Piedmont Lithium Ltd. (PLLL:NASDAQ; PLL:ASX) increased its land package via acquisition at its Piedmont lithium project by 15% to 1,383 acres, it announced in a news release.
The acquisitions were strategic, with 122 of the purchased acres being located in the Carolina Tin Spodumene Belt (TSB), where Piedmont's Core property sits. The significant new parcels related to Core are contiguous, 55 acres in the southeast and 20 acres in the west. Together, they expanded Core's acreage by 93 acres or 18% to 622 in all.
Both of these recent acquisitions expanded highly prospective strike length at Core, the southeast acres adding more than 600 meters (600m) along the F corridor and the west acres adding more than 400m along the B corridor. "These two properties have significant potential to add to the current Core resource," the release stated.
"We have found high-grade mineralization 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," President and CEO Keith Phillips stated in the release.
Piedmont plans another drill program to explore these new properties, to upgrade Inferred resource ounces to Indicated, to change the exploration target areas to Indicated ounces where possible and to follow up previous drilling at Central. The company is currently finalizing targets for its phase four drilling.
The new land acquisitions also included 42 acres for the lithium company's concentrator and waste rock disposal locations. Several other purchased properties may be used for "future waste rock disposal, possible exchange properties for on-trend parcels, buffer zones or as conservation targets for mitigation purposes," the release noted.
The company controls these new land parcels via lease, option agreement or deferred purchase contract to minimize its pre-development outlay of cash.
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