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- The new ore reserves at Pilbara Minerals (PLS) Pilgangoora project sit at 162 million tonnes, containing 1.9 Mt of contained lithium oxide
- PLS says it has increased the total proved and probable ore reserve at the lithium and tantalum asset by 54 per cent and the lithium oxide by 47 per cent
- The new reserve follows the discovery of additional pegmatite domains, together with integration of the Ngungaju Resource
- The materials stock says the upgraded reserve positions Pilbara Minerals is one of the world’s premier hard rock lithium operations
- PLS shares are up 3.07 per cent at $1.93 per share at 11:35 am AEDT
Pilbara Minerals (PLS) has upgraded the ore reserves at its Pilgangoora Lithium-Tantalum Project in WA’s Pilbara region.
The new ore reserves at Pilgangoora sit at 162 million tonnes, containing 1.9 Mt of contained lithium oxide, grading 1.2 per cent lithium oxide, 100 parts per million tantalum pentoxide and 1 per cent iron oxide.
PLS said that represented a 54 per cent increase in the total proved and probable ore reserve and a 47 per cent increase in the contained lithium oxide at the asset.
Pilgangoora’s ore reserve is based on a revised mineral resource estimate of 308.9 Mt and was upgraded following the discovery of additional pegmatite domains, together with integration of the Ngungaju Resource.
Pilbara Minerals’ Managing Director and CEO Ken Brinsden said the new ore reserves cemented the asset as one of the world’s premier hard rock lithium operations.
“The continued growth in ore reserves reflected the successful integration of the Ngungaju project area and the highly successful development drilling program undertaken this year,” Mr Brinsden said.
“The quality and scale of the Pilgangoora project confirms Pilbara Minerals as a leading hard rock lithium producer and truly sets the scene for our expansion to 6.3 million tonnes per annum and continued growth beyond that.”
PLS believes opportunities exist to further expand the mineral resources and ore reserves at Pilgangoora, with further drilling campaigns expected during FY22.
PLS shares were up 3.07 per cent at $1.93 per share at 11:35 am AEDT.
