The Lepidico Farm-in to Peg 9 stated a “Milestone is delineation...

The Lepidico Farm-in to Peg 9 stated a “Milestone is delineation of at least 500,000t grading 1.2% Li2O in lepidolite within 2 years, sufficient to feed Lepidico’s proposed Phase 1 L-Max® Plant for 5 years.”

We all know Lepidico did not find what they wanted at Peg 9 and the agreement was terminated.

July 2018 drilling at the Mine showed:

• PDRC187: 27m at 1.86% Li2O from 46m (Lepidolite)
• PDRC190: 11m at 3.15% Li2O from 52m (Mixed)
• PDRC199: 22m at 1.98% Li2O from 37m (Petalite)
• PDRC202: 27m at 1.60% Li2O from 35m (Petalite)
• PDRC207: 15m at 2.47% Li2O from 36m (Petalite)
• PDRC210: 17m at 1.90% Li2O from 39m (Lepidolite)
• PDRC211: 21m at 1.83% Li2O from 33m (Petalite)
• PDRC212: 15m at 2.59% Li2O from 39m (Petalite)
• PDRC215: 21m at 1.65% Li2O from 42m (Mixed)

27 of the 44 holes were funded by a potential offtake partner.

PDRC187 and 210 are significant depths and %s of Li2O. The “miners” amongst us can do the math on potential tonnes, but the required number of tonnes should be much less than 500,000 given the average grades are much better than 1.2%.

Some lepidolite has already been stockpiled and the rest is now at the base of the mine ready to be removed.

Seems to be a no-brainer that Lepidico will want all of this. Here’s hoping LPD and PIO make an announcement to this effect.