swells@piedmontlithium.com Piedmont Lithium Limited (ASX: PLL; OTC – Nasdaq International: PLLLY) (“Piedmont” or “Company”) advises that the Company’s Annual General Meeting was held today, 16 November 2017, at 10.00am.
The resolutions voted on were in accordance with the Notice of Annual General Meeting previously advised to the Australian Securities Exchange.
Key to Disclosures
Corporate Governance Council Principles and Recommendations
Piedmont Lithium Limited (ASX: PLL; OTC – Nasdaq International: PLLLY) (“Piedmont” or “Company”) is pleased to advise that it has completed its previously announced placement of 100 million shares at an issue price of A$0.16 per share to institutional and sophisticated investors in Australia, the United States, Canada, and the United Kingdom to raise gross proceeds of A$16 million (“Placement”).
Proceeds from the Placement will be used to expedite development of the Company’s 100% owned Piedmont Lithium Project (“Project”) located in the world-class Carolina Tin-Spodumene Belt (“TSB”) in the United States, including securing additional land within the TSB, completion of additional drilling and completion of technical studies for the Project.
Foster Stockbroking acted as Lead Manager to the Placement.
An Appendix 3B and Section 708A Notice are attached.
Keith D. Phillips, President and Chief Executive Officer, said, “These initial Phase 2 results are highly encouraging. We continue to be surprised by the sheer extent of the mineralisation and are excited to begin testing the deposit at depth. The Project is clearly larger than we had first envisioned and it is important that we do the work to properly evaluate the scale of the resource. Our Phase 1 drill program identified four potential corridors of mineralization and our Phase 2 program has in fact defined abundant high-grade mineralization in each corridor. We look forward to releasing the remaining results of our Phase 2 drilling campaign over the coming weeks.”
“We have established relationships with the leading technical and marketing consultants in the Lithium sector and intend to accelerate our feasibility studies with regards to metallurgical, mine development and off-take plans in the near future.”
Piedmont Lithium Mineralization Identified
Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to advise that approximately 4 kilometers of total strike length over eight (8) spodumene bearing mineralized trends have been identified within the Piedmont Lithium Project (“Project”) with all pegmatite trends remaining open along strike and down dip.
The initial 9,400 meter drilling which was planned for the Phase 2 campaign is now complete and was finished on-time and under-budget. Due to the success of this campaign, the Company has decided to continue the Phase 2 drilling program for a further 3,000 meters which will test the known mineralisation both along strike and importantly down dip.
Initial Phase 2 Results and Discussion
The initial assay results for the first 26 holes of the Phase 2 campaign have been received and continue to show high grade mineralisation across significant, mineable widths. Drill hole details and weighted-composite assay intercepts are attached as Appendix 1. The Company is extremely encouraged by the visual observations of mineralisation in the outstanding holes and expects to receive additional assays over the coming weeks.
The first Phase 2 drill holes were focused on the B, F and G corridors identified from the Phase 1 campaign. The cross-section below illustrates significant results from the G Corridor to date, from the Phase 2 Campaign.
High grade results from the B Corridor included:
Piedmont Lithium G Corridor Cross Section and Phase 2 Extension Drilling
Phase 2 Extension Drilling and Maiden Resource Estimation
Following the Company’s enhanced understanding of the high-grade mineralization potential at the Project, Piedmont, in consultation with our technical consultants who are leaders in the lithium sector, has opted for an increased and wider spaced Phase 2 drilling program.
The Company has now completed the 9,400 meters which was initially budgeted for the Phase 2 campaign and due to the extremely encouraging results, the Company will extend the Phase 2 drilling campaign for a further 3,000m to further test the mineralisation along strike (in the Star Corridor) and down dip (in the B and G Corridor).
Systematic 40 to 80 meter “step-outs” during the Phase 2 drill program have allowed Piedmont to identify eight (8) significant spodumene bearing pegmatites dikes or dike swarms totalling approximately 4 kilometers in strike length. These eight pegmatite trends consist of one to multiple spodumene bearing dikes with drill thickness ranging up to 16 meters. In general, the Phase 2 drilling has only tested the pegmatites to a vertical depth of 100 meters. A key focus of the additional 3,000 meter Phase 2 drilling extensions will go towards testing the downdip extensions in the “B” and “G” corridors while continuing to test along strike in the Star corridor. Note that several other highly prospective areas within the Project remain untested.
Given the scale of the mineralization on the property and the additional drilling required to test the potential, the Company now intends to release an Exploration Target in December 2017 followed by a maiden Mineral Resource estimate in early-2018.
About Piedmont Lithium
Piedmont Lithium Ltd holds a 100% interest in the Piedmont Lithium Project (the “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 from the 1950s to the 1990s. 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.
Piedmont Lithium Location and Bessemer City Lithium Processing Plant (FMC, Top Right) and Kings Mountain Lithium Processing Facility (Albemarle, Top Left)
The TSB has previously been described as one of the largest lithium provinces in the world and is located approximately 40 kilometers 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 kilometers 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 kilometers from the Project whilst Albemarle’s Kings Mountain lithium processing facility is approximately 17 kilometers 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.
Piedmont Lithium Limited (“Piedmont” or “Company”) (formerly WCP Resources Limited) is pleased to advise that the Company’s shareholders today approved the change of name of the Company to
“Piedmont Lithium Limited”.
Results of General Meeting
A General Meeting of the Company was held today, 18 July 2017, at 10.00am (WST). The resolutions voted on were in accordance with the Notice of General Meeting previously provided to the
Australian Securities Exchange (“ASX”). In accordance with Section 251AA of the Corporations Act 2001, the following information is also provided (attached).
Initial Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX’s property and may be made public.
WCP RESOURCES LIMITED
(PROPOSED TO BE RENAMED ‘PIEDMONT LITHIUM LIMITED’)
A C N 0 0 2 6 6 4 4 9 5
A General Meeting of the Company will be held at the Conference Room, Ground Floor, BGC Centre, 28 The Esplanade, Perth, Western Australia on Friday 18 August 2017 commencing at 10:00am (WST).
This Notice and the accompanying Explanatory Memorandum should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their stock broker, investment advisor, accountant, solicitor or other professional adviser prior to voting.
Should you wish to discuss any matter please do not hesitate to contact the Company Secretary by
telephone on + 61 8 9322 6322.
Shareholders are urged to attend or vote by lodging the Proxy Form attached to the Notice.
