identification of veins intersected by the deep drilling has been made to demonstrate the exploration extension hull in Figure 4. However, a formal identification will be made on completion of the drilling programme prior to estimation of an increase in resources. This section also indicates the potential for resource extension at shallow depth in a previously unexplored area of amphibolite.

European Lithium Bohrergebnisse Visualisierung3

Figure 3: Cross section down dip, showing the final two drill hole logs in relation to known veins (lithium intersections as red bars)

European Lithium Bohrergebnisse Visualisierung4

Figure 4: Representation of the current vein model and exploration extension hull with depth and in the previously unexplored shallow amphibolite

Dr Steve Kesler
Chief Executive Officer
European Lithium Limited

Visit the Company’s website to find out more about the advanced Wolfsberg Lithium Project located in Austria.

Competent Person’s Statement
The information in this announcement pertaining to the Wolfsberg Lithium Project, and to which this statement is attached, relates to Exploration Results, Mineral Resources or Ore Reserves and is based on and fairly represents information and supporting documentation provided by the Company and reviewed by Mr Don Hains, who is the independent Qualified Person to the Company and is a Member of the Association of Professional Geoscientists of Ontario with over 30 years’ experience in the mining and resource exploration industry. Mr Hains has sufficient experience, as to qualify as a Competent Person as defined in the 2012 edition of the “Australian Code for Reporting of Mineral Resources and Ore reserves”. Mr Hains consents to the inclusion in the report of the matters based on information in the form and context in which it appears. The company is reporting the historical exploration results under the 2012 edition of the Australasian Code for the Reporting of Results, Minerals Resources and Ore reserves (JORC code 2012).

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