Australian lithium producer, Pilbara Minerals Limited (ASX: PLS) has announced a substantial increase in ore reserves at its 100%-owned Pilgangoora Operation in Western Australia’s Pilbara region, reinforcing its position as one of the world’s largest hard-rock lithium operations.
The updated Ore Reserve, which represents a 35% increase in total Ore Reserves when compared with the 30 June 2022 Ore Reserve statement, now contains 2.5Mt of lithium oxide at 1.19% Li2O.
Highlights
- Ore Reserve update reinforces Pilbara Minerals’ 100% owned Pilgangoora Operation as one of the largest hard-rock lithium deposits globally.
- 35% increase in total Proved and Probable Ore Reserve Tonnes and a 36% increase in the contained lithium oxide at Pilgangoora to 2.5 million tonnes (Mt) grading 1.19% Li2O and 103 ppm Ta2O5.
- Ore Reserve update is based on the updated Mineral Resource (released 7 August 2023) of 413.8Mt grading 1.15% Li2O and 112ppm Ta2O5, containing 4.8Mt of lithium oxide and 102 million pounds of Ta2O5.
- Updated Ore Reserve extends Pilgangoora Operation’s mine life by circa 9 years to ~34 years
- The updated Ore Reserve is based on a long-term price of US$1,450 per tonne (t) of spodumene concentrate (SC6.0 CIF basis).
- Additional extension targets have been identified including the prospective East Extension and Central Extension which are to be further drill tested during the planned FY24 drilling campaign.
- Supported by the updated Ore Reserve, a study has commenced to explore further potential expansions in production capacity beyond P1000 at the Pilgangoora Operation.
We are delighted to be updating the Pilgangoora Ore Reserve which incorporates the recent Mineral Resource update and results from the FY23 drilling campaign,” Managing Director and CEO, Dale Henderson, said.
“This increase in reserves allows us to materially extend our already long mine life at Pilgangoora and we have now commenced a study to explore further expansion of production capacity beyond P1000.
“We will continue to seek organic growth opportunities via exploration to maximise value for shareholders with additional drilling campaigns planned in FY24 and beyond to maximise the potential of our world class Pilgangoora Operation.”
