Piedmont Lithium ("Piedmont" or the "Company") (NASDAQ:PLL, ASX: PLL))))), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced that additional high-grade drill results at North American Lithium ("NAL") in Quebec continue to demonstrate the potential for a significant upgrade to the mineral resource estimate. These new drill results follow similar assay results released in May 2024.
The 2023-2024 drill program has identified multiple, new, high-grade lithium zones beyond the planned pit shell model, with intercepts at thicker and higher grades than previously encountered. Mineralization within the pit shell model has shown continuity and consistency in grade and thickness. An additional 30,000 meters of exploration drilling at NAL is planned for 2024.
NAL is the largest lithium operation in North America and is jointly owned by Piedmont (25%) and Sayona Mining Limited (75%). The operation has continued to achieve quarterly record spodumene concentrate volumes since restarting production in March 2023 and is targeting steady-state production in H2 2024.
"The latest drill results underscore the importance of North American Lithium as the only lithium mine in North America producing IRA-compliant spodumene concentrate," said Keith Phillips, President and Chief Executive Officer of Piedmont Lithium. "The continued positive results of the NAL drill program demonstrate the potential of this highly strategic asset, and we look forward to a future update to the mineral resource estimate both in terms of mineral resource quantity and classification."