Piedmont Lithium Publishes Maiden Mineral Resource Estimate
According to the company, this is the first resource estimate completed in over 30 years in the historic Carolina tin-spodumene belt, which was home to most of the world’s lithium production and processing from the 1950s to 1980s.
Australian lithium developer Piedmont Lithium (ASX:PLL) released a maiden mineral resource estimate for its Core property in North Carolina on Thursday (June 14).
According to the company, this 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 estimate shows a mineral resource of 16.19 million tonnes at 1.12 percent lithium oxide containing 182,000 tonnes of lithium oxide, or 450,000 tonnes of lithium carbonate equivalent. Approximately 52 percent, or 8.5 million tonnes, of the estimate is classified in the indicated category.
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“This high-grade maiden resource has surpassed our initial exploration target and represents an important milestone for Piedmont,” said Keith D. Phillips, president and CEO.
“The resource will underpin the upcoming scoping study, which we believe will reflect the significant advantages associated with our unique location,” added Philipps, highlighting the project’s location in the US and “all the economic and strategic benefits that derive from that position.”
Looking ahead, the company expects to complete a scoping study on the property by Q3 this year.
Additionally, a new exploration target of 4.5 to 5.5 million tonnes grading between 1.1 and 1.2 percent lithium oxide has been estimated within the Core property.
“With regional exploration progressing and constructive conversations ongoing with numerous local landowners, 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,” Philipps added.
The company is also planning to work on conversion testwork to demonstrate its ability to convert spodumene concentrate to battery-grade-quality lithium hydroxide monohydrate and lithium carbonate.
Piedmont is aiming to select a partner this month and plans to start conversion testwork in the second half of the year, after its pilot concentration testwork program ends.
On Thursday, shares of Piedmont Lithium closed up 11 percent in Sydney at AU$0.20.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
