Pioneer Lithium (ASX:PLN) has received approval from Canada’s Ministry of Mines for a second exploration permit for its Root Lake Lithium Project in Ontario.
The $8.88 million market capitalisation company says the permit complements the existing early exploration permit and supports the company’s approach of multi-phase drilling campaigns at Root Lake.
Pioneer is currently finalising planning for a maiden drilling program which will incorporate the enlarged area covered by the second exploration permit.
Meanwhile, the permit approval process is ongoing with proactive and positive discussions between Pioneer, First Nations communities, and the Ministry of Mines.
Pioneer Chairman Robert Martin says the second exploration permit comes after the company encountered further exploration targets from a recently completed fieldwork program at Root Lake.
Pioneer is a lithium explorer and developer with a suite of assets situated in Ontario and Quebec.
The company’s Root Lake Project sits about 100km north of the town of Sioux Lookout and is accessible via the trans-continental road system and the all weather Slate Falls Road.
As of 30 September 2023, Pioneer Lithium had $4.369 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Pioneer Lithium
