WCP Resources secures funds to accelerate lithium project in the U.S.

WCP Resources (ASX:WCP) successfully completed a bookbuild for a $5 million share placement at A$0.09 per share to accelerate its Piedmont Lithium Project in North Carolina, U.S.

The placement was made to institutional and sophisticated investors predominately based in the U.S.

WCP will use the proceeds to progress the company’s planned exploration and development activities at the Piedmont Lithium Project in the Carolina Lithium Belt.

This will include completion of additional drilling, completion of a maiden lithium resource estimate, and commencement of technical studies for the project.

The Carolina Tin-Spodumene belt is host to the Hallman Beam and Kings Mountain mines, historically providing most of the western world’s lithium between 1950 and 1990.

Earlier this week, WCP confirmed high-grade lithium assays from the first 5 drill holes completed in the phase 1 campaign at the Piedmont Lithium Project.

Thick zones of high grade mineralisation have been recorded at shallow depths, with selected intercepts including:

– 5 metres at 1.90% lithium from 41 metres; and
– 4 metres at 1.88% lithium from 57 metres.

Results from the phase 1 and 2 drill programs will form the basis for a maiden lithium resource estimate for the project, which is expected to be completed in the September 2017 quarter.

The current high grade results together with the historical drill results continue to highlight the potential for WCP to define a strategic lithium resource in the U.S.

Story by ProactiveInvestors