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![1500 Metres of Drilling Completed at Gorge](https://investingnews.com/media-library/image.png?id=50707666&width=1200&height=799)
1500 Metres of Drilling Completed at Gorge
Balkan Mining and MineralsLtd (ASX: BMM; "BMM" or "the Company") is pleased to announce that Phase 1 of the diamond drill program undertaken by Major Drilling Group International Inc (“Major Drilling”) has been successfully completed at the Gorge Lithium Project located in Ontario, Canada (the "Gorge Lithium Project" or the "Project").
HIGHLIGHTS
- ~1,500 metres of planned 2,500 metre drill program completed by Major Drilling.
- Koshman pegmatite outcrop among several pegmatite occurrences targeted at Gorge.
- All core has been logged and samples have been submitted to ALS laboratory with assays pending in coming weeks.
- BMM moves to 50% ownership of the Gorge project.
More than half of the planed 2,500m drilling program has been completed to date with a focus on testing the Koshman spodumene bearing pegmatite outcrop.
The company will analyse the assays over the coming weeks and 3D model the Koshman occurrence, with a plan to extend the 2,500 metre program once further targets have been identified
Assays are pending and the Company expects to release the first batch in the coming weeks, with the balance of results expected over the next 3 – 6 weeks.
“The drilling completed by Major has substantially increased drill rate efficiency with initial drill testing of the Koshman spodumene bearing pegmatite occurrence representing an extremely encouraging start to the campaign. We look forward to receiving assay results which we hope will validate our theory that Gorge has the potential to become a substantial lithium deposit.
With the last completed hole reaching some 250 metres in depth, we are hoping that the best of this program is yet ahead of us. We look forward to revealing more as soon as the information comes to hand.”
-Ross Cotton, Managing Director.Corporate
The Company advises that is has met obligations to move to 50% ownership of the Gorge Lithium Project and has also met obligations to make certain payments to vendors of the Tango Lithium Project (“Tango”). The projects are in Ontario, Canada and BMM retains the option to move to 100% ownership of both assets.
Under the terms of the Gorge Lithium Project exclusive option agreement, BMM has made the payment of AUD$60,000 cash and AUD$100,000 in BMM shares to the vendor of the Gorge Lithium Project to move to 50% beneficial ownership of the project (for full details see ASX announcement dated 4 July 2022). Shares will be issued based on the higher of a $0.15 per share floor price and the 10-day volume weighted average closing price for BMM shares prior to issue date.
Under the terms of the Tango Lithium Project exclusive option agreement, BMM has made the payment of CAD$25,000 in cash and CAD$75,000 in BMM shares at the first anniversary on the exclusive option agreement (for full details see ASX announcement dated 31 October 2022). Shares will issued will be issued based on the 20-day volume weighted average closing price for BMM shares prior to issue date.
Click here for the full ASX Release
This article includes content from Balkan Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Overview
The recent boom in electric vehicle (EV) adoption and green technologies has seen global demand for lithium skyrocket. Analysts believe EV penetration could reach 35% by 2030, which means lithium production will need to quadruple between 2020 and 2030 to satisfy this growing demand.
Lithium production is often associated with countries like Chile, Australia and Argentina — but strategic policy shifts in the European Union have led Europe to look inward for essential battery metals, placing the spotlight directly on the Balkan states. While the Balkan states, which includes Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia, Romania, Serbia and Slovenia, are best known for historic gold production — recent lithium discoveries in Serbia have renewed interest in this region.
Balkan Mining and Minerals (ASX:BMM) is focused on an early-stage exploration through the full development of lithium and boron mining in the Balkan region. The company is committed to building an ethical resource portfolio backed by strategic partnerships and guided by an experienced board and management with regional expertise.
The Balkan states, and Serbia in particular, are well-endowed with many minerals and have attracted a surge in foreign investors for the exploration of mining operations. Serbia's Vardar zone is an emerging tier 1 lithium-borate jurisdiction. Balkan Mining and Minerals is well-positioned to capture the growth of the European lithium and boron supply chain.
Balkan Mining and Minerals' flagship Rekovac lithium-borate project demonstrated two successful diamond drill holes discovering preserved lithium and borate mineralization. The company recently completed its surface mapping program. With the success of the initial drilling and exploration, Balkan is well-positioned to commence its drill program in late September 2021.
