Piedmont Lithium Ltd (ASX:PLL) has accumulated the largest lithium mineral position on the world-class Carolina Tin-Spodumene Belt (TSB) in the United States after increasing its lithium belt holdings by 32% to 1,824 acres.
The company has also advanced its wholly-owned Piedmont Lithium Project by increasing its Core property holdings by 243 acres, or 28%, to 865 contiguous acres.
Total acreage at Core property is now 868 acres.
The new ground at Core property builds on the 1,383 acres already built up at the flagship Piedmont project by the end of December.
Piedmont Lithium told the market today that drill results from Central a week ago had supported the company’s land strategy to consolidate its Core, Central and Sunnyside properties to create a large contiguous lithium project.
Those results from 8 more holes had included intersections such as 19.1 metres grading 1.65% lithium oxide from 129.7 metres and 15.1 metres grading 1.24% lithium oxide from 127.9 metres.
Piedmont Lithium President & CEO Keith D Phillips said today: “The Carolina Tin-Spodumene Belt has been described as one of the world’s largest lithium districts.
“Piedmont has established a dominant position in the TSB and we hope to consolidate large contiguous land blocks to build a large, world-class integrated lithium business.
“We have demonstrated the substantial cost advantages of operating in North Carolina and one of our 2019 objectives is to make clear the sheer scale of the business we intend to build.”
Piedmont Lithium was established three years ago by investment outfit Apollo Group.
The company hopes to produce lithium hydroxide as expected global shortfalls of lithium lifts prices.
Piedmont Lithium’s updated a scoping study was published in September last year, increasing the value of the project by 14% to an after-tax US$777 million (A$1.1 billion) using a net present value (NPV8) calculated at an 8% discount.
The internal rate of return IRR) was an after-tax 56%, with lithium hydroxide cash costs of US$3,960 a tonne for a two-year payback.
Battery-grade lithium hydroxide monohydrate grading at least 56.5% was 100,000-110,000 yuan (US$14,826-16,308) a tonne in late December.
Piedmont Lithium’s had included 16.2 million tonnes of resources at 1.12% lithium in its latest study after a June upgrade to its resource estimate.
More holes from the phase IV drill program are expected to be reported over the coming weeks.