SYDNEY, AUSTRALIA: European Lithium Limited (ASX: EUR, FRA PF8, OTC: EULIF) has announced the completion of the acquisition of three lithium projects in Austria from a subsidiary of Richmond Minerals Inc. (TSX-V: RMD).
The projects cover 114.6 km2 of underexplored ground with known lithium occurrences in the Styria mining district, about 70km north of the company’s Wolfsberg Project. The company paid $250,000 cash, 2 million shares and 2 million options for the acquisition.
The company’s chairman, Tony Sage, said: “We are pleased to add this highly prospective lithium ground to our portfolio of European projects. The company intends to commence initial work focusing primarily on the Bretstein-Lachtal Project area.”
The initial work program will include stakeholder engagement, geological and structural mapping, trenching and sampling, geophysical investigations and definition of potential drill targets. The company reported strong LI20 values up to 3.98% L120 from the due diligence sampling of spodumene pegmatites at the projects.