The company continues to expand its reach across Serbia with four new exploration permits recently granted. The Ursule and Siokovac licenses provide expansion of Rekovac and span nearly 200 square kilometers. The Dobrinja and Pranjani licenses provide access to Western Serbia with favorable lacustrine strata for hosting lithium and boron.
"It's the right region, it's the right commodity and the right capital structure with the right investors… the key thing to add to that is what differentiates this particular lithium project from many of the other … lithium companies, at least listed in Australia, is the borate angle… So that makes these types of things extremely economic and extremely easy to mine and process," commented Ross Cotton, managing director.
Balkan Mining and Minerals is backed by Sandfire Resources (ASX:SFR). The company's current market cap is AU$36 million with 45 million shares on issue.
The leadership of Balkan Mining and Minerals includes a highly commercial board with decades of experience. Sean Murray serves as chairman and brings executive experience from Rio Tinto and expertise in industrial minerals. General Manager Dejan Jovanovic is the Balkan region expert with over 15 years of experience as a geologist. The company has a strong combination of experience and expertise to be a leader in the lithium and boron space.
Company Highlights
- Balkan Mining and Minerals is a publicly-listed exploration and development company focused on lithium and boron mining in the Balkan region.
- The Rekovac project has demonstrated promising results in its early exploration phase and is on track for additional explorations and assessments within the Ursule and Siokovac licensed areas.
- The Cacak project provides new access to underexplored areas of the Vardar Zone, an emerging tier 1 lithium-borate jurisdiction. The company is looking to expand beyond the Rekovac project and region.
- The company is backed by leaders in the space and has performed well since its IPO. An experienced board and regional management expertise equip Balkan Mining and Mineral to be a leader in the lithium-borate space and are in the right space at the right time.
Key Projects
Rekovac Lithium-Borate Project
The flagship Rekovac lithium-borate project is located in the world-class Vardar Zone in Serbia, an emerging tier 1 lithium-borate jurisdiction. The project has easy access to the motorway and modern rail corridor, thus providing a solid infrastructure to Central and Western Europe.
The first two diamond drill holes (1,238 meters) revealed preserved lithium and borate mineralization at both sites. The second drill hole (REK-002) intercepted over 171 meters with over 10,000 ppm of B2O3 and up to 969 ppm Li2O from 35 meters including 49.6 meters with over 20,000 ppm of B2O3 and up to 624 ppm Li2O from 51.5 meters.
The success of the initial drilling and exploration has provided a solid foundation to explore additional areas of Rekovac as well as two additional adjacent areas under the Ursule and Siokovac licenses. The recently completed surface mapping of the entire Rekovac area has identified five dominating sedimentary formations. The samples will be sent to a laboratory for mineral phase determination using the X-ray diffraction method.
Balkan Mining and Minerals plans to measure magnetic properties over the entire diamond drill core. In addition to measuring magnetic susceptibility, the company will measure the bulk density of samples selected from the drill core. These two parameters will guide geophysics surveys across high-priority areas and ultimately define and commence new drilling programs.
Cacak Project
The Cacak project comprises the Dobrinja and Pranjani license and is located in Western Serbia about 90 kilometers south-southwest of Belgrade, the capital of Serbia. A database study conducted by the Yugoslav Geological Survey identified favorable lacustrine strata for hosting lithium and boron.
The project is in its early exploration phase and will focus on target generation using regional geophysics, geological mapping, and surface sampling. Upon completion of the initial assessment, drill testing of the target locations will be conducted. The licensed areas are within the Vardar Zone and present the company with another location for extracting lithium and boron minerals.
Management Team
Ross Cotton – Managing Director
Ross Cotton has over 15 years of experience in the securities and mining industries and has been instrumental in both the financing and management of mining and resource companies globally.Cottons' experience in investment banking and equity capital markets has provided him with detailed experience in corporate transaction management and execution. In these roles, Cotton has been integral in the recapitalization and restructuring of companies, including managing of initial public offerings and reverse takeovers. In addition to a number of managerial roles with ASX listed companies, Cotton has also provided corporate advisory services to listed companies on strategy, acquisitions as well as financing via both debt and equity for a number of years.Cotton currently manages a private mining strategy and finance consulting business and utilizes his networks established in investment banking, mining and management to provide solutions for the effective implementation of business strategies and management solutions.
