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Piedmont Lithium Limited (ASX:PLL) is an emerging lithium company focused on the development of its 100%-owned Piedmont Lithium Project in North Carolina, with the goal of becoming a strategic domestic supplier of lithium to the increasing electric vehicle and battery storage markets in the U.S.
On 23 January 2019, the company announced that it had started a 25,000-meter Phase 4 drill program at the Piedmont Lithium Project after the completion of its recent fund-raising program. The Piedmont Lithium Project is located within the world-class Carolina Tin-Spodumene Belt which will aim to significantly expand on the 13-year project life reported in the Scoping Study released on September 13, 2018.
Three drill rigs have been deployed, out of which two are currently being used in the core property and the other in the Central property. The Core program will consist approximately 110 holes with a total of 19,000 meters and is designed to drill the Exploration Target areas reported June 14, 2018, perform initial drilling on newly acquired properties contiguous to the Core property and upgrade portions of the current Mineral Resource Estimate from Inferred to Indicated classification.
The Core property drilling is primarily designed to increase the overall mineral resource estimate and to upgrade a portion of the current mineral resource from the Inferred category to the Indicated Category. The rig deployed to the Central property has completed drilling eight holes with a total of 1,204.8 meters till date.
The remaining 6,000 meters will be drilled after the first phase of drilling is done. The second phase will be on the Central and Sunnyside properties, and initial drill testing of new or other properties not yet drilled with the potential to define a Mineral Resource Estimate on one or more of these additional properties.
During 2018, the company completed 33-line kilometers of magnetometer surveys and collected 1,216 soil samples on Sunnyside, Central, and other regional properties.
The President and Chief Executive Officer of the company, Keith D. Phillips said that the management of the company is excited about the Phase 4 drill campaign. The management is confident that the Phase-4 drilling will lead to a further enhancement of the 13-year mine life. Previous works have shown that there can be powerful economic advantages for the North Carolina location, and as a result, the company is continuing to build its land package and resource base. The company will focus on establishing the project as one of the worldâs most significant and strategic hard-rock lithium properties.
Now let us quickly have a look at the Piedmont Lithium Limitedâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.100 and increased by around 2.041% during the dayâs trade, with a market capitalization of $65.35 million. The stock opened at $0.100 with its day low at the same price however it touched a dayâs high price of $0.105. The stock has a YTD return of 6.52%. It has a 52-week high price of $0.210 and a 52-week low of $0.091, with an average volume of ~505,117.
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