Piedmont (ASX:PLL) ups resource at Carolina Lithium project

Highlights

  • Piedmont Lithium shares updates on flagship Carolina Lithium Project in US.
  • Indicated resources grew by 101% at Piedmont’s Carolina project.

ASX listed, lithium focused explorer Piedmont Lithium Inc (ASX:PLL) has released an updated global mineral resource estimate (MRE) for its flagship Carolina Lithium Project in the US. The resources at project have increased 101%. A definitive feasibility study (DFS) is also expected in the fourth quarter of 2021 at Carolina Project.

What is up at Peidmont’s Carolina Project?

  • PLL has concluded its Phase 5 drill campaign at Carolina Lithium project. Peidmont is about to expand its resource base at the single largest spodumene resources in North America, under its ownership.
  • The resources at project have increased 101%. The mineral resource estimate (MRE) includes an increased MRE at Core property, by 16%.
  • The increase in indicated relative to resources previously reported under Australian standards. PLL is now planning to file an inaugural technical report summary in line with US Securities and Exchange Commission Regulation on ‘Modernisation of Property Disclosures’ in its next quarterly report.
  • A DFS is also in line in Q4-2021 for PLL’s Carolina project and will be another important step in its lithium supply chain participation in US.

What lies ahead in exploration?

  • Piedmont is continuing evaluation of newly acquired properties at the Carolina Tin Spodumene Belt, for lithium mineralisation.
  • It plans to support the ongoing mineral resource development with investigations of shallow portions of core property deposits deemed pliable to early-stage mining.
  • PLL is also developing a further understanding on the short-range variability of mineralisation, its development and resource classification.
  • It plans to conduct infill drilling to support the upgrading of mineral resources from inferred to indicated levels.
  • PLL will also undertake a study to identify new exploration targets and prioritise step-out drill targets to support exploration across its properties acquired or lined up for acquisition.

Bottom line-

PLL’s Carolina is the single largest spodumene resources in North America. It is thus crucial for the EV battery material supply chain in North America. Project progress with DFS lined up is an important step for PLL’s lithium supply chain participation in US.

However, on ASX today, PLL shares last traded at AU$0.795, down 1.24% per share.

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