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Pioneer Resources Ltd Extends Share Purchase Plan After New Lithium Acquisition

Pioneer Resources Ltd (ASX:PIO) has extended its Share Purchase Plan until 5.00pm (Perth time) on Wednesday 20 July 2016.

Pioneer said the response to date had been 'extremely positive.'

The subscription price is $0.036 for up to $15,000 worth of new shares, on a first in first served basis.

The extension allows those eligible to review yesterday's news of Pioneer securing an option to acquire an interest in the Raleigh Lithium Project, which is located in Ontario, Canada.

Raleigh is located 60 kilometres from the company's recently acquired interest in the Mavis Lake Lithium Project.

At least 6 outcropping spodumene bearing pegmatites have been identified at Raleigh and drilling conducted in 2010 intersected mineralisation including 8.5 metres at 2.38% lithium.

Targets are expected to be drilled during the September and December quarters.

Raleigh is currently owned 100% by International Lithium Corp (CVE:ILC), which Pioneer recently partnered with to earn into the Mavis Lake Lithium Project.

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