Premier1 shares soar ahead of Abbotts North drilling 

Premier1 Lithium (ASX:PLC) has received heritage clearances for the first stage of a drilling program at its Abbotts North Project near the township of Meekatharra in Western Australia.

Earlier this week (5 February), Premier1 announced it had received all approvals to implement its name change, however, the previously reported ASX ticket code ‘P1L’ was no longer available.

As of 3:30pm AEDT, shares in Premier1 Lithium had increased by 10.256% to $0.043 per share. The company currently has a $6.11 million market capitalisation. 

SensOre on 18 December 2023 announced it was restructuring its businesses. At the time it reported it was changing its name to Premier1 Lithium as part of its focus on lithium and critical minerals, while demerging and privatising its minerals software and AI technology business. 

Chief Executive Officer (CEO) Richard Taylor says the receipt of the heritage survey, coupled with a recently approved program of work applications by the Department of Mines, Industry Regulation and Safety (DMIRS), pave the way for 2,000m of drilling over the main target areas at Abbotts.  

Drilling has been designed to define the continuity and extent of lithium mineralisation evident in rock chip samples taken from surface within the main Buttamiah prospect. 

Track and drill pad establishment has begun and a reverse circulation (RC) drill rig is being mobilised to site. 

Taylor says: “This is an important and exciting phase for Premier1.”

At Buttimah, several parallel lithium-bearing pegmatites have been mapped and sampled, which strike about east-west and can be traced in strike over an extended area. 

Further follow-up fieldwork will be conducted to assess the new priority targets, including additional heritage clearance surveys. 

Archaeological Excavations, in conjunction with the Ngoonooru Wajarri people – the traditional owners of the lands and waters — completed the initial heritage clearance survey at Abbotts North.

On 18 December 2023, Premier1 announced its intention to restructure its business as part of its focus on lithium and critical minerals, while demerging and privatising its minerals software and artificial technology business.  

Premier1 Lithium is focused on tapping into the potential of Western Australia’s renowned lithium reserves.

Write to Adam Drought at Mining.com.au

Images: Premier1 Lithium
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.