Piedmont Lithium (ASX:PLL) has increased its lithium mineral rights by 188 acres through additional land option and acquisition agreements in the Carolina Tin-Spodumene Belt in the U.S.
The Piedmont Lithium Project now encompasses 903 acres within the TSB, representing a 118% increase from its initial landholding as at September 2016.
Piedmont is in a unique position to leverage its position as a first mover in restarting exploration in this historic lithium producing region.
The 93-hole, 12,262-meter, Phase 2 diamond drilling program was recently completed and assays for the remaining 42 holes are expected over the coming weeks.
Keith Phillips, CEO, commented: “These strategic land acquisitions are on-trend and should enable us to grow mineral resources over time, ultimately leading to greater throughput and a longer mine life.
“These latest agreements increase our land holdings in the prolific Carolina Tin-Spodumene Belt by over 26%, and we are in conversations with many other landowners to further consolidate our position in the region.”
Initial prospecting at new area identifies spodumene
During initial prospecting, an area of multiple spodumene bearing float blocks was identified on one of the new properties. The blocks range up to 1 meter in scale.
Grab samples have been collected and submitted to the lab for analysis.
Prospecting and soil sampling are planned for all of the new properties in order to identify high priority drill targets.
First trading on the NASDAQ
The company’s first American Depository Receipts (ADRs) were traded on the OTC Market last week as a member of the Nasdaq International Designation.
Piedmont aims to develop substantial liquidity on the Nasdaq OTC market prior to its planned full U.S. listing early in 2018.
With a U.S. asset and a U.S.-based management team, the company expects to develop a strong following in the U.S. capital markets as a complement to its ASX base.
Recent capital raising
Piedmont recently completed a $16 million share placement to institutional and sophisticated investors in Australia, the U.S, Canada, and the U.K.
The company is also expecting diamond drilling assays for 42-holes over the coming weeks after receiving a batch of assays earlier in November.