Piedmont Lithium Limited is pleased to advise that the Company has increased its lithium mineral rights by 188 acres through additional land option and acquisition agreements signed with local landowners in the Carolina Tin-Spodumene Belt ("TSB") in North Carolina, United States.
The Piedmont Lithium Project ("Project") now encompasses approximately 903 acres within the TSB, representing a 118% increase in the Company's initial land holding as announced to the Australian Securities Exchange ("ASX") on 27 September 2016. Piedmont's strategy is to consolidate the region between the newly optioned and historical landholdings, with all additional landholdings highly prospective for spodumene bearing pegmatite.
During initial prospecting, an area of multiple spodumene bearing float blocks was identified on one of the new properties. The blocks range up to 1 meter in scale. Grab samples have been collected and submitted to the lab for analysis. Prospecting and soil sampling are planned for all of the new properties in order to identify high priority drill targets.
Piedmont, through its 100% owned U.S. subsidiary, 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) approximately 903 acres of surface property and the associated mineral rights. The new properties optioned have been secured on substantially the same terms as the Company's existing option agreements.
Keith D. Phillips, President and Chief Executive Officer, said, "These strategic land acquisitions are on-trend and should enable us to grow mineral resources over time, ultimately leading to greater throughput and a longer mine life. These latest agreements increase our land holdings in the prolific Carolina Tin-Spodumene Belt by over 26%, and we are in conversations with many other landowners to further consolidate our position in the region."
Piedmont is also pleased to report that its first ADRs were traded on the OTC Market last week as a member of the Nasdaq International Designation, after completion of the customary regulatory review process. Mr. Phillips commented, "We are very pleased that our ADRs commenced trading last week and hope to develop substantial liquidity on the Nasdaq OTC prior to our full US listing early in 2018. With a US asset and a US-based management team, we expect to develop a very strong following in the US capital markets as a complement to our strong base with the ASX."