THE DRILL SERGENT: Timing, they say, is everything in this world and Australian lithium producer, Pilbara Minerals (ASX: PLS) announced a substantial increase in the Mineral Resource at it’s the company’s 100 per cent-owned Pilgangoora lithium-tantalum project just days out from the New World Metals Conference in Perth.
Located in the Pilbara region of Western Australia, Pilbara Metals said the update to the project’s Resource estimate has reinforced its claim to be the world’s premier hard rock lithium operation.
The updated Resources represents a 39 per cent increase in the total Measured, Indicated and Inferred Resource, growing to 308.9 million tonnes at 1.14 per cent lithium oxide (Li2O), 105ppm tantalum pentoxide (Ta2O5) and 0.59 per cent iron (III) oxide (Fe2O3), containing 3.5 million tonnes of Li2O and 71.7 million pounds of Ta2O5.
The numbers also show a 59 per cent increase in the total Measured and Indicated Resource to 210.2 million tonnes grading 1.17 per cent Li2O, 103ppm Ta2O5 and 0.56 per cent Fe2O3, containing 2.46 million tonnes of Li2O and 47.7 million pounds of Ta2O5.
With an increased cut-off grade of 0.5 per cent Li2O, the total Measured, Indicated and Inferred lithium Resource amounts to 277.2 million tonnes at 1.22 per cent Li2O containing 3.4 million tonnes of Li2O.
All this before the tantalum by-product credits are taken into consideration.
The updated JORC 2012-compliant Mineral Resource incorporates all historical data including drilling data acquired through several exploration campaigns completed by Pilbara Minerals between November 2014 and June 2021.
The update also includes the integration of the former Altura lithium operations Mineral Resource.
“This landmark Resource upgrade is another clear indication of Pilgangoora’s position as the world’s premier hard-rock lithium asset,” Pilbara Minerals managing director and CEO Ken Brinsden said in the company’s ASX announcement.
“The scale of the endowment is quite remarkable, with the integration of the adjoining Ngungaju Resource, combined with highly successful development and drilling programs, taking our Resource inventory well and truly to the next level.
“We are looking forward to completing an updated Ore Reserve next month that will underpin operations for many decades to come.
“Against the backdrop of surging global demand for lithium raw materials, Pilgangoora is incredibly well positioned to play a pivotal role in the accelerating global energy transformation.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE