Drilling Update and Final Holes Reported for the Phase 3 Drilling on the Core Property
Piedmont has received assay results from the final 15 drill holes of the Phase 3 drilling campaign on its Core property, showing high-grade mineralisation including:
15.8m of cumulative thickness of mineralization (non-continuous) across 4 pegmatites which includes high grade intercepts of 8.2m @ 1.91% Li2O, 3.2m @1.25 Li2O and 2.8m @1.05 Li2O in Hole 18-BD-236
21.3m of cumulative thickness of mineralization (non-continuous) across 6 dikes which includes high grade intercepts of 6.0m @1.31% Li2O and 7.45m 1.04% Li2O in Hole 18-BD-237
- 18.5m of cumulative thickness of mineralization (non-continuous) across 3 pegmatites which includes high grade intercepts of 13.0m @ 1.06% Li2O and 4.4m @1.11 Li2O in Hole 18-BD-238
- 15.8m of cumulative thickness of mineralization (non-continuous) across 4 pegmatites which includes high grade intercepts of 8.2m @ 1.91% Li2O, 3.2m @1.25 Li2O and 2.8m @1.05 Li2O in Hole 18-BD-236
- Most of the holes are from outside the maiden Mineral Resource estimate of 16.2Mt at 1.12% Li2O, reported in June 2018, confirming upside potential for the resource.
- Seven holes completed at our Sunnyside Property, totalling 911 meters, with assays pending.
- Two of the three planned holes completed at our Central Property, with assays pending.
NEW YORK, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to advise that the Company has now received all assays results from the Phase 3 drilling campaign on its Core property in the Carolina Tin-Spodumene Belt (“TSB”) in North Carolina, United States. The final 15 holes reported in this release will complete the Phase 3 campaign, totalling 124 holes and 21,360 meters, on our Core property.
The 15 holes reported were not used in the maiden Mineral Resource estimate of 16.2 Mt at 1.12% Li2O (refer ASX announced dated June 14, 2018). The majority of the 15 holes occur outside of the resource boundary and confirm upside potential for our Project.
Assay results from the initial drilling on the Sunnyside and Central properties are pending and results are expected to be announced in the month of September.
Keith D. Phillips, President and Chief Executive Officer, said, “These results demonstrate the potential to expand the resource on our Core property, and we are optimistic that the Sunnyside and Central properties hold significant potential as well. Our Scoping Study demonstrated the strong economics of a 13-year project based on our current resource, and we believe future drilling may extend the project life and enhance the project economics as well as the strategic value of this unique American resource.”
For further information, contact:
Keith D. Phillips
President & CEO
T: +1 973 809 0505
Anastasios (Taso) Arima
T: +1 347 899 1522
About Piedmont Lithium
Piedmont Lithium Limited (ASX: PLL; OTC-Nasdaq Intl: PLLLY) holds a 100% interest in the Piedmont Lithium Project (“Project”) located within the world-class Carolina Tin-Spodumene Belt (“TSB”) and along trend to the Hallman Beam and Kings Mountain mines, historically providing most of the western world’s lithium between the 1950s and the 1990s. The TSB has been described as one of the largest lithium provinces in the world and is located approximately 25 miles west of Charlotte, North Carolina. It is a premier location to be developing and integrated lithium business based on its favourable geology, proven metallurgy and easy access to infrastructure, power, R&D centres for lithium and battery storage, major high-tech population centres and downstream lithium processing facilities.
The Project was originally explored by Lithium Corporation of America which eventually was acquired by FMC Corporation (“FMC”). FMC and Albemarle Corporation (“Albemarle”) both historically mined the lithium bearing spodumene pegmatites within the TSB and developed and continue to operate the two world-class lithium processing facilities in the region which were the first modern spodumene processing facilities in the western world. The Company is in a unique position to leverage its position as a first mover in restarting exploration in this historic lithium producing region with the aim of developing a strategic, U.S. domestic source of lithium to supply the increasing electric vehicle and battery storage markets.
Piedmont, through its 100% owned U.S. subsidiary, Piedmont Lithium Inc., has entered into exclusive option agreements and land acquisition agreements with local landowners, which upon exercise, allow the Company to purchase (or in some cases long-term lease) approximately 1,199 acres of surface property and the associated mineral rights.
Released August 22, 2018