Piedmont Lithium (ASX:PLL, PLL) has released an additional batch of drill results from its Piedmont Lithium project in North Carolina. Its Phase 4 drill program was designed to confirm the continuity of the pegmatite system on the Core zone, and this has helped to further increase the confidence in and the total size of the resource (which contained 16.2 million tonnes at an average grade of 1.12% Li2O and represents approximately 85% of the total 19Mt resource before Piedmont released an update last week).
Piedmont had been guiding for an updated resource estimate before the end of last month, and the company was able to deliver on its promise. The updated resource estimate now contains a total of 27.9 million tonnes at an average grade of 1.11% Li2O, of which the majority (90%) is hosted in the so-called Core Property with a total of 25.1 million tonnes at 1.09% Li2O, in a 50/50 ratio of indicated and inferred resources.
Piedmont also emphasized 97% of the Core resource is located within 150 meters from surface while almost 75% lies within 100 meters which shouldn’t make it too tough to design an open pit. Piedmont is now working on pre-feasibility level met work, and plans to publish a scoping study later this month which should provide more details on the anticipated production cost and the chances of the project being developed at the current spodumene prices.