EV Resources Ltd.: High-Grade Lithium Samples up to 3.24% Li2O at Austrian Lithium Projects

Highlights:

-          High-grade lithium assays up to 3.24 % Li2O returned from rock chip samples taken during sampling programmes at three selected Austrian Lithium Projects

-          The Projects are located within the Eastern Alps, close to European Lithium’s Wolfsberg Project, which has a JORC-compliant Total Mineral Resource Estimate of 12.9 Mt @ 1.00 % Li2O.

-          Millstätter Seerücken has been identified as a high priority drilling target, based upon lithium outcrops over a 4 kilometre strike length.

-          EV Resources GmbH has applied for and secured, 33 new licences covering an additional 14.90 km2 at the Millstätter Seerücken and Garrach projects.

Battery materials explorer, EV Resources (“EVR” or the “Company”) is pleased to announce that rock chip results have been received for sampling undertaken at various prospects within the Eastern Alps Lithium Satellite Projects (located in Austria) held by EV Resources GmbH, which is owned 80% by the Company and 20% by European Lithium Limited (ASX:EUR).

Following initial and encouraging assay results returning high-grade Lithium (Li2O) values in 2019 (Refer ASX Press Release dated 14th March 2019 “Initial Sampling on Austrian Eastern Alps Lithium Projects”), EV Resources GmbH engaged technical consultants for a mapping and rock chip sampling campaign to define trenching and drilling targets in selected Austrian satellite lithium exploration projects. These project areas in the south and southeast of Austria are Millstätter Seerücken (Edling, Kreuzstein, Lug-ins-Land in Carinthia province), St. Radegund (Garrach, Ehrenfels, Rabnitzberg in Styria province) and Defereggen Valley (Ratzell, Glanzalm, Poling in the Tirol province) (Figure 1). A total of 39 pegmatite samples were collected during the recent campaign, and the results are reported in Table 1 below.

Geology

The lithium deposits being explored in Austria typically occur as spodumene-bearing pegmatite vein deposits hosted by metamorphic formations, predominantly mica schist, amphibolite, and marble. There is no evidence that pegmatites occurring in the Eastern Alps are related to granite plutons. Spodumene mineralisation occurs in the form of fine to coarse-grained crystals associated with quartz, feldspar and muscovite.

The deposit model currently being evaluated is a spodumene–bearing deposit with a relatively high lithium content. It is based on European Lithium´s deposit, which is located in close proximity and has a published JORC-compliant mineral resource of 12.9 million tonnes grading 1.0 % Li2O (Refer ASX Press Release for EUR dated 1st December 2021 “EUR Announces 11% Increase in total Measured, Indicated and Inferred Resource”). Austrian spodumene pegmatites such as Wolfsberg were developed during Permian high temperature, low-pressure metamorphism in Palaeozoic metasediments and were metamorphic overprinted (high-pressure metamorphism: amphibolite to eclogite facies) during the alpine orogeny.

All of the described spodumene pegmatite occurrences are within the same tectonic unit (Koralpe-Wölz nappe) and underwent the same geological development. The mineral paragenesis and mineral content, geodynamic setting, lithologies, and geochemistry are almost identical.

The main difference between Wolfsberg and the other mentioned spodumene pegmatite occurrences is the lack of amphibolite-hosted pegmatites at the other sites. In all of the locations described in this announcement, spodumene pegmatites occur in paragneisses to mica schist like the mica schist hosted pegmatites in Wolfsberg. Historic and recent research about the origin of Austrian pegmatites shows the comparability of the Austrian spodumene pegmatites and their common origin (e.g., Knoll et al. 2017, Schuster et al. 2019).

Figure 1. Regional location map showing sampling location.

Field Work

The Company’s technical consultant collected 39 rock chip samples from numerous outcropping pegmatites. Pegmatite outcrop sample results returned high-grade Li2O values with a highest value returning 3.24 % Li2O and an average value over mineralised samples (samples with grades < 0.1 % Li2O excluded) being 1.65 % Li2O (Table 1). The fieldwork also included the recording of structural planes and the mapping of host rock to assist in locating potential drill sites.

Figure 2. Project Area Millstätter Seerücken with outcrop and sampling location.

Results at Millstätter Seerücken Confirm a High Priority Target

Assay results with a maximum of 3.24 % Li2O and an average of 1.74 % Li2O for mineralised samples and historical data underline the high prospectivity for the Millstätter Seerücken project area, where future exploration will be the Company’s priority.

