The Lithium mining company Piedmont Lithium Ltd (ASX: PLL) today, for its Central assets ,declared preliminary Mineral Resource estimate. The initial mineral estimate came in at 2.8 Mt at 1.34% Li2O. Under Indicated Resource Category, around 1,410,000 tonnes of the mineral resource is tagged. CSA Global Pty Ltd the independent consultants prepared the report.
The reported Central Mineral Estimate is based on 18 diamond core holes aggregating 2.84 km, demonstrating substantial intercepts.
The eighteen drill holes were collared with HQ and were transitioned to NQ once non-weathered, and unoxidized bedrock was witnessed.
The drill spacing was around forty to eighty meters along strike and down dip. The samples were shipped to SGS laboratory in Ontario.
The Central property is situated around a mile to the south of the Main property. The company’s aggregate mineral resource (project-wide) is now 19.0 Million tonnes at 1.15% Li2O.
Currently, phase four drilling is underway, and overall Resource update with Central MRE is planned to be incorporated in the Project’s updated scoping study (planned for mid-2019).
Commenting on the results, the company’s President and CEO, Keith D. Phillips stated that they are satisfied with the initial high-grade MRE at Central. He believes that the property has great potential considering that the MRE is based upon 18 holes and 16 holes encountering thick, high-grade mineralisation.
He also highlighted that the company intends to expand its land holdings. Finally, he mentioned that the Piedmont project is rapidly becoming one of the largest lithium projects (hard-rock) in NA.
On 9th April 2019, the company also stated that it is on schedule to update its MRE and scoping study near mid-year, and the company is placed to receive required permits and approvals by the end of the year. Also, the company reported that it intends to complete a Definitive Feasibility Study by the end of 2019.
Mr. Phillips confirmed that the company is on track to start construction in early 2020 as per the stated plan scheduled in late 2017. Since this is the only conventional lithium project in the USA, they have succeeded to attract significant strategic interest and further they have engaged in primary talks with parties in the lithium, chemicals, mining, battery, private equity and automotive sectors. Also, they have scheduled to appoint financial and legal advisors in the near future to assist in the evaluation of strategic and financial plans as they consider a construction decision.
PLL has delivered a return of 20.69 percent in the past one year. Further, the stock has been in an uptrend in the short term, it has delivered 25.00 percent, 78.57 percent, and 66.67 percent in the past six months, three months, and one-month respectively.
The shares of PLL were last trading at $0.160 on ASX (As on 24 April 2019), down by 13.9% percent as compared to the previous day’s closing price. The market capitalisation of the company stands at $120.67 million. The 52-week high price is $0.210, and the 52-week low price is $ 0.091. As per the latest updated ASX data, Earnings Per Share stands at -$0.025.
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