Piedmont Lithium (ASX:PLL) is eyeing a Mineral Resource Estimate (MRE) upgrade at its jointly owned North American Lithium (NAL) Project in Quebec after uncovering new ‘high-grade’ lithium zones.
The $845.21 million market capitalisation company says the zones have been identified from an initial 2023 drilling campaign along the northwest margin of the NAL deposit, beyond the current pit operations and planned pit shell model.
Piedmont reports that the results demonstrate the ‘continuity and consistency’ of mineralisation grade and thickness inside the pit shell model, providing the potential for mineral resource conversion within the pit shell model, as well as definition below the existing pit.
Piedmont Lithium President and Chief Executive Officer (CEO) Keith Philips says these excellent’ results show the potential for a resource increase and a mine life extension at the NAL project.
“The thick widths and high grades of these intercepts are encouraging and underscore the importance of NAL, which is already North America’s largest operating lithium mine.
We look forward to the remaining assay results as NAL continues to ramp production and prepare Q423 customer shipments.”
“The thick widths and high grades of these intercepts are encouraging and underscore the importance of NAL, which is already North America’s largest operating lithium mine”
Piedmont Lithium is focused on developing a ‘world-class’, multi-asset, integrated lithium business focused on enabling the transition to a net-zero world and the creation of a clean energy economy in North America.
The North American Lithium Project is owned by Sayona Quebec, a joint venture (JV) between Piedmont (25%) and Sayona Mining (ASX:SYA) (75%).
Sayona reported further details of the recent NAL drilling results earlier this week.
Under the JV, Piedmont holds an offtake agreement to purchase the greater of 113,000 metric tons per year of 50% of the spodumene concentrate production from NAL at a ceiling price of $900 per metric ton on a life-of-mine basis.
Sayona Mining is working to support the global decarbonisation drive by sustainably producing lithium and accelerating the development of a battery manufacturing chain in Quebec.
Write to Adam Drought at Mining.com.au
Images: Piedmont Lithium