Piedmont Lithium Limited March 2019 Quarterly Report
April 29 2019 - 08:05PM
Business Wire
Piedmont Lithium Limited (ASX: PLL; NASDAQ: PLL) (“Piedmont”
or “Company”) is pleased to present its March 2019 quarterly
report.
Highlights during and subsequent to the quarter were:
- Continued the 25,000-meter Phase 4
drill program, with three drill rigs active on the Core property,
where a total of 69 holes have been completed to-date. An
additional 15 holes have been completed on the Central property,
including the Project’s best hole to date: 43.2m @ 1.73%
Li2O.
- Increased overall land position of the
Project by 52% to 2,105 acres. The Company’s Core property now
comprises 1,004 acres, representing an 86% increase from the Core
property land position underlying the maiden Mineral Resource
estimate.
- Completed an initial Mineral Resource
estimate for the Central property, located approximately one mile
south of the Core property, increasing the Project’s total Mineral
Resources to 19.0 million tonnes (“Mt”) at 1.15%
Li2O.
- Submitted key permit applications for
the Project, including a Section 404 Standard Individual Permit
application to the US Army Corps of Engineers (“USACE”) and a
Section 401 Individual Water Quality Certification to the North
Carolina Division of Water Resources (“NCDWR”).
- Commenced the next level of
metallurgical test work, including the evaluation of Dense Medium
Separation (“DMS”) technology. Preliminary DMS results indicate the
potential to include DMS circuitry in the Piedmont concentrator’s
design.
- Commenced engineering work for a
planned updated Scoping Study to integrate updated Mineral
Resources, latest metallurgical testwork, flowsheet optimization
and updated costs. Engineering work is proceeding at a
Pre-Feasibility Study (“PFS”) level.
- Engaged in numerous preliminary
off-take, financing and strategic conversations, including
companies from the lithium, mining, chemicals, battery, automotive
and private equity sectors.
Next steps:
- Phase 4 drill program results will
provide the basis for an updated Mineral Resource estimate
scheduled for June, which is expected to extend the mine life for
the Project.
- Complete metallurgical studies,
including evaluating the potential for a DMS before the flotation
circuit, to further enhance operating costs in the
concentrator.
- Complete an updated Scoping Study based
on updated Mineral Resources, latest metallurgical testwork,
flowsheet optimization and updated costs.
- Complete permit applications and secure
the necessary permits and approvals to commence mining and
processing operations at the Project; and
- Continue expansion of the Company’s
land position in the Carolina Tin-Spodumene Belt (“TSB”) with a
focus on areas of high mineral prospectivity.
The entire report is available on the announcement page of the
Company’s website at
https://ir.piedmontlithium.com/asx-announcements.
For further information, contact:
Keith D. Phillips
Anastasios (Taso) Arima
President & CEO Executive Director T: +1 973 809 0505 T: +1 347
899 1522
E: keith@piedmontlithium.com
E: taso@piedmontlithium.com
Forward Looking Statements
This announcement may include forward-looking statements. These
forward-looking statements are based on the Company’s expectations
and beliefs concerning future events. Forward looking statements
are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of the Company, which could
cause actual results to differ materially from such statements. The
Company makes no undertaking to subsequently update or revise the
forward-looking statements made in this announcement, to reflect
the circumstances or events after the date of that
announcement.
Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Resources
The Project’s Core Property Mineral Resource of 16.2Mt @ 1.12%
Li2O comprises Indicated Mineral Resources of 8.5Mt @ 1.15% Li2O
and Inferred Mineral Resources of 7.7Mt @ 1.09% Li2O. The Central
Property Mineral Resource of 2.80Mt @ 1.34% Li2O comprises
Indicated Mineral Resources of 1.41Mt @ 1.38% Li2O and 1.39Mt @
1.29% Li2O.
The information contained in this presentation has been prepared
in accordance with the requirements of the securities laws in
effect in Australia, which differ from the requirements of U.S.
securities laws. The terms "mineral resource", "measured mineral
resource", "indicated mineral resource" and "inferred mineral
resource" are Australian terms defined in accordance with the 2012
Edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (the “JORC Code”).
However, these terms are not defined in Industry Guide 7 ("SEC
Industry Guide 7") under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act"), and are normally not permitted
to be used in reports and filings with the U.S. Securities and
Exchange Commission (“SEC”). Accordingly, information contained
herein that describes Piedmont’s mineral deposits may not be
comparable to similar information made public by U.S. companies
subject to reporting and disclosure requirements under the U.S.
federal securities laws and the rules and regulations thereunder.
U.S. investors are urged to consider closely the disclosure in
Piedmont’s Form 20-F, a copy of which may be obtained from Piedmont
or from the EDGAR system on the SEC’s website at
http://www.sec.gov/.
Competent Persons Statements
The information in this presentation that relates to Exploration
Results is extracted from the Company’s ASX announcements dated
March 14, 2019, February 13, 2019, October 17, 2018, August 23,
2018, July 19, 2018, June 14, 2018, June 7, 2018, May 17, 2018, May
10, 2018, April 9, 2018, 4 April 2018, 15 March 2018, 1 December
2017, 2 November 2017, 27 September 2017, 23 May 2017, 3 April
2017, and 18 October 2016 which are available to view on the
Company’s website at www.piedmontlithium.com.
The information in this presentation that relates to Exploration
Targets and Mineral Resources is extracted from the Company’s ASX
announcements dated June 14, 2018 and April 24, 2019 which are
available to view on the Company’s website at
www.piedmontlithium.com.
The information in this presentation that relates to
Metallurgical Testwork Results is extracted from the Company’s ASX
announcements dated September 4, 2018 and July 17, 2018 which are
available to view on the Company’s website at
www.piedmontlithium.com.
The information in this presentation that relates to Process
Design, Process Plant Capital Costs, and Process Plant Operating
Costs is extracted from the Company’s ASX announcements dated
September 13, 2018 and July 19, 2018 which are available to view on
the Company’s website at www.piedmontlithium.com.
The information in this presentation that relates to Mining
Engineering and Mine Schedule is extracted from the Company’s ASX
announcements dated September 13, 2018 and July 19, 2018 which are
available to view on the Company’s website at
www.piedmontlithium.com.
Piedmont confirms that: a) it is not aware of any new
information or data that materially affects the information
included in the original ASX announcements; b) all material
assumptions and technical parameters underpinning Mineral
Resources, Exploration Targets, Production Targets, and related
forecast financial information derived from Production Targets
included in the original ASX announcements continue to apply and
have not materially changed; and c) the form and context in which
the relevant Competent Persons’ findings are presented in this
report have not been materially modified from the original ASX
announcement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190429005894/en/
Keith D. PhillipsPresident & CEOT: +1 973 809 0505E:
keith@piedmontlithium.comAnastasios (Taso) ArimaExecutive
DirectorT: +1 347 899 1522E: taso@piedmontlithium.com
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