NEW YORK, Sept. 13, 2017 /PRNewswire/ -- Piedmont Lithium Limited ("Piedmont" or "Company") is pleased to advise that the Company has increased its lithium mineral rights by 147 acres through additional land option agreements signed with local landowners in the Carolina Tin-Spodumene Belt ("TSB") in North Carolina, United States.
The Piedmont Lithium Project ("Project") now encompasses approximately 715 acres within the TSB and importantly the Company is working towards consolidating the region between the newly optioned and historical landholdings. All additional landholdings show prospective sources of additional pegmatites similar to what is found within the remainder of the Project. The Company expects to be in a position to report on additional landholding agreements towards the end of the year.
Keith D. Phillips, President and Chief Executive Officer, said, "These latest agreements increase our land holdings in the prolific Carolina Tin-Spodumene Belt by over 26%, and we are in conversations with many other landowners to further consolidate our position in the region. These strategic land acquisitions are all on-trend and enable us to grow mineral resources over time, ultimately leading to greater throughput and a longer mine life."
Soil sampling is scheduled for the coming months to identify drill targets on the newly optioned properties.
Piedmont, through its 100% owned U.S. subsidiary, Piedmont Lithium Inc., has entered into exclusive option agreements with local landowners, which upon exercise, allows the Company to purchase (or in some cases long-term lease) approximately 715 acres of surface property and the associated mineral rights from the local landowners. The new property being the subject of this announcement has been secured on substantially the same terms as the Company's existing option agreements.
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About Piedmont Lithium
Piedmont Lithium Ltd holds a 100% interest in the Piedmont Lithium Project ("Project") which is located within the world-class Carolina Tin-Spodumene Belt ("TSB"), and along trend to the Hallman Beam and Kings Mountain mines, historically providing most of the western world's lithium between 1950 and 1990. The TSB is one of the premier localities in the world to be exploring for lithium pegmatites given its history of lithium bearing spodumene mining, favourable geology and ideal location with easy access to infrastructure, power, R&D centres for lithium and battery storage, major high-tech population centres and downstream lithium processing facilities.
The TSB has previously been described as one of the largest lithium provinces in the world and is located approximately 40 kilometres west of Charlotte, North Carolina, United States. The TSB was the most important lithium producing region in the western world prior to the establishment of the brine operations in Chile in the late 1990's. The TSB extends over approximately 60 kilometres in length and reaches a maximum width of approximately 1.6 kilometers.
The Project was originally explored by Lithium Corporation of America which eventually was acquired by FMC Corporation ("FMC"). FMC and Albemarle Corporation ("Albemarle") both historically mined the lithium bearing spodumene pegmatites from the TSB with the historic Kings Mountain lithium mine being described as one of the richest spodumene deposits in the world by Albemarle. These two mines and their respective metallurgy also formed the basis for the design of the two lithium processing facilities in the region which were the first modern spodumene processing facilities in the western world.
Albemarle and FMC continue to operate these important lithium processing facilities with FMC's Bessemer City lithium processing facility being approximately 14 kilometres from the Project whilst Albemarle's Kings Mountain lithium processing facility is approximately 17 kilometres from the Project.
The Company is in a unique position to leverage its position as a first mover in restarting exploration in this historic lithium producing region with the aim of developing a strategic, U.S. domestic source of lithium to supply the increasing electric vehicle and battery storage markets.
Forward Looking Statements
This announcement may include forward-looking statements. These forward-looking statements are based on Piedmont's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Piedmont, which could cause actual results to differ materially from such statements. Piedmont makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.
Competent Persons Statement
The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled or reviewed by Mr Lamont Leatherman, a Competent Person who is a Registered Member of the 'Society for Mining, Metallurgy and Exploration', a 'Recognised Professional Organisation' (RPO). Mr Leatherman is a consultant to the Company. Mr Leatherman has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Leatherman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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SOURCE Piedmont Lithium Limited