Sean Murray – Non-executive Chairperson
Sean Murray has an Honors degree in modern languages and a post-graduate Master's Degree in Business Management and Economics from the Manchester Business School, part of the University of Manchester Institute of Science and Technology, in the United Kingdom. Murray has more than 40 years of experience worldwide in the chemicals and mining industries, including non-ferrous metals and minerals and industrial minerals. His successful executive management career includes senior roles with Australian Mining and Smelting (CRA), Pasminco Europe and Pasminco Inc and Rio Tinto plc where he became Managing Director of Borax Europe and then Deputy Chief Executive, Rio Tinto Borax in the 1990s and early 2000s.
Murray has also served on the boards of Rio Tinto operating companies either as president or as an executive director in the USA (California), Argentina, France, Germany, Holland, Spain and Italy. He has been a Vice-President of the European Zinc Institute (The Hague), and an Industry Advisor on non-ferrous metals and minerals to the UK government at the International Lead Zinc Study Group, (United Nations). He was a vice-president of the Industrial Minerals Association and president of the European Borates Association in Brussels where he became involved in Public Relations and Sustainable Development.
Since 2005, Murray has provided consulting services on marketing, planning and strategy to the industrial minerals sector in Europe, Australia and the Americas and has held non-executive directorships on the boards of AIM and ASX listed copper, gold, tungsten, potash and fluorspar companies including, Fluormin plc (formerly LSE:FLOR and Potash Minerals Ltd (formerly (ASX:POK)). He was a senior partner in a New York based LLP developing minerals businesses in the former Soviet Union. Murray is fluent in a number of European languages including German and Spanish.
Murray has British and Irish citizenship and lives in Surrey in the United Kingdom.
Luke Martino – Non-executive Director
Luke Martino is a Fellow of the Institute of Chartered Accountants in Australia and the Australian Institute of Company Directors, having worked for over 30 years with major accounting firms, where he held senior leadership positions and Board memberships including Lead Partner of Deloitte's Growth Solutions practice in Perth until 2007 when he left to establish boutique corporate advisory and accounting firm, Indian Ocean Advisory Group.
Martino has extensive experience in mining and resources, property and hospitality industries and is a specialist in corporate and growth consulting.
Martino currently acts as a Chairman of Jadar Resources Limited (ASX: JDR) and is also Executive Director of Indian Ocean Consulting Group Pty Ltd. Martino's previous roles have included acting as Non-Executive Director of Skin Elements Ltd (ASX: SKN), Pan Asia Corporation Limited (ASX: PZC), Non-Executive Chairman and Director of Central Asia Resources Limited (ASX: CVR) and former Company Secretary of Blackgold International Holdings Limited (ASX: BGG).
Milos Bosnjakovic – Non-executive Director
Milos Bosnjakovic is a lawyer by profession with strong links and experience in the Balkan countries of the former Yugoslavia Republics, Australia and New Zealand. He has been involved in the resources industry in Australia and the Balkans for almost 20 years and has considerable corporate experience within the industry.
Bosnjakovic is a dual national of Australia and Bosnia and Herzegovina and was also the co-founder of ASX-listed Sultan Corporation Limited which became Balamara Resources Limited, which held the Monty Zinc Project in Montenegro. Milos was co-founder of ASX-listed Adriatic Metals PLC (ASX: ADT) and his previous roles have also included acting as Non-Executive Director and Country Manager of Adriatic Metals PLC.
Dejan Jovanovic – General Manager
Dejan Jovanovic is a geologist with more than 15 years of experience in managing complex exploration projects and mineral deposit evaluation. He is a well-rounded exploration professional with significant commodity experience including lithium, borates, base and precious metals. Jovanovic implemented and encouraged the highest standards of technical and operational excellence across multiple project support groups. He has held numerous positions throughout his career including notable roles with Rio Tinto (Serbia) where he worked on Rio Tinto's Jadar lithium-borate deposit; senior exploration roles with Lithium Li Ltd / Pan Global Resources Inc. serving as a key leadership capacity for exploration programs in the Balkans. Jovanovic has also acted as an exploration management consultant to various clients including European Lithium and General Manager Exploration for Jadar Resources Limited (ASX:JDR).
