Join our daily newsletter At The Bell to receive exclusive market insights
- Piedmont Lithium (PLL) updates the global mineral resource estimate (MRE) for the Carolina Lithium Project in the US state of North Carolina
- The total MRE measures 44.2 million tonnes (Mt) at 1.08 per cent lithium oxide
- Indicated resources grew by 101 per cent to 28.2Mt at 1.11 per cent lithium oxide
- A definitive feasibility study is on track for delivery in the fourth quarter of 2021
- Shares are down 1.86 per cent to 79 cents each at 11:07 am AEDT
Piedmont Lithium (PLL) has updated the global mineral resource estimate (MRE) for the company’s flagship Carolina Lithium Project in the US state of North Carolina.
The project lies within the Tin-Spodumene Belt and along-trend of the Hallman Beam and Kings Mountain mines, which provided much of the western world’s lithium between the 1950s and the 1980s.
Following completion of PLL’s phase five infill drilling program, the total MRE for the project now measures 44.2 million tonnes at 1.08 per cent lithium oxide, with 64 per cent of the total MRE classified in the indicated category.
The growth in indicated resources represents a 101 per cent increase to 28.2 million tonnes at 1.11 per cent lithium oxide.
Notably, the company said the MRE included updates for both lithium and industrial mineral products.
Commenting on the news, Piedmont Lithium President and CEO Keith D Phillips said the company was pleased to expand its resource base.
“Carolina Lithium has one of the largest spodumene resources in North America and the only one located in the United States,” he said.
“The increase in indicated resources over 100 per cent relative to resources previously reported under Australian standards will underpin the definitive feasibility study (DFS) for Carolina Lithium that we plan to publish later in 2021.
“The DFS will be another important step along the path to building America’s leading lithium business to support and enable the rapidly-growing electric supply vehicle chain in the United States”.
Shares were down 1.86 per cent to 79 cents each at 11:07 am AEDT.
