Essential Metals Limited has issued an update in relation to its exploration efforts at the Pioneer Dome Lithium Project.
Essential said the lithium-focused exploration and the Feasibility Study are ramping up as it re-engages with potential off-take and funding partners.
Essential noted that it has started re-engaging with the parties who had shown interest in participating in the expressions of interest (EIO) process covering spodumene concentrate off-take and the provision of funding for the Pioneer Dome Project’s development.
According to the company, the feasibility study will cover mine optimisation, planning, scheduling and mechanical engineering works, as well as water sourcing and treatment.
It will also support a carbon footprint analysis, environmental studies, heritage surveys and the required logistics, contract services and personnel requirements related to the project.
Essential said it will conduct a reverse circulation (RC) drilling program in June to test three target areas, with drilling to focus on targets at Dome North and the eastern flank of Pioneer Dome.
The company will test all of the targets with shallow RC drilling to fully penetrate any pegmatites that are intersected.
It added that because shareholder approval is not required to approve any of its current initiatives, Essential is free and unencumbered to fast-track the opportunities with a focus on achieving the best possible outcome for its shareholders.
According to Essential Managing Director Tim Spencer, following the events in the past weeks, the company remains in a strong position as an Australian lithium developer.
“With Mineral Resources Limited recently becoming our new largest shareholder, and against the backdrop of improving sentiment in the lithium sector, we are of the view that the rest of 2023 will be very positive for Essential in terms of moving towards project development at Pioneer Dome,” he added.
Essential is targeting to complete the feasibility study by September 2024, with a decision to mine to be considered in December 2024.