Jovanovic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade, and a member of the Professional Geological Societies (QP), and a fellow of the European Federation Geologist (CP in accordance with the JORC Code).
Harry Spindler – Company Secretary
Harry Spindler is an experienced corporate professional with a broad range of corporate governance and capital markets experience, having held various company secretary positions and been involved with several public company listings, merger and acquisition transactions and capital raisings for ASX-listed companies across a diverse range of industries over the past 22 years.
Spindler is a member of the Institute of Chartered Accountants Australia and New Zealand and a member of the Financial Services Institute of Australia. Spindler began his career in corporate recovery and restructuring at one of Australia's leading independent financial advisory and restructuring providers Ferrier Hodgson (now KPMG) and has for the past 11 years working for a corporate advisory firm, Indian Ocean Consulting, through which he has advised a number of clients in a range of industries, as well as held positions as company secretary for a number of ASX-listed companies, including Sino Gas & Energy Holdings Ltd (ASX:SEH; ASX:300), an Australian energy company focused on developing gas assets in China.
Karl Simich - Director
As director, Karl Simich has a particular focus on strategy, corporate development and stakeholder relations. Prior to joining Balkan, Simich was the founder, managing director and CEO of Sandfire Resources for 15 years, overseeing the company's transformational growth from a junior micro-cap to a successful, global mid-tier producer. He oversaw the implementation of Sandfire's international expansion strategy, including the $1.865 billion acquisition of the MATSA copper operations in Spain. Simich has 36 years of experience with publicly listed mining and exploration companies. Throughout his career, Simich has overseen the financing and development of more than 10 mines in Australia, New Zealand and Africa.
Nenad Loncarevic – Senior Exploration Geologist
Nenad Loncarevic has 30 years of mineral exploration experience. He is highly experienced in target generation, project evaluation and exploration program implementation for gold, base metals and industrial minerals. Loncarevic possesses an outstanding knowledge of many deposit styles with particular strengths in polymetallic systems and sedimentary type deposits.
Prior to joining Balkan Mining and Minerals, Loncarevic held senior exploration roles with companies including Medgold Resources Corp. (TSXV:MED), Ultra Lithium (TSXV:ULI) & Dundee Precious Metals Inc. (TSX:DPM).
Loncarevic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade.
Appointment of Strategic Advisor
White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce the appointment of John Hancock (“John”) as a Strategic Advisor to the Board of White Cliff Minerals Ltd. The Company expects significant growth with its current and future portfolio of projects in the coming 12 months and is working now to secure appropriate personnel to assist with this.
About John Hancock
John’s experience in the mining and exploration industry began more than 40 years ago visiting Pilbara iron ore prospects with his grandfather, Lang Hancock. During the 1990s he was part of marketing missions representing the Hope Downs Iron Ore project to customers and investors in China, Japan and Germany, including co-presenting the project at the 1997 Iron and Steel Conference held in Berlin. After two years working in South Africa with Iscor Mining (now Kumba) and on return to Australia completing an MBA, John transitioned to the role of investor and over the last 20 years has built a record of successful early stage investments in Lithium and Uranium, including substantial holdings in Vulcan Energy and Aura Energy. His experience in international resource development and capital markets includes the role of Senior Advisor to The Lind Partners, a US fund that during his tenure has deployed more than $500m to small-cap companies in both Australia and Canada, particularly within the mining industry.
The Board views John’s appointment at this pivotal time in the Company’s evolution to be a logical next step as we move to complete our stated strategy of a three-project portfolio in Canada as well as significantly expand our exploration work at both Great Bear Lake and the Rae Copper (Nunavut-Coppermine) Project.
“Attracting someone of John’s experience and calibre is a great development for White Cliff. John has an extensive international network and is a successful resources veteran with deep roots within the mining industry. I look forward to working with John as we execute this next corporate step and continue to unlock the untapped potential of all of the Company’s projects”
Troy Whittaker - Managing Director
“I am not alone in looking for copper, and have been searching for an early-stage investment to complement my exposure to lithium and uranium. Copper is a vital ingredient to a clean energy transition and as my grandfather said, ‘minerals don’t grow on trees, every year you need to find more’ and today this means searching further and further afield. White Cliff have secured a large holding in an area with historical production and exciting preliminary indications which led me to become an investor and now Strategic Advisor to the Board. I, like Troy and the Board are looking forward to the upcoming assay results from our maiden campaign where we have visually identified numerous highly prospective areas”
John Hancock
Click here for the full ASX Release
This article includes content from White Cliff Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top 3 ASX Lithium Stocks of 2024
Global demand for lithium-based power presents a significant opportunity for Australia, the top lithium-producing nation. As countries and companies establish their positions in the battery value chain, Australia has the ability to leverage its strong output and vast reserves to shape the industry landscape into the 2030s.
