Pilbara Minerals (ASX:PLS) significantly expands lithium resource at Pilgangoora operation

Highlights

  • Pilbara Minerals has declared a significant expansion in the JORC 2012 Mineral Resource for its Pilgangoora Tantalum-Lithium Project.
  • The increase comprises all the results from the 2021 exploration and development drilling campaign.
  • PLS has a new Ore Reserve estimate for Pilgangoora, scheduled for completion by October 2021.

In a key development, Pilbara Minerals Limited (ASX:PLS) has bolstered the stance of its flagship project as the premier hard rock lithium operation across the globe.

The Company declared a significant increase in the Mineral Resource to 308.9 million tonnes at its Pilgangoora Lithium-Tantalum Project, replacing the earlier June 2020 estimate.

PLS’s Pilgangoora operation is the largest and independent hard-rock lithium operation worldwide, and the Resource upgrade further indicates that Pilgangoora is the premier hard rock lithium asset globally.

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39% increase in the total Measured Indicated and Inferred Resource

A substantial increase in the JORC 2012 Mineral Resource of the flagship project is underpinned by the discovery of new pegmatite domains, coupled with the integration of the Ngungaju Resource. According to PLS, the significant increase includes:

  • A 39% increase in the total Measured, Indicated and Inferred Resource to 308.9 million tonnes grading 1.14% Li2O, 105ppm Ta2O5 and 0.59% Fe2O3, containing 3.5 million tonnes of lithium oxide and 71.7 million pounds of Ta2O
  • A 59% increase in the total Measured and Indicated Resource to 210.2 million tonnes grading 1.17% Li2O, 103ppm Ta2O5and 0.56% Fe2O3, containing 2.46 million tonnes of lithium oxide and 47.7 million pounds of Ta2O5

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The upgradation of the Mineral Resource comprises all the results from the 2021 exploration and development drilling program coupled with the integration of Mineral Resource for the earlier Altura Lithium Operations acquired in early 2021.

Source: © Suryasnair4288 | Megapixl.com

PLS believes that further resources defined from the 2021 exploration program shall result in an extension of the mining envelope and pit inventory of the combined South Pit areas, with outstanding potential for further growth through continuing drilling.

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Furthermore, the new integrated Mineral Resource is expected to strengthen a new Ore Reserve estimate for Pilgangoora, which is slated for finalisation by October 2021.

Bottom Line

The resource expansion comes as a notable milestone for the Company, reinforcing the positioning of PLS’ flagship project. Moreover, there has been a surge in the global demand for lithium raw materials, which further positions Pilgangoora operation to play a critical role in the escalating energy transformation worldwide.

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PLS stock was noted at AU$2.140 at 1:07 PM AEST on 08 September 2021.

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