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Pia Rivera
Quarterly Activities Report December 2021
The Board of Galan Lithium Limited (“Galan” or “the Company”) is pleased to provide this Quarterly Activities Report for the quarter ended 31 December 2021 to the date of this report. The main focus for the quarter was the ongoing feasibility works, construction activities and further drilling at its high-grade Hombre Muerto West (“HMW”) project and the completion of the PEA/scoping study for the Candelas project. Both key projects are located in the Hombre Muerto West salt flat in the South American Lithium Triangle (see tenement location map in Figure 1).
- Updated stronger, compelling HMW economic study completed - unleveraged pre-tax NPV of US$2.2 billion, IRR of 37.5% and less than three (3) year payback period
- HMW Feasibility Study awarded to Hatch
- Long term average lithium price assumption of US$18,594/t LCE battery grade used for HMW and Candelas economic assessments
- Excellent Preliminary Economic Assessment (PEA) results for Candelas - unleveraged pre-tax NPV of US$1.225 billion, IRR of 27.9% and a four (4) year payback period. Initial capital cost of US$408 million with a long project life of 25 years at 14ktpa of battery grade lithium carbonate (LCE)
- Competitive cash production cost for Li2CO3 of US$4,227/t positioning Candelas as a low-cost developer in the lithium industry
- Galan has two (2) PEA study level projects (wholly owned) with combined long term production potential of 34ktpa LCE – no offtake, JV or royalty agreements
- Grade is king - Hombre Muerto West resource ~ 2.3Mt LCE @ 946 mg/l Li
- Total indicated resource inventory in Argentina of ~ 3Mt LCE @ 858 mg/l Li
- Strong M & A action in Argentina lithium space – CDN$966m Neo Lithium Corp (Oct’21), CDN$377m Millennial Lithium Corp (Sep’21) and Galaxy/Orocobre finalised (Aug’21)
- Potential targets identified at Greenbushes South JV
- Company continues to adhere to Covid-19 protocols in Argentina, Chile and Australia with employee’s health and safety our number one priority
- Cash on hand at end of quarter was $59.3m
Click here for the full ASX release
This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Substantial Acquisition Significantly Expands Mt Sholl Ni-Cu-PGE Project
Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to announce the acquisition of tenure adjacent to Raiden's Mt Sholl Project. Through the Welcome acquisition, the consolidated tenements cover a land area of 27km2 . Relative to the prospectivity and results returned to date, the tenements appear under explored, especially regarding extensions of known mineralisation and untested targets.
Mr Dusko Ljubojevic, Managing Director of Raiden commented: "The consolidated tenements have provided Raiden with a significant ground package with drill proven prospectivity. We are particularly encouraged by the fact that mineralisation is outcropping and has very high grade sections within the ore body.
Raiden has commenced interpreting geophysical coverages across the tenements to define extensional targets and potentially untested drill targets, in preparation of a substantial drilling program to be undertaken in Q1 CY22. Systematic analysis of platinum-palladium will be conducted to determine the extent of polymetallic mineralisation present, within what appears to be a large magmatic intrusion system. Twin holes or infill drilling will be completed in areas of nickel-copper mineralisation that has been intersected in previous drilling, which were not tested for palladium-platinum-cobalt.
Through aggregation of individual assets with fragmented ownership, we have generated a substantial asset which has the potential of underpinning a significant resource base. In addition, the associated PGE-cobalt mineralisation has the potential to significantly increase the economic value."
Piedmont Submits North Carolina Mine Permit and Draft U.S. Department of Energy Loan Applications
Piedmont Lithium Inc., (“Piedmont” or the “Company”) (Nasdaq: PLL), a multi-asset company focused on the integrated production of lithium hydroxide to support the North American electric vehicle supply chain, today announced it has submitted two applications related to the Company’s Carolina Lithium Project.
On August 30, 2021, the Company filed its application for a North Carolina State Mining Permit with the N.C. Department of Environmental Quality’s Division of Energy, Mineral and Land Resources.
Additionally, on August 31, 2021, the Company submitted a draft loan application to the U.S. Department of Energy’s Loans Program Office for loan funding via the Advanced Technologies Vehicle Manufacturing (“ATVM”) Loan Program. The ATVM has $17.7 billion in direct loan authority to provide funding to U.S. companies engaged in the manufacturing of fuel efficient, advanced technology vehicles and qualifying components supporting the automotive supply chain.
The timeline for the review and response with respect to each application is subject to the established processes and procedures of the respective responsible agency.
“Submitting our mine permit application with the State of North Carolina is an important and necessary step in advancing our Carolina Lithium Project in Gaston County, North Carolina,” said President and CEO of Piedmont Lithium, Keith Phillips. “We have been extremely rigorous in planning our operations, with an intense focus on safety, sustainability, and environmental protections within the communities where we plan to operate. We welcome the review by the State and look forward to their response. And as we consider a variety of funding sources for our Carolina Lithium Project, we’re excited about the possibility of participating in the ATVM Loan Program. This program was specifically designed to assist companies like ours that are working to help build a domestic source of components and materials to support the electric vehicle supply chain in the U.S.,” added Phillips.
To learn more about mining permits in North Carolina, visit: NC DEQ: Mining Program. To learn more about the ATVM Loan Program, visit: Advanced Technology Vehicles Manufacturing Loan Program | U.S. Department of Energy.
Piedmont Lithium is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in-demand mineral resources, and production assets in Quebec, and Ghana, we believe positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. Our diverse asset base is strategically located to serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. We believe that our diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information, see www.piedmontlithium.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development and construction activities; current plans for Piedmont’s mineral and chemical processing projects; strategy; and expectations regarding permitting. Such forward-looking statements involve substantial and known and unknown risks, uncertainties and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont will be unable to commercially extract mineral deposits, (ii) that Piedmont’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays and approvals, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Sayona Quebec and IronRidge Resources, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this presentation and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.
Piedmont Lithium Inc. (Nasdaq: PLL), a multi-asset company focused on the integrated production of lithium hydroxide to support the North American electric vehicle supply chain, today announced it has submitted two applications related to the Company’s Carolina Lithium Project.
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Piedmont Completes Initial Investment in Ironridge
Strategic Investment in Ghana Lithium Portfolio Supports Growth Plans
- Piedmont Lithium has completed a 9.9% investment in IronRidge Resources
- Earn-in agreement via staged investments to acquire a 50% stake in IronRidge’s Ghana lithium portfolio
- Supply agreement gives Piedmont rights to 50% of Ghanaian spodumene concentrate (“SC6”) production
- SC6 supply provides options for staged lithium hydroxide production expansion in North Carolina or Quebec
Piedmont Lithium Inc. (Nasdaq: PLL, ASX: PLL) is pleased to announce that the Company has completed a 9.9% investment in IronRidge Resources (AIM: IRR) (“IRR”) following satisfaction of conditions pursuant to the Subscription Agreement between PLL and IRR announced July 1, 2021.
Piedmont previously entered into a Project Agreement with IRR to acquire up to 50% of IRR’s lithium portfolio in Ghana via staged investments over 3-4 years supporting exploration, definitive feasibility study, and initial capital costs for IRR’s Ewoyaa Project. The Ewoyaa Project has an initial Mineral Resource estimate of 14.5Mt at 1.31% Li2O1.
An SC6 supply agreement signed between PLL and IRR in June 2021 gives Piedmont the right to purchase 50% of the production from the Ewoyaa Project at market pricing terms for life-of-mine. A scoping study announced by IRR in January 2021 outlined a business case for 295,000 tons per year (“t/y”) of SC6 production from the Ewoyaa Project. Ewoyaa is approximately 70 miles from the port of Takoradi with favorable logistics to ports in North America2.
SC6 production from Ewoyaa is expected to support Piedmont’s future lithium hydroxide production plans in North America. Offtake rights from Ewoyaa could support a phased expansion of the Carolina Lithium Project in North Carolina or provide optionality for lithium hydroxide production in Quebec in combination with SC6 offtake from Sayona Quebec and North American Lithium.
Keith D. Phillips, President and Chief Executive Officer, commented: “We are pleased to have concluded this investment in IronRidge and look forward to partnering with IRR to maximize the potential of the Ghana Lithium Portfolio. Ewoyaa is a high-quality asset with the potential for low capital and operating costs, and the broader portfolio offers tremendous exploration upside. We are currently evaluating options for production of lithium hydroxide from Ewoyaa’s SC6 supply and will provide updates as these studies progress. Our Ghanaian investments complement our existing investments in Quebec, and our wholly owned flagship Carolina Lithium Project in Gaston County, North Carolina, as we further execute on our strategy to become North America’s leading lithium hydroxide producer.”
To view the full release, please click here
1 Refer to IRR announcement dated January 28, 2020.
2 Refer to IRR announcement dated January 19, 2021.
Piedmont Lithium Inc. (Nasdaq: PLL, ASX: PLL) is pleased to announce that the Company has completed a 9.9% investment in IronRidge Resources (AIM: IRR) (“IRR”) following satisfaction of conditions pursuant to the Subscription Agreement between PLL and IRR announced July 1, 2021.
eMetals Limited Announces High Grade Gold Results on Twin Hills Project
The Directors of eMetals Limited (ASX:EMT)(eMetals)(Company) are pleased to present the exploration results from the recent drilling program on the Twin Hills Project in the Eastern Goldfields of Western Australia.
HIGHLIGHTS:
- High grade gold in latest Twin Hills RC drilling with discovery hole 5m @ 23.67g/t Au from 62m
- Mineralisation remains open along strike
- Further infill and extensional drilling scheduled along the southern and northern extent of the discovery hole
eMetals Director Mathew Walker commented: "eMetals is excited by the discovery of high grade gold on the Twin Hills exploration license which has demonstrated the potential of the tenement for economic gold mineralisation.