The future of lithium demand relies heavily on the growth of the electric vehicle (EV) market, and in recent years its rapid expansion has led to much higher mining of the commodity — so much so that the market has entered a surplus.
This oversupply kept lithium prices subdued in the first half of 2024, but experts continue to forecast a bright long-term outlook for the essential battery material as countries around the world pursue net-zero goals.
Here the Investing News Network looks at the top three ASX-listed lithium companies by year-to-date gains. The list below was generated using TradingView’s stock screener on July 16, 2024, and includes companies that had market caps above AU$10 million at that time. Read on to learn more about their activities over the past year.
1. Prospect Resources (ASX:PSC)
Year-to-date gain: 57.38 percent; market cap: AU$64.62 million; share price: AU$0.14
Africa-focused explorer Prospect Resources holds a diversified portfolio of assets located in Zimbabwe, Zambia and Namibia. The company’s lithium projects, Omaruru and Step Aside, are in Namibia and Zimbabwe, respectively.
In late June, Prospect released an update on its exploration activities at the projects. The company reported strong assay results from Phase 4 diamond drilling at Step Aside, and shared results from follow-up Phase 2 drilling at Omaruru.
In a release, Managing Director Sam Hosack highlights the significant mineralisation potential at both projects.
Moving forward, Prospect plans to slow down spending at its lithium projects as it turns to its newly acquired Mumbezhi copper project. The company believes it can monetise Step Aside in the near term to aid in this goal.
Company shares rose to an H1 high of AU$2.05 on May 27.
2. Vulcan Energy Resources (ASX:VUL)
Year-to-date gain: 53.79 percent; market cap: AU$867.55 million; current share price: AU$4.46
Europe-focused Vulcan Energy Resources aims to support a carbon-neutral future by producing lithium and renewable energy from geothermal brine. The company is currently developing the Zero Carbon lithium project in Germany's Upper Rhine Valley. Vulcan is utilising a proprietary alumina-based adsorbent-type direct lithium extraction process to produce lithium with an end goal of supplying sustainable lithium for the European EV market.
On April 11, Vulcan announced the commencement of lithium chloride production at its lithium extraction optimisation plant in Germany. According to the company, the milestone marks the first lithium chemical production in Europe using local supply. The plant consistently exhibited over 90 percent lithium extraction efficiency.
Vulcan will now prepare the 40 million euro facility for commercial production. The company already has binding lithium offtake agreements in place with major automakers and battery manufacturers, and expects to supply enough lithium for 500,000 EVs during the first phase of production.
Shares of Vulcan marked an H1 high on May 22, trading for AU$5.54.
3. Anson Resources (ASX:ASN)
Year-to-date gain: 11.11 percent; market cap: AU$200.03 million; share price: AU$0.15
Anson Resources holds a portfolio of projects in the US and Western Australia. Its primary asset is the Paradox lithium project in Utah, which Anson is transforming into a major lithium production operation for the North American market.
On May 8, Anson received approval from Utah's Department of Natural Resources to source water, or brine, for lithium extraction at its Green River lithium project. The permit allows the non-consumptive use of 19 cubic feet of brine, which the company will process and then return to its original geological formation.
This is the company’s first permit approval for lithium production from brine in Utah.
In late June, Anson partnered with Koch Technology Solutions to use Koch's Li-Pro process for a pilot Lithium Selective Sorption unit at the Green River lithium project.
The pilot project, funded jointly by Anson Resources and Koch through a convertible note, will be used to collect data for the potential launch of a commercial-scale plant using the technology. It is expected to enter pilot production in July.
Shares of Anson marked a year-to-date high of AU$0.16 on July 10.
FAQs for investing in lithium
What is lithium?
Lithium is the lightest metal on the periodic table, and it is used in a wide variety of applications, including lithium-ion batteries, pharmaceuticals and industrial applications like glass and steel.
How do lithium-ion batteries work?
Rechargeable lithium-ion batteries work by using the flow of lithium ions in the battery's cell to power a device.
A lithium-ion battery has one or more cells, depending on the amount of energy storage it is capable of, and each cell has a positive electrode and negative electrode with an electrolyte separating them. When the battery is in use, lithium ions flow from the negative electrode to the positive electrode, running out of power once all have transferred. When the battery is charging, ions flow the opposite way.
Where is lithium mined?
Lithium is mined from two types of deposits, hard rock and evaporated brines. Most of the world's lithium production comes out of Australia, which hosts the Greenbushes hard-rock lithium mine. The next-largest producing country is Chile, which like Argentina and Bolivia is located in South America's Lithium Triangle.
Lithium in this famed area comes from evaporated brines, including the Salar de Atacama. Lithium can also be found in sedimentary deposits, but currently none are producing.
Where is lithium found in Australia?
Australia is the world’s top producer of lithium, and its lithium mines are all located in Western Australia except for one, which is Core Lithium’s (ASX:CXO,OTC Pink:CXOXF) Finniss mine in the Northern Territory. Western Australia accounts for around half of global lithium production, and the state is looking to become a hub for critical elements.
Who owns lithium mines in Australia?
Several companies own lithium mines in Australia, including some of the biggest ASX lithium stocks. In addition to the entities discussed above, others include: Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) with its Pilgangoora operations; Arcadium Lithium with the Mount Cattlin mine; Jiangxi Ganfeng Lithium (HKEX:0358), which owns the Mount Marion mine alongside Mineral Resources (ASX:MIN,OTC Pink:MALRF); and Tianqi Lithium (SZSE:002466), which is a partial owner of Greenbushes via its stake in operator Talison Lithium.
Who is Australia’s largest lithium producer?
Australia’s largest lithium producer is Albemarle (NYSE:ALB), which has interests in both the Greenbushes and Wodgina hard-rock lithium mines. Greenbushes is the world’s largest lithium mine, and Albemarle holds 49 percent ownership of operator Talison Lithium’s parent company.
Albermarle also has 60 percent ownership of Mineral Resources’ Wodgina mine, and owns the Kemerton lithium production facility as part of a 60/40 joint venture with Mineral Resources.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Georgia Williams, currently hold no direct investment interest in any company mentioned in this article.
Further IOCG, Copper and Epithermal Mineralisation Discovered at Great Bear Lake U-Cu-Ag-Au Project
Works commence at Nunavut Cu-Ag-Au Project
White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that further widespread, IOCG-U polymetallic, mineralisation has been visually observed during the maiden fieldwork program at the 100% owned Great Bear Lake U-Cu- Au-Ag Project in northern Canada and that works have now commenced at the 100% owned Nunavut Cu-Ag-Au Project.
- A total of 4 large IOCG hydrothermal systems now identified and sampled within the Project area, all prospects are visibly mineralised with chalcopyrite +/- bornite and associated copper secondary minerals
- Newly discovered “Cleaver” project, a broad zone of chalcopyrite bearing alteration at surface indicating a large and fertile IOCG system is in place.
- Cleaver includes large scale deep seated structures with widespread earthy hematite alteration (including Uranium up to 4000 counts per second (CPS)) and secondary copper
- Further groundwork at Spud Bay (north) has identified widespread copper mineralisation along a structural corridor that can be traced for 450m N/S before disappearing under cover that including surficial bornite
- This newly identified structure at Spud Bay adds to the existing 700 m E/W trend and native silver occurrence discovered just 530 meters along strike from the historic Bonanza and El Bonanza silver mines
- The Company’s subcontractor Expert Geophysics has completed the MobileMT airborne geophysical program at Great Bear Lake and has now mobilised and will commence work at the Nunavut Cu-Ag-Au Project.
- Assay results from the sampling program to follow with all samples now with the Laboratories for multi- element analysis with results expected in the coming weeks
“The IOCG potential of this project continues to grow. As we have seen from this latest round of exploration, we continue to discover targets that represent newly identified, spatially separate mineralised systems, indicating the opportunity for multiple discoveries.
