Additional near-Surface High Grade Drill Results from Piedmont’s Core Property

  • Piedmont has received assay results from 41 additional drill holes from the Phase 4 drilling campaign, with 40 of the 41 holes reporting significant mineralization, including:
    • 17.0m @ 1.60% Li2O from 75m and 6.6m @ 1.44% Li2O from 64m in Hole 19-BD-295
    • 14.9m @ 1.76% Li2O from 27m and 4.3m @ 0.95% Li2O from 52m in Hole 19-BD-298
  • Occurrence of shallow intercepts is consistent with prior results on Piedmont’s Core property
  • An additional 18 Phase 4 holes have been drilled with assays pending
  • Piedmont is on track to report a significant increase in Mineral Resource estimates in June 2019
  • Scoping Study update with materially extended life of mine targeted for July 2019

NEW YORK--(BUSINESS WIRE)-- Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to announce Phase 4 drill results for 41 drill holes (refer to Appendix 1) completed on the Piedmont Lithium Project (“Project”) located within the world-class Carolina Tin-Spodumene Belt (“TSB”) in North Carolina, USA. The results are from Exploration Target areas and new properties within the Project’s Core property (“Core”) (Figure 1). Significant mineralization was encountered in 40 of the 41 holes reported.

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Property Location Map (Graphic: Business Wire)

Property Location Map (Graphic: Business Wire)

Phase 4 drilling continues to expand the extent and continuity of the pegmatite system on Core, thus giving confidence in a significant Mineral Resource estimate update in June. In 2018, the Company announced a Mineral Resource estimate at Core of 16.2Mt @ 1.12% Li2O which supported a 13-year project life as reported in the Company’s Scoping Study announced in September 2018. In April 2019 the Company announced an increased Mineral Resource estimate of 19.0Mt @ 1.15% Li2O inclusive of a Mineral Resource estimate at the Company’s Central property.

Keith D. Phillips, President and Chief Executive Officer, commented: “We are very pleased with these interim results from Phase 4 drilling, which continue to highlight high-grade mineralization near-surface. The shallow nature of the ore body, combined with pure spodumene mineralogy, local by-product markets and exceptional infrastructure, are important factors which should position the Piedmont Lithium Project in the first quartile of the cost curve. We look forward to reporting a significant increase to our property-wide resource in June, and to reflecting that enlarged resource in an updated scoping study in July.

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For further information, contact:
Keith D. Phillips
President & CEO
T: +1 973 809 0505

Anastasios (Taso) Arima
Executive Director
T: +1 347 899 1522

Source: Piedmont Lithium Limited