The first spodumene was discovered in a gneiss quarry at the Millstätter Seerücken in the 1950s and was one of the first spodumene findings in Austria (Angel & Meixner, 1953). In the last century, the pegmatites located at the western part of the Millstätter Seerücken have been mined for the local feldspar and quartz industry. The eastern part, where the spodumene pegmatites are located were not explored since a local mineral collector found the spodumene occurrence at Lug-ins-Land (Walter et al. 2009). Steiner (2017) mapped the pegmatites at the Millstätter Seerücken and found the spodumene occurrence near the Kreuzstein, almost in the middle of the two other known occurrences along their strike direction. Due to the similarities of all three outcrops, same host rock, structual trends, mineralized blocks between outcrops, he suggested a possible vein system connecting all three occurrences. EVR undertook a pick sampling campaign in 2019 with Li2O grades for Millstätter Seerücken up to 3.42 % (See ASX Press Release dated 14th March 2019 “Initial Sampling on Austrian Eastern Alps Lithium Projects”).

The distance between Wolfsberg and the Millstätter Seerücken project area is around 110km. The mica schist hosted spodumene pegmatites at Wolfsberg are the geological template model for the Millstätter Seerücken area because they have the same host rock, similar mineral paragenesis, same geodynamic setting, common origin of pegmatites, and geological history. Geological field investigation of all three outcrop areas at the Millstätter Seerücken show their similarities in mineral assemblage, structures – dipping N with around 30°, same host rock (gneiss/mica schist), and geochemical range of Li2O grades. During recent field work, two individual veins have been identified with a thickness of around 2 up to 5 m, most likely striking around 4 km W-E (Figure 3). There are indications for two additional veins, which are difficult to determine at this stage due to soil coverage. Vein thicknesses are comparable with the Wolfsberg project area.

Several drillholes are designed to verify the veins in depth and continuity. The process to permit this drilling will start immediately, and a community engagement and liaision executive has been retained to help expedite discussions with landowners. The Millstätter Seerücken area will be extended by 27 additional exploration licences with an area of 12.27 km2, and the total area under licence is now 16.05 km².

Figure 3. Proposed spodumene pegmatite vein system (purple) at Millstätter Seerücken with spodumene pegmatite findings (red and dark red).

Garrach Exploration Results

Assays from Garrach have Li2O contents up to 2.38 % and an average for mineralised pegmatites of 1.53 %. Two vertical drill holes for the area of Garrach will be permitted in due course,  to check the lateral continuity of the spodumene pegmatite veins to the south. The exploration area will be extended by six additional exploration licences covering 2.63 km² to 3.17 km² in total for St. Radegund area, although a portion of these new licences as shown in Figure 4, overlaps another licence holder with a primary right to the area shown in red hatching. 

Figure 4. Project Area St. Radegund with outcrop and sampling location in the sub areas Rabnitzberg and Garrach

Other Licences

Several high grade assays were obtained from sampling on other licences held by EVR, although these are considered lower priority due to a combination of steep topography, and accessibility. Assays show Li2O grades up to 2.29 % and an average of 1.36 % for mineralised in the Rabnitzberg area. At the moment, no further exploration work is currently planned.

In the area of Ehrenfels, no further exploration work is planned at the moment.

In the area of Ratzell, Li2O content was assayed as high as 1.86 % with an average of 1.67 % for mineralised samples. Ratzell’s location on a steep mountain slope with limited access and little information about its spatial distribution places its ranking behind the Millstätter Seerücken and Garrach area, and no immediate exploration is planned.

Glanzalm samples have provided grades up to 2.89 % Li2O and an average of 1.84 %. Besides the high Li2O values at Glanzalm, it is not considered a priority, due to the steep topography and potential environmental sensitivity. 

Assay results from the Poling area indicate Li2O values up to 2.26 % within a boulder of currently unknown origin. One spodumene pegmatite outcrop has a grade of 1.65 %. Due to the low historical grades and the size of the outcrop no further exploration in that area is currently planned.

Weinebene & Eastern Alps Lithium Project Location

ENDS

For further information, please contact:

Luke Martino

Non-Executive Chairman

Tel: +61 8 6489 0600

E: [email protected]  

Adrian Paul

Executive Director

Tel: +61 8 6489 0600

E: [email protected]

This ASX announcement was authorised for release by the Board of EV Resources Limited.

