THE BOURSE WHISPERER: Plymouth Minerals (ASX: PLH) has acquired all data produced as part of a historical feasibility study completed on the company’s San Jose lithium deposit in Spain.
Plymouth Minerals said the comprehensive data set was produced over several years by diversified Spanish mining company Tolsa which owned the project during the study period from 1985 to 1991.
Plymouth is earning up to 75 per cent of San Jose and is partnered with Spanish engineering and construction company Sacyr, through its wholly-owned subsidiary mining arm, Valoriza Mineria.
The company explained it purchased this data from the previous owner, Tolsa, in order to expedite the development of San Jose.
In light of the acquisition, Plymouth has paused its current RC and diamond drilling campaign after the completion of the 10th drill hole pending the integration of all available drilling data received through this acquisition.
Plymouth said the newly-acquired data acquired will enable it to fast track completion of a maiden JORC resource for San Jose outlining its intentions to publish a maiden JORC resource combining the historic data and its recently drilled holes.
The company believes the acquisition of the data will reduce the expected time and cost of the required drilling programs.
“This is a significant step forward and as a result a major saving of time and money for Plymouth,” Plymouth Minerals executive chairman Adrian Byass said in the company’s announcement to the Australian Securities Exchange.
“We believe this data will accelerate work and allow Plymouth to cement San Jose’s position as one of the most advanced lithium carbonate development projects in the world.”