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Pioneer Resources Ltd Opens Share Purchase Plan Following Placement

Pioneer Resources Ltd (ASX:PIO) has a re-invigorated focus on the lithium sector, and this week raised $3.2 million from the placement of 89.3 million shares at $0.036, with an accompanying option.

Pioneer has now opened a Share Purchase Plan at the same entry price, which has the potential to raise up to another $2.5 million.

Funds will be allocated to the Mavis Lithium Project in Ontario, Canada.

More specifically, exploration at Mavis will include field surveys and drilling of spodumene-bearing pegmatites, a preferred lithium ore.

Pioneer will also evaluate further lithium specific projects.

About Mavis Lithium Project

The Mavis Lithium Project covers an area of 2624 hectares in north-western Ontario, Canada.

The project is situated 19 kilometres from the town of Dryden, and 300 kilometres via the Trans-Canada Highway from Thunder Bay, an industrial centre in Ontario.

Rail and power is readily available as well as a skilled workforce, experienced in sustainable natural resource development.

Twenty significant sized pegmatites have been identified to date in outcrop within the project properties, within a supporting lithium soil geochemistry anomaly.

Individual outcrops vary in strike length from 11 metres to more than 240 metres and range in thickness of up to 12 metres.

To date, three generations of drilling since the 1960s have systematically demonstrated that pegmatites at the Fairservice Prospect are strongly mineralised, and the first drill holes into the Mavis Lake Prospect, drilled in 2011, also intersected spodumene.

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