Perth - Diversified exploration company
Pioneer Resources Ltd. (ASX:PIO) (OTCMKTS:PIONF) is pleased to announce that it has intersected 18 metres of Spodumene-bearing Pegmatite in the first drill hole of its first phase of drill program at the Mavis Lake Lithium Project in Ontario, Canada.
Highlights
- Pioneer Resources has intersected 18 metres of spodumene-bearing pegmatite (between 79.9m and 97.9m down-hole) in the first drill hole of its maiden drill program at the Mavis Lake Lithium Project.
- Pioneer, in conjunction with its strategic partner
International Lithium Corp. (CVE:ILC), commenced a program of up to 1,500m of diamond core drilling at the Mavis Lake Project earlier this month.
- The drill program is designed to test for extensions to known spodumene-bearing pegmatites over priority targets identified by previous explorers and updated with information from Pioneer's 2016 field work at the project.
- The success of the first hole is significantly encouraging and Pioneer will continue to update the market on progress of drilling at Mavis Lake as the program advances.
- The second drill hole is currently underway and is targeting the same target (Pegmatite 6) as the successful first hole, at a greater depth.
- Drilling is expected to take up to 30 days to complete and assay results are expected to be available in March 2017.
- Pioneer also plans to commence drilling at the nearby Raleigh Lithium Project in the near future, and will provide further information on the timing and details of this programme in due course.
About the Mavis Lake Lithium Project
The Mavis Lake Project is situated 19km east of the town of Dryden in Ontario. The Project is ideally situated in close vicinity to the Trans-Canada highway and railway linking larger cities such as Thunder Bay to the southeast and Winnipeg to the west. The current drill programme will be wholly funded by Pioneer as part of its earn-in on the Project (ASX release dated 15 March, 2016). The Raleigh Project is situated 61 kilometres southeast of the Mavis Lake Project. A $1m budget has been allocated across both projects, which will include a planned total of 3,000m of diamond core drilling split between the projects (ASX release dated 26 July, 2016).
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About Pioneer Resources Ltd:
Pioneer Resources Ltd. (ASX:PIO) (OTCMKTS:PIONF) (FRA:PNL) is an active junior exploration company focused on the exploration for key global demand-driven commodities. This includes a portfolio of high quality lithium assets in Canada and Western Australia, and a portfolio of strategically located gold and other commodity projects in sought after mining regions in WA. The Company is focused on delivering shareholder value by actively strengthening its project portfolio, and targeted exploration programs to enable the discovery and commercialisation of high value mineral resources.
Contact:
Pioneer Resources Ltd.
David Crook Managing Director Pioneer Resources
T: +61-8-9322-6974
E: dcrook@pioneerresources.com.au
James Moses Media and Investor Relations Mandate Corporate
T: +61-4-2099-1574
E: james@mandatecorporate.com.au
