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- Piedmont has reported a 40% increase in mineral resource estimates for its flagship lithium project in the US.
- The Company has mobilised five drilling rigs for infill and exploration drilling, expected to increase resources on the project further.
- In another important event in the resources industry, St Barbara has acquired a majority interest in a gold project.
Piedmont Lithium Limited (ASX:PLL, NASDAQ:PLL) has announced an uptick in Global Mineral Resources at its flagship lithium project in North Carolina, US. The Mineral Resource Estimate (MRE) for the Piedmont Lithium Project has been increased by 40% to 39.2 Mt @ 1.09% Li2O.
The updated MRE is from the Core, Central and Huffstetler properties on the project.
From the table, it is evident that nearly 55% of the MRE has been classified under the Indicated Resource category.
The Piedmont Lithium Project is one of the low-cost producers of lithium hydroxide in the industry. The location of the project suits well to the rapidly expanding US electric vehicle market. The strategic location of the project from the production and operations point of view makes it one of the most sustainable producers of lithium.
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Mr Keith D. Phillips, President and CEO of Piedmont Lithium, shared his views and commented on the occasion:-
Copyright © 2021 Kalkine Media Pty Ltd. (Data source: Company update, 8 April 2021)
Piedmont drilled 107 holes, mostly diamond holes, to aid the MRE update. The Company has mobilised five drilling rigs on the project that are currently engaged in infill and exploration drilling at the Core property. The Central and Huffstetler properties may see some additional drilling in 2021.
The Company expects to share results of the Scoping Study during the next month. The drilling operation is anticipated to increase the resource base further on the project and aid in the Definitive Feasibility Study (DFS) scheduled later in September this year.
On 8 April 2021, the shares of PLL were trading at $0.885 around 11 AM (AEDT). The Company has a market cap of $1.4 billion.
In another important resource industry update, St Barbara Limited (ASX:SBM) has acquired a 70% interest in the Lake Wells Gold Project and established a joint venture (JV) with Australian Potash Limited (ASX:APC).
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Under the earn-in and joint venture agreement, after meeting the required expenditure commitments, SBM gained the 70% interest in the project while the remaining 30% interest is held by APC. The JV will now explore, develop and mine non-potash minerals from the project.