We have sought a repeat of the historical Twin Hills gold mine on the tenement and are delighted with the early success. Exploration of the Company's earlier auger anomalies has led to a highly encouraging strike of high grade gold at shallow depths. Further work is planned to follow up this result which remains open to the south, and potentially to the north."
HIGH GRADE GOLD INTERSECTED
The Twin Hills Project consists of a single granted exploration license (E29/950) located approximately 30 km north east of Menzies and 150km north of Kalgoorlie in the Eastern Goldfields of Western Australia. The tenement covers an area of approximately 30 km2 and extends over about 10 km of strike of the greenstone sequence that hosts the excised historical Twin Hills gold mine. The tenement covers the north and south extension of the shear zone which is the interpreted host of mineralisation at Twin Hills.
The Company recognized the potential for high grade, tightly defined, plunging pencil shoots of gold hosted in south-plunging fault and shear intersections. This type of target is exemplified by the (excised) Twin Hills shaft, a narrow south plunging shoot of contorted quartz veins.
Exploration by eMetals began in 2019 with a structural study and continued with auger drilling across identified structural and geophysical target zones, resulting in the definition of several low-level auger gold anomalies along an approximately 5 kilometre strike of greenstone belt north of the excised high grade Twin Hills gold mine.
The Company's initial round of RC drilling in February 2021 returned significant gold mineralisation from several holes, with previously reported best results of:
- THRC008 12m @ 0.62ppm from 40m and 1m @ 4.10ppm from 44m and 2m @ 2.24ppm from 49m
- THRC014 3m @ 1.97ppm from 44m
- THRC015 1m @ 4.4g/t from 32m
Based on the mineralisation discovered to date and the sparse drill spacing, EMT drilled a further 25 aircore holes (using RC hammer where appropriate) to ~40-60m depth and followed up the initial RC results with a further 6 RC holes for 550m drilled to test immediately around the initial discovery holes. Refer to the Appendix for a list of all drill hole details.
RC holes were sampled on a 1m basis and assayed via aqua regia digest. Aircore holes were sampled by scoop on a 4m basis and assayed via aqua regia digest.
Results
Significant results for the RC holes are reported below:
- THRC018 1m @ 1.22g/t Au from 32m
- THRC021 5m @ 23.67g/t Au including 1m @ 113.47g/t Au from 62m
- THRC022 2m @ 0.78g/t Au from 64m 2m @ 0.84g/t Au from 88m
Significant results for the AC holes are considered to be >4m at >0.1g/t Au. These results are from composite samples and have not been resampled on a 1m basis.
- THAC009 8m @ 0.31g/t Au from 52m
- THAC013 4m @ 0.13g/t Au from 36m
12m @ 0.23g/t Au from 48m
- THAC016 4m @ 0.12g/t Au from 56m
Results show a sizeable footprint of anomalous gold in fresh amphibolite and granitoid with significant volumes of rock reporting in excess of 100ppb Au. The high grade result in THRC021 occurs within a sheared porphyry dyke and amphibolite. The orientation of mineralisation is unknown at this stage however the anomalous zone is interpreted to strike NW-SE and potentially plunge to the southeast below THAC009 (8m @ 0.31g/t Au).
Further work is required to define the orientation, continuity and depth of the high grade gold on the Project. EMT is planning a further round of infill and extensional drilling along the southern and northern extent of the mineralised zone.
Blackstone Board Approves Pilot Plant and Ta Khoa Refinery DFS
Following compelling outcomes from the Ta Khoa Refinery (TKR) Pre-Feasibility Study (refer ASX announcement 26 July 2021), Blackstone Minerals ("Blackstone" or the "Company") Board of Director's have approved the first phase of pilot plant work and the Definitive Feasibility Study (DFS) for the TKR.
- The first phase of piloting will produce various grades of NCM including NCM622 and NCM811
- Early design works for piloting have been completed, with procurement of equipment to commence in the current quarter
- The first phase of piloting will occur in the Son La Province within proximity to the Company's Ta Khoa Nickel – Cu – PGE Project (refer Figure 2)
- First pilot plant product currently expected early in 2022
- Testwork data from piloting will be in support of the TKR DFS
- Scope of Works submitted to Tier 1 firms to tender for lead engineering role for the TKR DFS
- The first phase of piloting and the TKR DFS are fully funded from existing cash reserves.
Blackstone Managing Director Scott Williamson said "the Board's endorsement of the recent PFS milestone has been rapidly followed by approval of the first phase of piloting and the Ta Khoa Refinery DFS. The pilot plant process is an opportunity for Blackstone to optimise, with respect to quantity and quality, recent successful outcomes which include the production of its first battery grade NCM811 Precursor sample. The Company is acutely aware of its first mover advantage and importantly, will be able to deploy its current balance sheet to continue to fast track the next important stages towards commercialisation of the Ta Khoa Refinery."