DRILLING AT MAVIS LAKE (ONTARIO) LITHIUM PROJECT INTERSECTS 18...

DRILLING AT MAVIS LAKE (ONTARIO) LITHIUM PROJECT INTERSECTS 18 METRES OF SPODUMENE-BEARING PEGMATITE AT FIRST TARGET

Perth, Western Australia: 08 February, 2017: Pioneer Resources Limited (the "Company" or “Pioneer”) (ASX: PIO), in conjunction with its strategic partner, International Lithium Corp. (“ILC”) (TSX Venture: ILC.V), is pleased to announce that the first drill hole of the Company’s maiden drill programme at the Mavis Lake Lithium Project, in Ontario, Canada has intersected the targeted spodumene-bearing pegmatite. The Company announced on February 7, 2017 that drilling had commenced at the Mavis Lake Lithium Project commenced on February 4, 2017.

The Company now advises that its geological consultant has reported that the first drill hole, MF-17-39, has intersected 18m* of spodumene-bearing pegmatite** between 79.9m and 97.9m down-hole. The spodumene zone is described as having broken crystals, with the largest spodumene crystal parallel to the core axis measuring approximately 45cm in length.

Great news again! Keep going PIO!