- Pioneer Resources has paid off all debts and its projects around Kalgoorlie are progressing
- The remaining US$3.5 million of debt was paid by Pioneer selling pollucite ore to the same value as offtake partner, Cabot Specialty Fluids
- New spodumene-bearing pegmatite systems have been discovered at the Pioneer Dome Lithium Project
- The first nickel sulphide was reported at the company’s Leo’s Dam
Pioneer Resources has paid off all debts and its projects around Kalgoorlie are progressing.
In June 2018, Pioneer went into a offtake and loan agreement with Cabot Specialty Fluids (now Sinomine Specialty Fluids).
In the agreement, Cabot would lend Pioneer US$4.8 million which would be interest free.
Pioneer used this money for the development and mining of the Sinclair mine.
In April 2019, the remaining US$3.5 million was paid by Pioneer selling pollucite ore to the same value as Cabot.
It holds a large multi-commodity of tenements which is strategically located within 200km of Kalgoorlie- Boulder, Western Australia.
As of June 30, 2019 Pioneer had banked $2.7 million.
New spodumene-bearing pegmatite systems have been discovered at the Pioneer Dome Lithium Project, with rock chip assay results grading up to 3.70 per cent.
This is the first time a spodumene has been identified within the Pioneer Dome Project.
The Pioneer Dome is a highly prospective area located in Western Australia’s Eastern Goldfields.
In the Dome Project lies Sinclair Caesium Mine, which completed its first stage of open pit operations in January.
At the Sinclair Mine, extensional drilling has been completed and results are currently being analysed.
Pioneer expects to sell a further $9.5 million of pollucite to Sinomine Speciality Fluids (SinomineSF) that would be settled in cash by the end of the year.
Currently, SinomineSF owns US$4.9 million worth of pollucite stored at the Sinclair Mine.
Pollucite sales at the Sinclair Caesium Mine totalled 10.5 million, with $3.8 million recieved in cash and $6.7 million was applied to pay off the debt.
The company’s Golden Ridge Project is located 35 kilometers south east of Kalgoorlie, which includes the Blair Nickel Sulphide Mine that closed in 2008 – due to low nickel prices.
At the Leo’s Dam Prospect, located 2km north-east of Blair Nickel, has shown first reports of nickel.
Leo’s Dam results included 22 metres at 1.02 per cent nickel, and 475ppm copper from 202 metres.
The Golden Ridge also has a high grade reading of cobalt mineralisation. Leo’s Dam did not specifically target cobalt, but the eastern end showed near-surface high grade cobalt.
The company is planning a reverse circulation drilling program at Leo’s dam but is not expected to commence in the next six months due to the focus on Pioneer Dome’s spodumene targets.
Pioneer is not sure when the next drilling campaign will be at its Canadian project, Mavis Lakes Lithium.
Most drilling takes place during the Canadian winter months (December- February).