Piedmont Continues to Aggressively Consolidate Its Lithium Mineral Holdings in North Carolina
PRESS RELEASE | February 19, 2019 | NASDAQ:PLL | ASX:PLL
Piedmont increases its TSB land position by 32% to 1,824 acres
Core Property expanded by 243 acres or 28% to a total of 865 contiguous acres
Recent drill results on the Central Property validate the Company’s land consolidation plan
NEW YORK, Feb. 19, 2019 (GLOBE NEWSWIRE) — Piedmont Lithium Limited (“Piedmont” or “Company”) is pleased to advise that the Company has increased its land position by 441 acres to 1,824 acres in the Carolina Tin-Spodumene Belt (“TSB“) located west of Charlotte in North Carolina. These additions were achieved via a combination of option agreements and deferred purchase contracts, making effective use of the Company’s funds to maximize exploration opportunities.
Land map showing the newly acquired properties
Piedmont Lithium’s land acquisition progression from project inception to current
Recent additions have help consolidate the Company’s Core Property, which now comprises 868 acres. Piedmont has now established the largest lithium mineral position in the TSB. Recent drill results from the Company’s Central Property (announced February 13, 2019) support the overall land strategy to consolidate properties between Core, Central and Sunnyside creating a large contiguous lithium project.
Piedmont will undertake initial soils and surface rock sampling of the new properties in the coming months.
Keith D. Phillips, President and Chief Executive Officer, said, “The Carolina Tin-Spodumene Belt has been described as one of the world’s largest lithium districts. Piedmont has established a dominant position in the TSB and we hope to consolidate large contiguous land blocks to build a large, world-class integrated lithium business. We have demonstrated the substantial cost advantages of operating in North Carolina and one of our 2019 objectives is to make clear the sheer scale of the business we intend to build.“
Piedmont Lithium Inc. has entered into exclusive option agreements and land acquisition agreements with local landowners, which upon exercise, allow the Company to purchase (or in some cases long-term lease) 1,824 acres of surface property and the associated mineral rights from the local landowners. The new properties being the subject of this announcement total 440.6 acres, of which 137.4 acres have been acquired under land acquisition agreements and 303.2 acres have been optioned under land option agreements, on substantially the same terms as the Company’s existing land option agreements.