Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Lithium explorer Pioneer Resources (ASX:PIO) has released a resource estimate at its W.A-based Dome project
  • The company’s Cade deposit is forecast to hold 8.2 million tonnes at 1.23 per cent lithium oxide
  • This is expected to amount to 102,000 tonnes of contained lithium oxide
  • The company says it is continuing drilling and exploration at the project
  • Pioneer’s share price is remaining flat today, shares are currently trading for 1.3 cents each

Pioneer Resources has updated the market with a mineral resource estimate at its fully-owned project in Western Australia.

The inferred resource at the Dome project’s Cade deposit is forecast at 8.2 million tonnes at 1.23 per cent lithium oxide. It is expected to contain 102,000 tonnes of lithium oxide.

“This Resource Statement relates to only one of four mineralised pegmatites identified at the Dome North Area to date,” company Managing Director David Crook said.

Drilling is continuing at the project, with two drill rigs now in operation. Exploration is targeting identified spodumene-pegmatite zones.

The company began drilling at the project earlier this year and targeted 29 holes through a reverse circulation program.

“The first Mineral Resource statement for the Cade Deposit, discovered as an outcrop just a few months ago in June, is a significant step-forward,” David said.

Additionally, at the Dome project, Pioneer operates Australia’s first commercial caesium mine – which is one of three in the world. Production here has already exceeded the company’s expectations.

In early trade, Pioneer’s share price is remaining steady. Shares in the company are trading for 1.3 cents each.

PIO by the numbers
More From The Market Herald

" Strike successfully runs the final casing string at West Erregulla 2

Strike Energy has successfully run the final casing string in the West Erregulla 2 well.

" Alligator Energy invests in foreign field

Alligator Energy is stepping away from the namesake Alligator Rivers Uranium Province for the first time by inking up a farm-in agreement with

" Bounty Oil & Gas (ASX:BUY) buys stake in Carnarvon oil play

Bounty Oil & Gas (BUY) is acquiring a 25 per cent stake in four oil exploration licences in the Carnarvon Basin of Western

" Global Oil and Gas (ASX:GLV) begins exploration at EP127

Global Oil and Gas (GLV) has begun an exploration program at its wholly owned exploration permit EP127 in the southern Georgina Basin of