NEW YORK, June 13, 2018 /PRNewswire/ --
- Maiden Mineral Resource estimate of 16.2
Mt @ 1.12% Li2O
- Resource is based on 231 core holes and over
35,300 meters of drilling
- Metallurgical test work ongoing, with pilot-scale testing
commencing this month
- Scoping Study for integrated lithium project expected in Q3
2018
Piedmont Lithium Limited ("Piedmont" or "Company") (ASX: PLL;
NASDAQ: PLLL) is pleased to announce a maiden Mineral Resource
estimate on its Core property of 16.19 million tonnes at 1.12%
Li2O, containing 182,000 tonnes of lithium oxide
(Li2O) or 450,000 tonnes of Lithium Carbonate Equivalent
("LCE") (the benchmark equivalent raw material used in the lithium
industry). Approximately 52% or 8.50 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 Global") and is reported in
accordance with the JORC Code (2012 Edition).
Table 1:
Mineral Resource Estimate for the Piedmont Lithium Project (0.4%
cut-off)
|
Category
|
Resource
(Mt)
|
Grade
(Li2O%)
|
Li2O
(t)
|
LCE (t)
|
Indicated
|
8.50
|
1.15
|
98,000
|
242,000
|
Inferred
|
7.70
|
1.09
|
84,000
|
208,000
|
Total
|
16.19
|
1.12
|
182,000
|
450,000
|
Piedmont's maiden Mineral
Resource is the first resource estimate completed in over 30 years
in the historic Carolina Tin-Spodumene Belt, which was the home of
most of the world's lithium production and processing from the
1950s until the 1980s. The region continues to be the home to the
US lithium processing facilities of Albemarle Corporation and FMC
Corporation. The current resource is within our Core Property,
which is 5 kilometres north of the historic Hallman-Beam mine
(ex-FMC).
Piedmont is now focused on the
completion of the Scoping Study which is expected in Q3 2018 and
will reflect the Company's strategy of building an integrated
lithium processing business based on proven, conventional
technologies and benefitting from the inherent advantages of
Piedmont's strategic North Carolina location, including;
-
|
Low cost power and
gas
|
-
|
Cost-competitive,
highly skilled local labour
|
-
|
Abundant
transportation infrastructure
|
-
|
No camp or
fly-in/fly-out requirements
|
-
|
Readily available and
low-cost reagents
|
-
|
Proximity to low cost
service infrastructure
|
-
|
Low state and federal
taxes
|
-
|
No state or federal
royalties or mineral tax
|
-
|
Strong local
government support
|
-
|
Privately-owned
lands
|
In addition to the maiden Mineral Resource estimate a new
Exploration Target of 4.5 to 5.5 million tonnes at a grade of
between 1.10% and 1.20% Li2O has been estimated by CSA
Global within the Core Property. The potential quantity and
grade of this Exploration Target is conceptual in nature. There has
been insufficient exploration to estimate a Mineral Resource and it
is uncertain if further exploration will result in the estimation
of a Mineral Resource.
Keith D. Phillips, President and
Chief Executive Officer, said, "This high-grade maiden resource
has surpassed our initial exploration target and represents an
important milestone for Piedmont. The resource will underpin
the upcoming Scoping Study, which we believe will reflect the
significant advantages associated with our unique location.
There are many interesting lithium projects being advanced around
the world, but Piedmont has the
only project based in the industrial heartland of the United States and the cradle of lithium
production, with all the economic and strategic benefits that
derive from that position. With regional exploration
progressing and constructive conversations ongoing with numerous
local land owners, we are optimistic that this initial resource
will be just the beginning, and that Piedmont is well-positioned to develop a
world-class, low-cost integrated lithium business in the United States."
For further information, contact:
Keith D.
Phillips
|
Anastasios (Taso)
Arima
|
President &
CEO
|
Executive
Director
|
T: +1 973 809
0505
|
T: +1 347 899
1522
|
E:
kphillips@piedmontlithium.com
|
E:
tarima@piedmontlithium.com
|
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SOURCE Piedmont Lithium Limited