The land acquisitions include properties within the Carolina Tin Spodumene Belt (122 acres) and preferred locations for our concentrator and mine infrastructure (49 acres).
Piedmont’s president and CEO Keith D. Phillips said: “We continue to pursue our strategy of adding to our dominant land position in the Carolina Tin-Spodumene Belt.
“We have found high-grade mineralisation in over 90% of the holes we’ve drilled on the TSB, and our expectation is that the larger our land position the larger our ultimate resource and mine life will be.
“We are particularly excited to add 18% to the size of our Core Property and are hopeful that we will be able to expand our mineral resource and mine life proportionately.
“Notably, these land additions – like the vast majority of our existing properties – are controlled via lease/option or deferred purchase contracts to minimise the use of cash on a pre-development basis.”
Notably, the new acreage has significant potential to add to the current resource of 16.2 million tonnes grading 1.12% lithium oxide defined on the Core Property.
Recent drilling suggests mineralisation continues into the contiguous new acreage.
Piedmont is planning additional drilling to:
• Upgrade portions of the Inferred resource to Indicated classification;
• Convert Exploration Target areas to Indicated where possible;
• Explore the newly acquired properties; and
• Follow-up drilling on the Central property.
Exploration will be funded by the recent placement that secured $12.2 million in funding.