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Pilbara Minerals Ltd.
Summary
| Project: | Pilgangoora | |
|---|---|---|
| Deposit: | Pilgangoora | |
| Location: | Australia | |
| Commodities: | Tantalum-Lithium | |
| Date: | 7/11/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 11-7-2016: Pilbara Minerals Ltd. announces a Resource Estimation report for its Pilgangoora deposit at the Pilgangoora project. Mineral resource upgrade, 60% increase in resource from last estimate. Australian lithium developer Pilbara Minerals Ltd (ASX: | |
| Resources: | (Resource, Total): 128.6Mt @ 1.22% Li2O, 138ppm Ta2O5 at Pilgangoora project | |
| CP/QP: | [Resources]: Lauritz Barnes, John Young (Trepanier Pty Ltd.;Internal) | |
| ABSTRACT: | Australian lithium developer Pilbara Minerals Ltd (ASX: PLS) is pleased to report a 60 per cent increase in the Mineral Resource at its flagship 100%-owned Pilgangoora Lithium-Tantalum Project in WA’s Pilbara region, paving the way for the completion of a Definitive Feasibility Study next month. The new resource estimate confirms Pilgangoora’s status as the world’s leading lithium development project, with the grade, scale and quality to underpin a low-cost, long-life operation with outstanding technical and financial attributes. The updated resource – comprising 128.6 million tonnes grading 1.22% Li2O (spodumene) and 138ppm Ta2O5 containing 1.57 million tonnes of lithium oxide and 39 million pounds of Ta2O5 – incorporates the results of successful in-fill and exploration drilling completed from February to June 2016, and represents a 60 per cent increase in total resource tonnage compared with the resource upgrade announced on 1st February 2016. The original resource in-fill and extensional drilling program was expanded due to the exploration success achieved to the north of the proposed Central Pit, as outlined in the March Pre-Feasibility Study. This expanded program not only increased and upgraded the Inferred and Indicated components of the resource to expand the Ore Reserve but also substantially increased the global resource. The overall Pilgangoora Mineral Resource now comprises 1,572,000 tonnes of contained lithium oxide and 39 million pounds of contained tantalite. Using the benchmark Lithium Carbonate Equivalent (LCE) measure, the resource contains 3.98 million tonnes of LCE, underlining Pilgangoora’s status as a globally significant lithium project. The July 2016 resource model will be used as the basis for the Definitive Feasibility Study, with the significant conversion of Inferred material into the Indicated category and Indicated to Measured expected expand the current Ore Reserve as part of the DFS. The revised Ore Reserve will in turn underpin the associated financial model due for completion in August 2016. | |
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