Substantial increase in Proved and Probable Ore Reserves for Pilbara’s 100%-owned Pilgangoora Lithium-Tantalum Project to 69.8Mt grading 1.26% Li2O (spodumene), 132ppm Ta2O5 and 1.04% Fe2O3 following highly successful drilling programs undertaken as part of the Definitive Feasibility
This represents a 136% increase in the total Proved and Probable Ore Reserve compared with the maiden Ore Reserve used to underpin the March 2016 Pre-Feasibility Study (29.5Mt grading 1.3% Li2O and 134ppm Ta2O5).
The updated Ore Reserve contains 883,000 tonnes of lithium oxide and 20.3 million pounds of Ta2O5, sufficient to underpin a planned mine life of approximately 35 years based on a 2Mpta operation –more than double the projected mine life in the PFS.
Significant opportunities exist to further expand Mineral Resources and Ore Reserves in the future, with studies already underway on a possible future expansion of plant capacity.
The upgraded Ore Reserve is based on a conservative assumed price for 6% battery grade
spodumene concentrate of US$460/tonne, consistent with Pilbara’s strategy to become an extremely low-cost hard-rock lithium producer, operating well into the bottom cost quartile on a long-term basis.
The new Ore Reserve will underpin the Definitive Feasibility Study for the Pilgangoora Project, which is now in its final stages and on track to be released in early September 2016, following Pilbara Mineral’s Board review.
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