Exploration of Austrian Lithium Satellite Projects

EV Resources Limited (ASX:EVR) (“EVR”, the “Company”) is pleased to announced it has approved Austrian geological consultants, GEO Unterweissacher GmbH (“GEO Unterweissacher”), to carry out the exploration strategy for the Company’s satellite lithium projects in Austria (“Eastern Alps Lithium Project”) which are held 80% by the Company and 20% by European Lithium Limited (ASX:EUR).

HIGHLIGHTS

• Site visits to overview and map 3 satellite projects.
• Definition of exploration targets and strategy.

GEO Unterweissacher is an engineering organization for geology and geotechnics headquartered in Tyrol, Austria and reputable for their expertise and modern-scientific standards. GEO Unterweissacher has reviewed all the relevant data and samples and will now send a team to 3 satellite projects to test pegmatite mineralization. The working group of EVR and European Lithium Ltd (“EUR”) will consider the report provided by GEO Unterweissacher and action a drilling program on the strategic satellite projects, based on the results. All results and lab samples will be received by the end of July 2022 depending on the laboratory turnaround times.

EV Resources’ Executive Director Adrian Paul commented:

“The collected information will support the definition of target areas and future promising drill hole locations. The outcome of this step in the strategy is a map containing exploration areas for soil Geo chemistry and/or possible drill hole program. Previous reviews indicate good potential for lithium mineralization, with various results up to >3% Li2O. We look forward to the geological review identifying areas for further assessment..”

About the Weinebene & Eastern Alps Lithium Project (80%):

EV Resources holds an 80% interest in the Weinebene and Eastern Alps Lithium Projects located in Austria with the remaining 20% of the projects owned by European Lithium Ltd (ASX: EUR). The projects are located immediately adjacent to European Lithium’s Wolfsberg deposit, where EV Resources postulates that the veins which comprise the JORC compliant 12.88MT @ 1.00% Li2O resource at the Wolfsberg deposit, strike into the Weinebene project area.

The proximity of the Weinebene and Eastern Alps Projects to European Lithium’s Wolfsberg Project creates substantial optionality and potential synergistic development and production scenarios for both parties.

EV Resources has entered into a Collaboration Agreement with European Lithium which includes the establishment of Technical Advisory Committee to enhance the projects for the purpose of jointly collaborating in connection with the Weinebene and Eastern Alps Projects and sharing information to identify the best options to advance those assets and operations. This includes making recommendations for exploration programs, budgets and development scenarios in relation to the assets and operations.

Figure 1 - Austrian projects location map

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