Piedmont Lithium Ltd's (ASX:PLL) recent flotation test work has indicated spodumene concentrate grades in excess of 6% lithium for its project in the Carolina Tin-Spodumene Belt in North Carolina, USA.
The company remains on schedule to release a maiden mineral resource estimate by the end of this quarter.
Drilling results released last week were promising.
READ: Piedmont Lithium receives drill assays ahead of maiden JORC resource
An integrated scoping study should be released in the third quarter of 2018.
President and chief executive officer Keith Phillips said: “The progress made over the past several months with land acquisition, drilling and metallurgical test work reinforces our view that the project will develop into a world-class, low cost, integrated lithium operation, as formerly existed in North Carolina.
“The company aims to develop the project on a phased approach using conventional technology, much of which was initially developed in our home region.”
Initial test work features high grades
Looking beyond the establishment of a maiden mineral resource and the scoping study, baseline permitting work is underway and applications are on track for submission in the fourth quarter of 2018.
However, the most likely near-term share price catalysts are results from drilling and the establishment of a maiden resource.