DRILLING UNDERWAY AT PIONEER DOME LITHIUM PROJECT Perth Western Australia, 1 September 2016: Pioneer Resources Limited ("Company" or "Pioneer", ASX: PIO) is pleased to advise that its 5,000m RC drilling programme, to test lithium targets at its 100%-held Pioneer Dome Project, commenced on Tuesday 30 August, and is progressing well. The first of nine planned traverses of holes (5 holes for 420 metres) has been completed across the PEG008 target. All holes intersected multiple, steeply dipping zones of pegmatite, which is the rock unit considered prospective for lithium mineralisation. The first 100 samples will be delivered to the laboratory later today, with results expected to be returned within a 3 week period later in September. Drilling and sample submissions will continue throughout September, with the final assays expected by late October 2016. The PEG008 target is a 1.7 km long suite of differentiated pegmatites with a coincident lithium soil geochemistry anomaly. Drilling will also test targets at PEG001 and PEG002. Subject to results, additional RC and diamond core drilling can immediately follow. Photograph 1. RC drill hole PD001 is collared at the mid-point traverse of PEG008. Photograph 2. Drill hole PD001 reached a depth of 90m. White sample piles are of pegmatite. Three pegmatite zones were intersected, with the thickest down-hole intersection being 40m. Pioneer’s Managing Director said “We're very encouraged with the geology and information gained from the drill holes completed at PEG008 to date, and the Company looks forward to providing further updates to the market as the assays and other information comes to hand.”
PIO Price at posting:
2.4¢ Sentiment: Buy Disclosure: Held