The completion of MobileMT survey delivers another significant milestone for stakeholders. The Data returned from this detailed survey is expected to work well given the outcropping mineralisation fresh rock and lack of overburden. We will, integrate this information into our planning and in conjunction with the field observations and having a clear understanding of the topography and local onsite conditions we will have a complete and detailed understanding in readiness for our upcoming drilling campaign and various site visits that are planned.
Adding to the excitement of these discoveries at Great Bear Lake - works will shortly commence in Nunavut where we are targeting high-grade, volcanic hosted copper-silver lodes which are prospective for high grade vein fill and bulk tonne sedimentary hosted copper deposits. To date we have executed a seamless and zero injury first pass programme at Great Bear thanks to our highly professional consultants as well as our staff. Next is planning and preparations for drilling at Great Bear and the completion of the first pass field activities and surveys at Nunavut. All in all things could not have gone better and we look forward to drilling later this season”
Troy Whittaker - Managing Director
In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of visible mineralisation reported in sampling. The Company will update the market when laboratory analytical results become available, which are expected within 3-5 weeks.
Click here for the full ASX Release
This article includes content from White Cliff Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top 6 Lithium Stocks of 2024
Now that Q2 has come to a close, it's time to look at the year's best-performing lithium stocks on Canadian, US and Australian exchanges.
While oversupply and weak prices kept some companies from registering big gains during the first half of 2024, others like those below still saw share price grow.Unlike the fluctuations observed in 2023, the lithium market has exhibited greater stability during the first half of 2024.
However, influenced by weak prices in China, the lithium hydroxide market has seen prices remain lower than anticipated.
Market oversupply prompted some lithium producers to trim 2024 output targets in hopes that some of the excess would be absorbed in the market.
Spending for project expansions and new developments was also put on the back burner to allow the market to rebalance.
“Several factors will play a crucial role in shaping the trajectory of lithium hydroxide prices,” notes a June report from Fastmarkets. “These include the pace of EV adoption globally, advancements in battery technology that may affect lithium hydroxide demand, geopolitical tensions that could impact lithium supply chains and environmental policies that may influence mining and production practices."
Despite some of the challenges the lithium market faced in the first half of the year, the companies profiled below have all seen significant gains so far in 2024.
The list was generated using TradingView’s stock screener and data was gathered on July 16, 2024. While US lithium companies were considered for the list, none were up year-to-date at the time data was gathered. All top lithium stocks had market caps above $10 million in their respective currencies when data was gathered.
1. Lithium Chile (TSXV:LITH)
Year-to-date gains: 32.08 percent; market cap: C$148.56 million; share price: C$0.70
South America-focused Lithium Chile owns several lithium land packages in Chile and Argentina. Presently, the explorer is working to delineate the deposit at its Salar de Arizaro property in Argentina.
In early April, Lithium Chile announced a 24 percent increase in the resource estimate for its Salar de Arizaro project in Argentina, according to an updated NI 43-101 compliant resource report. The new total for the project is 4.12 million metric tons (MT) of lithium carbonate equivalent (LCE), categorized as follows: 261,000 MT in the measured category, 2.24 million MT in the indicated category and 1.62 million MT in the inferred category.
On April 18, the company reported the creation of two wholly owned Canadian subsidiaries, Lithium Chile 2.0 and Kairos Gold, as part of a spinout to separate its Chilean and Argentinian assets. Lithium Chile will retain its Argentinian lithium projects, and transfer its 111,978 hectares of Chilean lithium properties to Lithium Chile 2.0 and its portfolio of gold assets in Chile to Kairos Gold.
After trending upwards through Q1, shares of Lithium Chile reached a year-to-date high of C$0.88 on March 21.
2. Q2 Metals (TSXV:QTWO)
Year-to-date gain: 32 percent; market cap: C$28.46 million; current share price: C$0.325
Exploration firm Q2 Metals is exploring its flagship Mia lithium property in the Eeyou Istchee James Bay region of Québec, Canada. The property contains the Mia trend, which spans over 10 kilometers. Also included in Q2's portfolio is the Stellar lithium property, comprising 77 claims and located 6 kilometers north of the Mia property.
This year, Q2 has also focused on exploring the Cisco lithium property, located in the same region, after entering into an option agreement on February 29. The news caused Q2's share price to skyrocket, and it reached a year-to-date high of C$0.54 on March 4.
