Piedmont Announces Initial Mineral Resource Estimate at Central Property

  • Initial Mineral Resource at Central property of 2.80 Mt @ 1.34% Li2O based on only 18 drill holes
  • Project-wide Mineral Resources increased to 19.0 Mt @ 1.15% Li2O
  • Phase 4 drilling continues with three rigs operating on the Core property
  • Core Mineral Resource update expected in June 2019 based on approximately 70 Phase 4 holes

NEW YORK--(BUSINESS WIRE)-- Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to announce an initial Mineral Resource estimate on its Central property of 2.8 Mt at 1.34% Li2O. Approximately 50% or 1.41 million tonnes of the Mineral Resource is classified in the Indicated Resource category. The Mineral Resource estimate has been prepared by independent consultants, CSA Global Pty Ltd (“CSA”) and is reported in accordance with JORC Code (2012 Edition).

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Figure 1. Resource Location Map (Graphic: Business Wire)

Figure 1. Resource Location Map (Graphic: Business Wire)

The reported Central Mineral Resource estimate (“MRE”) above is based on 18 diamond core holes totaling 2,840 meters. Significant intercepts from all 18 holes are reported in Appendix 1. The deposit is open in all directions. The Central Property is located approximately 1 mile south of the Core Property (Figure 1). The Company’s project-wide Mineral Resources now total 19.0 Mt at 1.15% Li2O.

 
Piedmont Lithium Project Mineral Resource Estimate Summary (0.4% cut-off)
Resource Category     Core Property     Central Property     Total
    Tonnes (Mt)     Grade (Li2O%)     Tonnes (Mt)     Grade (Li2O%)     Tonnes (Mt)     Grade (Li2O%)
Indicated     8.50     1.15     1.41     1.38     9.91     1.18
Inferred     7.70     1.09     1.39     1.29     9.09     1.12
Total     16.20     1.12     2.80     1.34     19.00     1.15
                   

Phase 4 drilling is ongoing and the Company expects to announce a further Mineral Resource update in June 2019. The Central MRE and overall Resource update will be included in the Project’s updated scoping study scheduled for July 2019.

Keith D. Phillips, President and Chief Executive Officer, commented: “We are very pleased with the initial high-grade Mineral Resource Estimate at Central. This is a property with great potential and the MRE is based on only 18 drill holes, 16 of which encountered thick, high-grade mineralization. We hope to expand our land holdings in this area and ultimately drill out a substantially larger resource at Central. Phase 4 drilling continues with 3 rigs operating on the Core property and we expect a material resource upgrade in June. The Piedmont project is quickly becoming one of the largest hard-rock lithium projects in North America, while enjoying all the benefits of our unique North Carolina, USA location.

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Keith D. Phillips
President & CEO
T: +1 973 809 0505
E: kphillips@piedmontlithium.com

Anastasios (Taso) Arima
Executive Director
T: +1 347 899 1522
E: tarima@piedmontlithium.com

Source: Piedmont Lithium Limited