Piedmont Lithium (ASX:PLL) has received assay results from a further 25 holes in its Phase 2 diamond drilling program at its Piedmont Lithium Project located in North Carolina, U.S.
Results continue to confirm high-grade lithium mineralisation along 4 kilometres of strike within the world-class Carolina Tin-Spodumene Belt.
The 93-hole Phase 2 diamond drilling program, which totalled 12,262 meters is now complete and latest assays include 8.86 metres at 1.72% lithium oxide.
Piedmont is aiming to define an Exploration Target in December 2017 with the Phase 2 results, which is to be followed by a maiden resource in early-2018.
The company anticipates receiving assay results for the remaining 42 holes over the coming weeks.
Keith D. Phillips, CEO, commented
“These additional Phase 2 results continue to showcase the high-grade mineralisation throughout our growing land package.
“We are increasingly confident in our ability to define a large lithium deposit in this historic belt, and we look forward to releasing the remaining results of our Phase 2 drilling campaign over the coming weeks.”
Drill result details
Assay results for a further 25 diamond drill holes in the 93-hole program have been received.
- 25.22 metres of cumulative thickness of mineralisation across 6 pegmatites including 5.40 metres at 1.46% lithium oxide, 2.65 metres at 1.24% lithium oxide and 2.00 metres at 1.43% lithium oxide;
- 21.92 metres of cumulative thickness of mineralisation across 5 pegmatites including 8.86 metres at 1.72% lithium oxide, and 8.04 metres at 1.02% lithium oxide;
- 18.66 metres of cumulative thickness of mineralisation across 6 pegmatites including 6.27 metres at 1.39% lithium oxide, 4.21 metres at 1.83% lithium oxide, 2.26 metres at 1.52% lithium oxide and 1.68 metres at 1.83% lithium oxide;
- 18.64 metres of cumulative thickness of mineralisation across 6 pegmatites including 6.66 metres at 1.59% lithium oxide and 2.68 metres at 1.58% lithium oxide;
- 14.08 metres of cumulative thickness of mineralisation across 5 pegmatites including 5.03 metres at 1.98% lithium oxide and 2.04 metres at 1.52% lithium oxide; and
- 12.97 metres of cumulative thickness of mineralisation across 2 pegmatites including 10.36 metres at 1.53% lithium oxide.
These results build on the first batch of assays received in late September 2017.
Phase 2 drilling program
The Phase 2 drilling program has identified eight significant spodumene-bearing pegmatites dikes or dike swarms totalling 4 kilometres in strike length.
These eight pegmatite trends consist of one to multiple spodumene-bearing dikes with drill thickness ranging up to 16 meters.
Piedmont is very encouraged by the visual observations of mineralisation in the remaining 42 holes and expects to receive additional assays over the coming weeks.
Recent $16 million capital raising
Last month, Piedmont outlined that it had successfully completed a bookbuild for a placement of 100 million shares priced at A$0.16 to raise A$16 million.
Shares will be placed to institutional and sophisticated investors located in Australia and the United States.
Proceeds from the placement will be used to expedite development of the Piedmont project.