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Pilbara Minerals Ltd.
Summary
| Project: | Pilgangoora | |
|---|---|---|
| Deposit: | Pilgangoora | |
| Location: | Australia | |
| Commodities: | Tantalum-Lithium | |
| Date: | 6/29/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 29-6-2017: Pilbara Minerals Ltd. announces a Resource Estimation report for its Pilgangoora deposit at the Pilgangoora project. 15% increase in reserves at Pilgangoora. Australian lithium developer, Pilbara Minerals Limited (ASX: PLS) (Pilbara or Pilbara | |
| Resources: | (Reserve, P+P): 80.3Mt @ 1.27% Li2O, 123ppm Ta2O5, 1.08% Fe2O3 at project | |
| CP/QP: | [Overall Report]: John Young (Internal) | |
| ABSTRACT: | Australian lithium developer, Pilbara Minerals Limited (ASX: PLS) (Pilbara or Pilbara Minerals) is pleased to announce a significant increase in the Ore Reserve estimate for its 100%-owned Pilgangoora Lithium-Tantalum Project in Western Australia (Figure 1), further strengthening its ability to increase production beyond the 2Mtpa Stage 1 project approved for development last week. The expanded Ore Reserve of 80.3Mt grading 1.27% Li2O, 123ppm Ta2O5 and 1.08% Fe2O3 is based on the upgraded Mineral Resource announced in January 2017 of 156.3 million tonnes @ 1.25% Li2O containing an estimated 1.95 million tonnes of Li2O. The upgraded Ore Reserve, which represents approximately a 15% increase on the maiden Ore Reserve announced last year, incorporates additional drilling completed since the Definitive Feasibility Study (‘DFS”) released in September 2016. Studies are now underway to evaluate increased production capacity to 5Mtpa, rather than 4Mtpa as originally contemplated, once operations at Pilgangoora have commenced at the initial targeted production rate of 2Mtpa (approximately 330,000tpa of spodumene concentrate per annum). Pilbara Minerals’ Managing Director Ken Brinsden said the growth in Ore Reserves reflected the outstanding achievements of the Company’s exploration team in delivering continued growth in the Pilgangoora Mineral Resource. “Every drill program completed over the past few years has added significantly to our inventory, reinforcing Pilgangoora’s position as a globally significant hard rock lithium-tantalum deposit,” he said. “The new Ore Reserve announced today incorporates the most recent resource upgrade unveiled earlier this year and underpins a 40-year mine life at the Stage 1 production rate. “This impressive result well and truly sets the scene for our Stage 2 expansion – and allows us to consider an increased production rate of 5Mtpa,” Mr Brinsden added. “Given the rapid escalation in customer demand, the robust outlook for the lithium market and continued increases in the Resource and Ore Reserve, we have every reason to believe that Pilgangoora’s production can continue to grow, subject of course to completing the appropriate studies.” | |
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