Piedmont Lithium: Comprehensive Drilling Program Commences At The Piedmont Lithium Project

(firmenpresse) - Piedmont Lithium: Comprehensive Drilling Program Commences At The Piedmont Lithium Project

Piedmont Lithium Limited (ASX: PLL, OTC-Nasdaq: PLLLY) (Piedmont or Company) is pleased to announce that following completion of the recent capital raising and building upon the successful results from previous drilling programs, a new comprehensive 20,000-meter drill program has commenced at the Piedmont Lithium Project (Project), located within the world-class Carolina Tin-Spodumene Belt (TSB). The new drill program will be focused on completing infill drilling for the definition of a maiden Mineral Resource and also aggressively testing the extensions of the pegmatites identified both along strike and down dip.

In addition, based on the drilling results on the portions of the Project explored to-date and geological modelling of the pegmatites, an initial Exploration Target of between 10 to 15 million tonnes at a grade of between 1.00% and 1.25% Li2O has been estimated by CSA Global. The potential quantity and grade of this Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The Company remains highly confident in its ability to develop a world class integrated lithium operation in North Carolina and will continue its land acquisition strategy to capitalize on its first-mover initial land position in the Carolina Tin-Spodumene Belt. The location of the Project gives it key competitive strengths over other potential lithium locations worldwide:

- The only independent spodumene project strategically located in the US

- Proximity to major downstream lithium processing facilities

- Proximity to major US battery customers (GM, BMW, Nissan, Mercedes, Tesla, etc)

- Closely located to established low cost gas and power infrastructure

- Strong, large and low cost local workforce with experience in lithium sector

- Proximity to major transportation infrastructure including highways, rail, airports and ports

- Located in North Carolina, a mining and development friendly state

Keith D. Phillips, President and Chief Executive Officer, said We are extremely pleased with the scale of our initial Exploration Target for the Project, which is based on the portion of our initial core land package that has been drilled to date, and leaves considerable upside as we broaden our drill horizons and continue to expand our land package. Our next drilling program will position us to announce a maiden Mineral Resource in early to mid-2018, which will serve as the basis of a Scoping Study on the Project shortly thereafter.

Given the numerous advantages inherent in our location in North Carolina, including outstanding infrastructure, a strong local work force, and proximity to important lithium processing facilities and other downstream customers, this initial Exploration Target is more than sufficient to support the potential re-establishment of a strategic high value battery materials operation.

Drilling Programs

A comprehensive 20,000-meter drill program has commenced on the Project. The drilling program has two objectives.

Firstly, to develop a maiden Mineral Resource for the Project in accordance with the JORC Code. Approximately 13,000 of the 20,000 meters will focus on portions of the B, G, F and Star Corridors where infill drilling will be completed on a 40 x 40-meter grid down to a vertical depth of approximately 125 meters. This drill density will yield data sufficient to support a maiden Resource with a substantial Indicated component.

Secondly, 7,000 of the 20,000 meters will be allocated to wide spaced drilling in other high priority areas of the Project, including follow-up drilling in the promising F Corridor.
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Figure 1: Piedmont Lithium Proposed Drill Program Target Areas

The previous drilling program at the Project, consisting of 93 holes totalling 12,262 meters, was completed in November 2017. Assay results have been received and composite intercepts have been released for 76 of the 93 drill holes (refer previous ASX announcements in 2017). Assays for the majority of the 17 remaining holes have been received and are currently being reviewed under the companys rigorous QAQC protocols and will be reported in the coming weeks.

The previous drilling program identified extensive mineralization that, to date, totals 4 kilometres of mineralized trend within the Project. It is expected that additional wide spaced drilling in high priority areas will continue to identify additional spodumene bearing pegmatites as well as extend known dykes along strike and down dip.

The continuity of mineralization along strike is showcased by the schematic long section in Figure 2 for a portion of the B and G Corridors where the mineralized pegmatites were traceable for 1,400m. This trend is the target for the 40 x 40 meters infill drilling proposed in the recently commenced drilling campaign. The trends commonly consist of numerous spodumene bearing dykes which strike northeast with a moderate to shallow southeast dip. Importantly, the entire system is in excess of 1,380 meters in width and remains open along strike and downdip.
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Figure 2: Schematic long section for the western portion of the Project

Exploration Target

The Company notes that previous drilling, along with surface mapping, has illustrated the significant extent and continuity of high grade mineralization within the Project.

A total of 122 holes for 16,492 metres have been completed at the project and to date 38 spodumene bearing pegmatite bodies have been identified. From these drill holes approximately 5,100 samples have been submitted for analysis to the SGS laboratory in Lakefield, Ontario, the Bureau Veritas laboratory in Reno, Nevada and the ACME laboratory in Vancouver, BC, using either multi-acid digestion or peroxide fusion with ICP analytical techniques for lithium.

