- Pilbara Minerals (PLS) upgrades the mineral resource at its Pilgangoora Tantalum-Lithium Project by 59 per cent
- The measured and indicated resource is now 210.2 million tonnes, containing 2.46Mt of lithium oxide and 47.7 million pounds of tantalum pentoxide
- The measured, indicated and inferred resource also grew by 39 per cent, after PLS discovered new pegmatite domains and added the Ngungaju Resource
- The company says the updated Mineral Resource will underpin a new ore reserve estimate for Pilgangoora, which is due to be completed in October
- Shares in Pilbara Minerals are down 3.98 per cent at $2.17 each
Pilbara Minerals (PLS) has upgraded the mineral resource at its Pilgangoora Tantalum-Lithium Project by 59 per cent.
The WA-based asset’s measured and indicated resource is now 210.2 million tonnes grading 1.17 per cent lithium oxide, 103 parts per million tantalum pentoxide and 0.56 per cent ferric oxide, containing 2.46Mt of lithium oxide and 47.7 million pounds of tantalum pentoxide.
Its measured, indicated and inferred resource increased by 39 per cent to 308.9Mt grading 1.14 per cent lithium oxide, 105 parts per million tantalum pentoxide and 0.59 per cent ferric oxide, containing 3.5Mt of lithium oxide and 71.7 million pounds of tantalum pentoxide.
The change in resources comes after Pilbara Minerals discovered new pegmatite domains and integrated in the Ngungaju Resource.
Managing Director and CEO Ken Brinsden has welcomed the upgrade and said there was still significant exploration upside available at the project.
“This landmark Resource upgrade is another clear indication of Pilgangoora’s position as the world’s premier hardrock lithium asset,” Mr Brinsden said.
“The scale of the endowment is quite remarkable, with the integration of the adjoining Ngungaju Resource, combined with highly successful development and drilling programs, taking our Resource inventory well and truly to the next level.”
Mr Brinsden said the new integrated Mineral Resource would underpin a new Ore Reserve estimate for Pilgangoora, which was due to be completed shortly.
“We are looking forward to completing an updated Ore Reserve next month that will underpin operations for many decades to come,” Mr Brinsden said.
Shares in Pilbara Minerals were down 3.98 per cent at $2.17 each at 11:53 am AEST.