After Significant Resource Enhancement, Pilbara Minerals Share Price Increases

Pilbara Minerals

A significant boost to Pilgangoora’s lithium potential is the centre of attention for Pilbara Minerals Ltd. investors.

One of the biggest ASX lithium shares in Australia is Pilbara Minerals.

The mineral resource for the Pilgangoora asset has significantly increased, according to the ASX lithium share’s FY23 drill programme.

The total measured, indicated, and inferred resource, according to the business, increased by 36% to 413.8 million tonnes (mt), containing 4.75 million tonnes (mt) of lithium oxide and 101.8 million pounds (lb) of tantalum oxide (Ta2O5).

The total measured and indicated resource increased by 64% to 337.3 mt, containing 3.94 mt of lithium oxide and 80.9 mlb of tantalum oxide.

Since 80% of the mineral resource is now classified as measured and indicated, Pilbara Minerals claimed that overall resource confidence has increased.

The updated ore resource update, which is presently being worked on for release in the third quarter of 2023, will be supported by the updated mineral resource, according to the ASX lithium share.

Dale Henderson, Managing Director and CEO of Pilbara Minerals said The Pilgangoora Operation, which is 100% owned, is now one of the largest hard rock lithium deposits in the world because to this huge resource enhancement. The enhanced Mineral Resource is in line with our plan to expand our operational base and, consequently, maximise value by making the most of our world-class operation.

At a direct exploration cost of just 13 cents per tonne of extra resource, we have added 109Mt of additional Mineral Resource, which is a remarkable accomplishment.

Our upgraded ore reserve, which will support operations for many years to come and may present an opportunity to further increase production capacity beyond P1000, is something we are eager to finish this quarter.

Additional potential target locations, such as those in the East and Central pits that will be drill tested in our FY24 drill programme, were also discovered during the FY23 drilling campaign.

Read More: