European Lithium wins hotly contested ballot to secure ground with iron ore resource and strong conglomerate gold potential

European Lithium Limited (ASX:EUR) (FRA:PF8) (NEX:EUR) (VSE:ELI) has won a landmark ballot to secure a strategic tenement in the same region of North West Western Australia that hosts the recent gold discoveries of De Grey Mining Limited (ASX:DEG) (OTCMKTS:DGMLF), Artemis Resources Ltd (ASX:ARV) (OTCMKTS:ARTTF) and Novo Resources Corp (CVE:NVO) (OTCMKTS:NSRPF).

In a strongly contested ballot with 14 applicants, EUR secured the newly created tenement E47/4144 of approximately 130 square kilometres which surrounds the Chinese-owned Mt Anketell iron deposit.

As well as hosting a JORC 2004-compliant iron ore resource of 1.56 billion tonnes grading 31.2% iron, there is strong potential for conglomerate gold discoveries owing to the success of others in the region.*"Massive win for company"*

In describing the ballot victory as a massive win for the company, EUR chairman Tony Sage said the existing iron ore resource and potential for extensions was supported by gold prospectivity.

With the tenement area not having been previously examined for gold, Sage said EUR would immediately hit the ground with reconnaissance exploration to test the conglomerate gold potential.