ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE  |  January 24, 2017  |  ASX:WCP

170124_wcp_maiden_drilling_campaign_commences_on_the_piedmont-1.pdf

• WCP has begun an initial drilling program at the Piedmont Lithium Project, located within the
  world-class Carolina Tin-Spodumene Belt and along trend to the Hallman Beam and Kings
  Mountain mines, historically providing most of the western world’s lithium between 1950 and
  1990
• Phase 1 drilling will include a 10-hole program designed to strengthen the geological
  understanding of the lithium bearing spodumene pegmatites identified from historical exploration,
  with results due in the second quarter of 2017
• Subsequent drilling (Phase 2) to be conducted in the second quarter of 2017 which is expected
  to support the delineation of a maiden JORC Resource
• Following successful completion of the drilling campaign and delineation of a maiden JORC
  Resource, the Company will commence technical studies at the Piedmont Lithium Project
• WCP continues its aggressive land leasing program expanding out from its initial strategic
  Piedmont Lithium Project area and is currently in negotiations with multiple landowners within the
  highly prospective Carolina Tin-Spodumene belt
• WCP’s exploration campaign continues to leverage its initial land position with excellent access
  to infrastructure and nearby lithium processing plants, facilitating the Company’s efforts in
  restarting lithium production from this historic world-class lithium region

WCP Resources Limited (“WCP” or “Company”) (ASX:WCP) is pleased to announce that it has commenced the first phase of a drilling campaign on the Piedmont Lithium Project (“Project”) owned by the Company’s 100% subsidiary, Piedmont Lithium Inc., which is located in the Carolina TinSpodumene Belt (“TSB”), a historic lithium producing district in North Carolina, United States.

The drilling campaign will begin with a first phase consisting of 10 holes totalling 1,500 metres of drilling which will be designed to extend upon the understanding of the currently mapped and drilled pegmatites on the Project area (Figure 1). The results of this first phase together with additional ground exploration and mapping work will continue to build upon the understanding of the lithium bearing geology of the Project.

Thick zones of high grade mineralisation have previously been recorded at shallow depths on the Project with intercepts including;

• 12.0m @ 1.18% Li2O from 29 m (hole 09-BD-03)
• 13.0m @ 1.24% Li2O from 43m (hole 09-BD-06)
• 4.7m @ 1.55% Li2O from 28m (hole 09-BD-10)
• 7.9m @ 1.33% Li2O from 28m and 1.0m @ 2.17% Li2O (hole 09-BD-05)
• 6.0m @ 1.31% Li2O from 81m and 8.0m @ 1.34% Li2O from 197m (hole 09-BD-14)
• 6.9m @ 1.42% Li2O from 63m and 1.9m @ 2.83% Li2O from 72m (hole 09-BD-17)
• 5.5m @ 1.48% Li2O from 44m and 5.4m @ 1.48% Li2O from 59m (hole 09-BD-18)

Figure 1: First Phase Drill Program on the Piedmont Lithium Project

The Company is highly confident of the ability to delineate further high grade intercepts in the first phase of the drilling campaign which will showcase the potential for the Project to become a leading US based developer of lithium raw material supply into the growing US domestic Electric Vehicle and Battery Storage markets.

Upon completion of the first phase, the new drilling results in conjunction with historic exploration data, will form the basis of the second phase drilling campaign which is expected to lead to the determination of a JORC / NI 43-101 compliant Resource at the Piedmont Lithium Project.

For further information, contact: