Piedmont Lithium Ltd’s (ASX:PLL) increase of its lithium mineral rights by 188 acres has benefits in that it adjoins 57 acres where the company has an option to purchase.
In acquiring the rights, the company negotiated a land acquisition agreement signed with local landowners in the Carolina Tin-Spodumene Belt in North Carolina, United States.
The new acreage combined with that under option creates a 245 acre contiguous land package in close proximity to the past-producing Hallman-Beam mine.
Close proximity to phase 3 drilling program
The acreage is within four miles of the company’s current Phase 3 drilling program.
Piedmont’s intends to consolidate land in the region between its newly optioned and historical landholdings.
This is in keeping with its strategy to support the large and long-lived integrated lithium project the company intends to develop and to this and it is commencing a scoping study.
READ: Piedmont Lithium initiates scoping study on its lithium project in the US
Management suggests this could increase the size of the lithium project
Keith Phillips, chief executive officer, said: “This land acquisition is highly-strategic because the property is located on-trend and immediately south of the historic Hallman-Beam mine.
“This was one of the world’s largest sources of lithium from the 1950s to the 1990s.
“In combination with 57 adjacent acres we already control, we now have a 245-acre package which could serve as a second core mining area.
“This could enable our company to significantly increase the size of the lithium project.”