The spodumene bearing pegmatites were interpreted using cross sections spaced at 40 m to 80 m and then modelled in 3D using Micromine software. The pegmatites are well constrained by drilling but at this stage drill data density is insufficient to estimate a Mineral Resource. The modelling indicates a total volume for the pegmatite bodies of approximately 7.5 million cubic meters. Examples of the distribution and extent of the pegmatite bodies are provided schematically on the plan in Figure 1 and in the long section in Figure 2.

To determine potential tonnage and grade ranges at the deposit, Li2O assay values and density values from drilling have been applied to the 3D model. The 1,410 analytical results that fall within the modelled pegmatite bodies have an average grade of 1.04% Li2O. The assay data was previously summarised by drill hole when first announced, together with the relevant JORC Table 1 information (refer to previous ASX announcements dated 1 December 2017, 2 November 2017, 27 September 2017, 23 May 2017, 3 April 2017, and 18 October 2016).

By reviewing the average grade of sample populations above conceptual cut off values, and applying their relative proportions to the modelled volume, a range of Li2O grades and tonnages are estimated.

For the 75% of assays that are above a 0.4 % Li2O cut off, an average grade of 1.10 % Li2O is estimated. For the 50% of assays that are above a 0.8 % Li2O cut off, an average grade of 1.25 % Li2O is estimated. Applying these assay frequency proportions to the model results in estimated volume that ranges from 3.8 million cubic meters to 5.6 million cubic meters for spodumene bearing pegmatite with economically interesting grades. A density value of 2.7 g/cm3 is applied to derive tonnage values. The density value is derived from measurements taken from selected drill core at SGS Labs, Lakefield, Ontario.

Using the above methodology an Exploration Target of between 10 to 15 million tonnes at a grade of between 1.00% and 1.25% Li2O is approximated for the Piedmont Lithium Project deposit. The potential quantity and grade of this Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

This Exploration Target is based on the actual results of Piedmonts previous 2017 drill programs summarised above and shown in Figure 1.

To further develop this deposit and move towards estimating a Mineral Resource, the Company will complete additional drilling to establish geological and grade continuity within the main pegmatite zones aiming for a drill spacing of 40 x 40 meters.

Any additional dykes discovered during the wide spaced next phase of drilling, as well as extensions to known dykes along strike or down dip of the current wireframe model extents, represent additional exploration potential that may expand the Exploration Target or potential Mineral Resource.

For further information, contact:

Keith D. Phillips
President & CEO
T: +1 973 809 0505
E: keith(at)piedmontlithium.com

Anastasios (Taso) Arima
Executive Director
T: +1 347 899 1522
E: taso(at)piedmontlithium.com

About Piedmont Lithium

Piedmont Lithium Limited (ASX: PLL; OTC-Nasdaq: PLLLY) holds a 100% interest in the Piedmont Lithium Project (Project) located within the world-class Carolina Tin-Spodumene Belt (TSB) and along trend to the Hallman Beam and Kings Mountain mines, historically providing most of the western worlds lithium between 1950 and 1990. The TSB has been described as one of the largest lithium provinces in the world and is located 40 kilometers west of Charlotte, North Carolina. It is a premier location to be developing an integrated lithium business based on its favorable geology, proven metallurgy and easy access to infrastructure, power, R&D centers for lithium and battery storage, major high-tech population centers and downstream lithium processing facilities.
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Piedmont Lithium Location and Bessemer City Lithium Processing Plant (FMC, Top Right) and Kings Mountain Lithium Processing Facility (Albemarle, Top Left)

The Project was originally explored by Lithium Corporation of America which eventually was acquired by FMC Corporation (FMC). FMC and Albemarle Corporation (Albemarle) both historically mined the lithium bearing spodumene pegmatites within the TSB and developed and operated the two lithium processing facilities in the region which were the first modern spodumene processing facilities in the western world.

The Company is in a unique position to leverage its position as a first mover in restarting exploration in this historic lithium producing region with the aim of developing a strategic, U.S. domestic source of lithium to supply the increasing electric vehicle and battery storage markets.

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Piedmonts 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 Piedmont, which could cause actual results to differ materially from such statements. Piedmont 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.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled or reviewed by Mr Lamont Leatherman, a Competent Person who is a Registered Member of the Society for Mining, Metallurgy and Exploration, a Recognized Professional Organization (RPO). Mr Leatherman is a consultant to the Company. Mr Leatherman has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Leatherman consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Exploration Target is based on, and fairly represents, information compiled or reviewed by Mr Leon McGarry, a Competent Person who is a Professional Geoscientist (P.Geo.) and registered member of the Association of Professional Geoscientists of Ontario (APGO no. 2348), a Recognized Professional Organization (RPO). Mr McGarry is a Senior Resource Geologist and full-time employee at CSA Global Geoscience Canada Ltd. Mr McGarry has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr. McGarry consents to the inclusion in this report of the results of the matters based on his information in the form and context in which it appears.

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Datum: 13.12.2017 - 13:18 Uhr
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