Pilbara Minerals upgrades Pilgangoora tantalum-lithium Resource
THE DRILL SERGEANT: Pilbara Minerals (ASX: PLS) has reported a big upgrade in the JORC-compliant Mineral Resource for the company’s Pilgangoora tantalum-lithium project, in the Pilbara region of Western Australia.
The company outlined the updated Mineral Resource to feature a 120 per cent increase in contained lithium oxide and 95 per cent increase in contained tantalite, which it claims already positions Pilgangoora amongst some of the world’s largest hard-rock lithium-tantalum deposits.
The overall resource now comprises:
10.7 million pounds of contained tantalum and 192,000 tonnes of contained lithium.
Recently-completed in-fill drilling has resulted in an upgrade to 3.1 million pounds of contained tantalum and 65,000 tonnes of contained lithium to the Indicated category.
Pilbara Minerals said this had increased its confidence in its portfolio of metal assets in the Pilbara region, declaring the Pilgangoora project represents a potentially company-making growth opportunity alongside its Tabba Tabba tantalum project, which is expected to generate near-term cash flow to support longer term growth objectives.
The company is about to kick off its next phase of in-fill drilling at Pilgangoora, which will focus on the central and northern zones within the current resource area.
Pilbara Minerals explained this work will aim to increase confidence in the resource categories within the higher grade domains with extensional RC work in the southern domain to be carried out beyond the defined Mineral Resource.
“After incorporating the drilling completed towards the end of last year, we have been able to double the overall tonnes, substantially increase the lithium grade, more than double the amount of contained lithium oxide and nearly double the contained tantalite,” Pilbara Minerals executive director Neil Biddle said in the company’s announcement to the Australian Securities Exchange.
“This is a great result which has also enabled us to upgrade our Exploration Target with further drilling about to commence which we expect will further significantly expand the resource.
“Pilgangoora is already a globally significant deposit, ranking in the 20 to 30 million tonnes size range, and we expect to be able to add further to this in the coming months.
“Alongside our near-production asset, our 50 per cent share of the Tabba Tabba tantalum project, Pilgangoora ranks as a company-making project with the potential to deliver huge upside for our shareholders.
“We are looking forward to delivering further additions to our resource inventory in the coming months and laying the foundations for a substantial, long-life strategic metals business.”