Piedmont Lithium Limited ("Piedmont" or "Company") is pleased to advise that the Company has increased its lithium mineral rights by 188 acres through a strategic land acquisition agreement signed with local landowners in the Carolina Tin-Spodumene Belt ("TSB") in North Carolina, United States. The new acreage adjoins a 57-acre parcel already under option by Piedmont, creating a large 245-acre contiguous land package in close proximity to the past-producing Hallman-Beam mine and within four miles of the Company's current Phase 3 drilling program.
During initial prospecting, areas of multiple spodumene bearing float blocks were identified on the new property, and grab samples have been collected and submitted to the lab for analysis. Prospecting and soil sampling will commence in the near future in order to identify high priority drill targets.
The Piedmont Lithium Project now encompasses approximately 1,092 acres within the TSB, representing a 20.7% increase in the Company's land holding as previously announced to the Australian Securities Exchange ("ASX"). Piedmont's strategy is to consolidate land in the region between its newly optioned and historical landholdings in order to support the large and long-lived integrated lithium project the Company intends to develop.
Keith D. Phillips, President and 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, 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 for the Company, possibly enabling us to significantly increase the size of our lithium project. Our geologists are excited about the prospects on the new land and will be designing a drill program in the near future."
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