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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Pioneer Resources Ltd    PIO   AU000000PIO5

PIONEER RESOURCES LTD

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Pioneer Resources : Drilling Intersects Lithium and Caesium Along Strike of the Sinclair Caesium Mine Stage 1 Pit

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08/14/2019 | 11:02pm EDT

Address: G/72 Kings Park Road

West Perth, Western Australia

Postal: PO Box 1787

West Perth, Western Australia 6872

Tel: +61 8 9322 6974

ABN: 44 103 423 981

email: dcrook@PIOresources.com.au

DRILLING INTERSECTS LITHIUM AND CAESIUM ALONG STRIKE OF THE

SINCLAIR CAESIUM MINE STAGE 1 PIT

Perth Western Australia, 15 August 2019: Pioneer Resources Limited ( the "Company" or "Pioneer",

ASX: PIO) is pleased to provide the following results from the June drilling programme at its 100%-held Pioneer Dome Project, located approximately 130km south of Kalgoorlie and 200km north of the port of Esperance, in the Eastern Goldfields of Western Australia.

The drilling programme (see ASX announcement 27 May 2019) was designed to further test lithium and caesium extensions north and south of the recently completed Sinclair Caesium Mine Stage 1 Pit.

Drilling Highlights included:

Lithium

PDRC235:

11m at 1.94% Li2O from 40m

(petalite)

PDRC236:

8m at 3.10% Li2O from 42m

(petalite)

PDRC252:

14m at 1.68% Li2O from 38m

(petalite)

PDRC241:

21m at 1.96% Li2O from 38m

(petalite and lepidolite)

PDD258:

11.2m at 1.77% Li2O from 50m

(petalite and lepidolite)

PDRC255:

10m at 2.13% Li2O from 40m

(lepidolite)

PDD259:

11.2m at 2.17% Li2O from 52.5m

(lepidolite)

Caesium

PDD262:

2.8m at 14.58% Cs2O from 51.9m

(pollucite)

PDD261:

1.9m at 23.92% Cs2O from 54.5m

(pollucite)

PDD259:

0.8m at 14.01% Cs2O from 54.7m

(pollucite)

SUMMARY OF THE PROGRAMME

The drilling programme was undertaken during late May and June 2019, with 24 RC drill holes (PDRC233- PDRC256 for 2,160m) and 6 diamond drill holes (PDD257 - PDD262 for 400.3m of core) completed.

Drilling intersected some of the thickest and highest-grade lenses of lithium (petalite and lepidolite) mineralisation to date (including a high-grade petalite intersection of 8m of 3.1% Li2O), as well as potash

(K) feldspar and quartz, being continuations of zones encountered in the stage 1 Sinclair Caesium Mine.

The caesium mineral pollucite was intersected where targeted in three drill holes. The extremely differentiated pegmatite core, where pollucite may occur, extends both north and south of the Sinclair Mine, albeit in this programme pollucite was intersected only as small pods north of the stage 1 pit.

DRILLING FOR SPODUMENE AT SPOD1 AND SPOD2 TARGETS ABOUT TO START

Drilling is on track for a start next week. This follows the identification of significant outcrops of spodumene at the Dome North Prospect (ASX releases, 17th July and 30 July 2019). The programme will

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initially consist of 5,000m of orientation RC drilling, with further drilling scheduled as the mineralised system becomes better understood.

STOCKPILES AND SHIPMENTS - POLLUCITE

As a result of productive discussions in July with the pollucite offtaker, Sinomine Specialty Fluids Limited, sale and shipping terms have been varied to expedite the shipping of pollucite stocks. A shipment of approximately 2,000t of pollucite has been containerised ahead of a shipping date of 27 August 2019. The Company received a pre-shipment payment of US$700,000 (A$1.029 million) on 12 August 2019, with a second pre-shipment payment of US$650,000 (~A$0.956 million) due before containers are loaded onto the ship.

STOCKPILES OF OTHER MINERALS

Discussions are continuing with potential offtake parties interested in minerals other than pollucite that were stockpiled during excavation of the Sinclair Caesium Mine Stage 1 open pit. Several parties have, or are, undertaking test work on samples of the stockpiled materials, with most interest received for petalite to date.

Market feedback indicates that each of the stockpiled materials in its current form (i.e. run-of-mine) will require beneficiation to increase saleability and margins. Ore sorting test work is in train, and the results of this drilling programme will contribute to the study of the viability of a future pit expansion.

Figure 1: Pioneer Dome Project Location

Figure 2: Cross Section at 6,468,545mN, immediately south of the Sinclair Stage 1 Pit. Drill holes have intersected monomineralic phases that comprise the Sinclair Pegmatite Core Zone. A well- formed zone of K Feldspar (microcline - yellow) overlies the lithium zones: petalite (green) and lepidolite (purple).