Literature

Angel, F. & Meixner, H.: Die Pegmatite bei Spittal an der Drau, Carinthia II, 143./63., Klagenfurt, pp. 165–168, 1953.

European Lithium ASX Release: EUR announces 11% increase in Total Measured, Indicated and Inferred Resources to 12.9 Mt @ 1.00% Li2O, 1st December 2021.

Knoll, T., Schuster, R., Huet, B., Mali, H., Onuk, P., Horschinegg, M., Ertl, A. & Giester G.: Spodumene Pegmatites and Related Leucogranites from the AustroAlpine Unit (Eastern Alps, Central Europe): Field Relations, Petrography, Geochemistry, and Geochronology, The Canadian Mineralogist, 56(4): 489-528, 2018.

Schuster, R., Knoll, T., Mali, H., Huet, B. & Griesemeier, G.E.U.: Field trip guide: A profile from migmatites to spodumene pegmatites (Styria, Austria). – Berichte der Geologischen Bundesanstalt, 134, 29 p., Vienna, 2019.

Steiner, R.: Differentiation der Pegmatite des Millstätter See-Rückens. Dipl. Arbeit, Montanuniversität Leoben, Leoben, Österreich: 1-196, 2017.

Walter, F.: 1573: Spodumen und Holmquistit in einem Pegmatit von Lug-ins-Land, Millstätter Seerücken, Kärnten. In: Niedermayr, G. et al. (2009): Neue Mineralfunde aus Österreich LVIII. Carinthia II, 199/119, 195-196,2009.

Compliance Statement

This announcement contains information on the Eastern Alps Projects extracted from an ASX market announcement dated 14 March 2019 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code"). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.

Competent Person Statement

The information in this release that relates to Exploration Results is based on information prepared by Dr Thomas Unterweissacher, EurGeol, MAusIMM. Dr Unterweissacher is a licensed Professional Geoscientist registered with European Federation of Geologists and based in Hochfilzen, Austria and a member of the Australasian Institute of Mining and Metallurgy. The European Federation of Geologists is a Joint Ore Reserves Committee (JORC) Code ‘Recognized Professional Organization’ (RPO). An RPO is an accredited organization to which the Competent Person (CP) under JORC Code Reporting Standards must belong in order to report Exploration Results, Mineral Resources, or Ore Reserves through the ASX. Dr Unterweissacher has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as a CP as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Unterweissacher consents to the inclusion in the release of the matters based on their information in the form and context in which it appears. Dr Unterweissacher is a consultant to the Company and holds shares in EV Resources Limited.

Disclaimer

Certain statements included in this release constitute forward looking information. This information is based upon a number of estimates and assumptions made on a reasonable basis by the Company in light of its experience, current conditions and expectations of future developments, as well as other factors that the Company believes are appropriate in the circumstances. While these estimates and assumptions are considered reasonable, they are inherently subject to business, economic, competitive, political and social uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Whilst the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove correct or that the outcomes indicated in the announcement will be achieved.

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “potential(s)”and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration programs and results. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by, or on behalf of, the Company. Such factors include, among other things, risks relating to lithium and other commodity prices and currency fluctuations; exploration risks; risks relating to the interpretation of exploration, sampling, drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, development risks, operating risks; competition; time delays, regulatory restrictions; environmental harm and liability and additional funding requirements. Further, despite the Company having attempted to identify all material factors that may cause actual results to differ, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking information is no guarantee of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking information due to the inherent uncertainty therein. Forward-looking information is made as at the date of this release (or as otherwise specified) and except as required by applicable law the Company does not undertake any obligation to update publicly such forward-looking information, whether as a result of new information, future events or results or otherwise.

Table 1. Assays from Rock Chips Samples, Coordinates WGS84/UTM Zone 33 N

Table 2. EVR Exploration Licenses at Glanzalm, Ratzell and Poling Project Area

Table 3. EVR Exploration Licenses at Millstätter Seerücken Project Area

Table 4. EVR exploration License at Garrach, Rabnitzberg, and Ehrenfels Project Area

Table 5. 6 New Exploration Licenses at Garrach Project Area

Table 6. 27 new exploration licenses at Millstätter Seerücken Project Area