Pilbara Minerals increases Pilgangoora lithium Resource

THE DRILL SERGEANT: Pilbara Minerals (ASX: PLS) released an upgrade to the JORC Code-compliant Mineral Resource estimate for the company’s Pilgangoora tantalum-lithium project in the Pilbara region of Western Australia.

The updated Mineral Resource comprises: Indicated and Inferred Resources of 23.83 million tonnes at 0.021 per cent tantalite containing 11.3 million pounds tantalite; and

A corresponding lithium resource of 20.48 million tonnes at 1.16 per cent spodumene containing 237,000 tonnes of lithium oxide.

Within the total Mineral Resource of 23.83 million tonnes, and at a cut-off of one per cent spodumene, the Inferred and Indicated lithium Resource amounts to 12.73 million tonnes at 1.42 per cent spodumene containing 181,000 tonnes of lithium oxide.

Pilbara Minerals explained the updated Mineral Resource includes a 23 per cent increase in contained lithium oxide and a 6 per cent increase in contained tantalite.

The company added the drilling has also indicated potential for the resource to grow further.

The overall Pilgnagoora mineral resource now comprises 11.3 million pounds of contained tantalite and 237,000 tonnes of contained lithium oxide, with recent extensional drilling adding 45,000 tonnes of contained lithium oxide to the Inferred category.

“This interim upgrade builds on the March resource update and, importantly, delivers a significant increment to the high-grade lithium resource,” Pilbara Minerals executive director Neil Biddle said in the company’s announcement to the Australian Securities Exchange.

“Our latest work has also clearly demonstrated the broader potential of this deposit, with the company announcing a 50 to 60 million tonnes Exploration Target which gives investors a good indication of its potential as one of the world’s largest and highest grade hard rock lithium deposits.

“Coming hard on the heels of the $6 million capital raising announced yesterday (1 June 15), this latest resource upgrade shows that we are well on track towards realising our strategy of building a long-life strategic metals business at the Pilgangoora project – supported in the short term by production and cash flow from the Tabba Tabba project.”

Website: www.pilbaraminerals.com.au