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X-Section - Figure 2

Figure 3: Drill hole location plan over air photo showing the Sinclair Caesium Mine Stage 1 Pit

Managing Director

Pioneer Resources Limited

For further information please contact:

David Crook

James Moses

Pioneer Resources Limited

Media and Investor Relations

T: +61 8 9322 6974

M: +61 420 991 574

E: dcrook@pioresources.com.au

E: james@mandatecorporate.com.au

.

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About Pioneer Resources Limited

Pioneer successfully completed its first mining operation returns to being a well-funded, active explorer focused on key global demand-driven commodities, looking for its next mining opportunity. The Company operates a portfolio of strategically located lithium, caesium, potassium ("alkali metals"), nickel, cobalt and gold projects in mining regions in Western Australia, plus a high-quality lithium asset in Canada.

Pioneer Dome Project: The Company's flagship Project. In late 2016 Pioneer reported the discovery of Australia's first caesium (in the mineral 'pollucite') deposit, which it brought into production within 2 years. Pollucite is being delivered to Sinomine Specialty Fluids' China facility where it is converted into Caesium Formate brine, used in high temperature/high pressure oil and gas drilling.

In June 2019, the Company reported that spodumene, a major lithium ore, has been discovered at the Dome North Prospect. Drilling is scheduled for August this year.

Lithium: Mavis Lake Project, Canada; Pioneer Dome Project, WA: Lithium has been classed as a 'critical metal' meaning it has a number of important uses across various parts of the modern, globalised economy including communication, electronic, digital, mobile and battery technologies; and transportation, particularly aerospace and automotive emissions reduction. Critical metals seem likely to play an important role in the nascent green economy, particularly solar and wind power; electric vehicle and rechargeable batteries; and energy-efficientlighting.

Nickel: Blair Dome/Golden Ridge Project: The price for nickel is steadily improving. The Company owns the closed Blair Nickel Sulphide Mine located between Kalgoorlie and Kambalda, WA, where near-mine target generation is continuing. The Company recently announced a significant new nickel sulphide drilling intersection at the Leo's Dam Prospect, highlighting the prospectivity of the greater project area.

Gold: Acra JV Project, Kangan JV Project: The Company has attracted well credentialled earn-in joint venture partners: Northern Star Resources limited for the Acra Gold Project near Kalgoorlie W.A., and Novo Resources Corp and Sumitomo corporation for the Kangan Gold Project in the West Pilbara W.A. The incoming parties will fully fund gold exploration programmes until a decision to mine is made, with Pioneer retaining a significant free-carried position.

REFERENCES

Pioneer Dome: Refer Company's announcements to ASX dated 19 May 2016, 27 July 2016, 28 August 2016, 1 September 2016, 4 October 2016, 17 October 2016, 14 November 2016, 2 December 2016, 13 December 2016, 13 January 2017, 24 January 2017, 23 February 2017, 20 March 2017, 22 March 2017, 20 May 2017, 21 February 2018, 19 April 2018, 20 May 2018, 25 July 2018, 26 July 2018, 30 July 2018, 30 August 2018, 8 November 2018 (Mineral Resource update), 28 November 2018, 12 December 2018, 22 January 2019, 1 February 2019, 26 March 2019, 17 April 2019, 27 May 2019, 25 June 2019, 17 July 2019 30, July2019, 30 July 2019.

The Company is not aware of any new information or data that materially affects the information included in this Report.

COMPETENT PERSON

The information in this report that relates to Exploration Results is based on information supplied to and compiled by Mr David Crook. Mr Crook is a full-time employee of Pioneer Resources Limited. Mr Crook is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists and has sufficient experience which is relevant to the exploration processes undertaken to qualify as a Competent Person as defined in the 2012 Editions of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

The reports listed in the References are available to review on the ASX website and on the Company's website at www.PIOresources.com.au. The Company confirms that it is not aware of any new information or data that materially effects the information included in the original market announcement, and, in the case of estimates of Mineral Resources, that all market assumptions and technical assumptions underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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CAUTION REGARDING FORWARD LOOKING INFORMATION

This Announcement may contain forward looking statements concerning the projects owned or being earned in by the Company. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions.

Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the Company's beliefs, opinions and estimates of the Company as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

There can be no assurance that the Company's plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to confirm the presence of additional mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company's mineral properties. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

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This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Pioneer Resources Limited published this content on 15 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2019 03:01:08 UTC

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Managers
NameTitle
David John Crook Managing Director & Executive Director
Craig Ian McGown Independent Non-Executive Chairman
Timothy Gerard Spencer Chief Financial Officer & Secretary
Allan Trench Independent Non-Executive Director
Thomas Wayne Spilsbury Independent Non-Executive Director
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