In mid-May, Q2 released re-assayed results from 2023 drilling conducted at Cisco by the property's vendors using the analytical method Q2 applies to its Mia drill cores.
“We are pleased with the positive outcome of the re-analysis of the Cisco drill results,” said Q2 Metals VP of Exploration Neil McCallum. “A thorough review of the quality control measures has solidified that the new results are more accurate than the original results previously announced. It’s not an unexpected change as the analytical methods now used are more accurate at higher grades above roughly 1.5 percent Li2O and we have several samples above that range.”
Later that month the company announced the start of its summer drill program at the Cisco property, and has since released multiple significant updates, including the confirmation of eight new mineralized zones on July 8.
Q2 closed the acquisition in June and now owns a 100 percent interest in Cisco.
3. Rock Tech Lithium (TSXV:RCK)
Year-to-date gain: 14.81 percent; market cap: C$163.05 million; current share price: C$1.55
Rock Tech Lithium is developing upstream and downstream lithium capabilities. The company’s approach includes the production of sustainably sourced spodumene feedstock from its Ontario-based Georgia Lake project, as well as the construction of lithium hydroxide converters starting with its Guben Converter in Brandenburg, Germany.
In May, Rock Tech received its construction and operations permits for Guben, which has a planned annual capacity of 24,000 MT of lithium hydroxide monohydrate. In the years to come, the company expects to source raw material from recycling discarded batteries, pledging to have 50 percent of its feedstock at its German convertors come from recycled lithium by 2030.
On June 24, Rock Tech received a binding letter of intent from Brandenburg's Minister for Economic Affairs for up to 90 million euros in subsidies for its Guben Convertor.
Additionally, the company’s application for federal funding from the German Railway Authority is progressing well, potentially securing another 10 million euros in grants. Rock Tech plans to use this funding to help shift transport from road to rail.
Shares of Rock Tech reached a H1 high of C$2.01 on June 5.
1. Prospect Resources (ASX:PSC)
Year-to-date gain: 57.38 percent; market cap: AU$64.62 million; share price: AU$0.14
Africa-focused explorer Prospect Resources holds a diversified portfolio of assets located in Zimbabwe, Zambia and Namibia. The company’s lithium projects, Omaruru and Step Aside, are in Namibia and Zimbabwe, respectively.
In late June, Prospect released an update on its exploration activities at the projects. The company reported strong assay results from Phase 4 diamond drilling at Step Aside, and shared results from follow-up Phase 2 drilling at Omaruru.
In a release, Managing Director Sam Hosack highlights the significant mineralization potential at both projects.
Moving forward, Prospect plans to slow down spending at its lithium projects as it turns to its newly acquired Mumbezhi copper project. The company believes it can monetize Step Aside in the near term to aid in this goal.
Company shares rose to an H1 high of AU$2.05 on May 27.
2. Vulcan Energy Resources (ASX:VUL)
Year-to-date gain: 53.79 percent; market cap: AU$867.55 million; current share price: AU$4.46
Europe-focused Vulcan Energy Resources aims to support a carbon-neutral future by producing lithium and renewable energy from geothermal brine. The company is currently developing the Zero Carbon lithium project in Germany's Upper Rhine Valley. Vulcan is utilizing a proprietary alumina-based adsorbent-type direct lithium extraction process to produce lithium with an end goal of supplying sustainable lithium for the European EV market.
On April 11, Vulcan announced the commencement of lithium chloride production at its lithium extraction optimization plant in Germany. According to the company, the milestone marks the first lithium chemical production in Europe using local supply. The plant consistently exhibited over 90 percent lithium extraction efficiency.
Vulcan will now prepare the 40 million euro facility for commercial production. The company already has binding lithium offtake agreements in place with major automakers and battery manufacturers, and expects to supply enough lithium for 500,000 EVs during the first phase of production.
Shares of Vulcan marked an H1 high on May 22, trading for AU$5.54.
3. Anson Resources (ASX:ASN)
Year-to-date gain: 11.11 percent; market cap: AU$200.03 million; share price: AU$0.15
Anson Resources holds a portfolio of projects in the US and Western Australia. Its primary asset is the Paradox lithium project in Utah, which Anson is transforming into a major lithium production operation for the North American market.
On May 8, Anson received approval from Utah's Department of Natural Resources to source water, or brine, for lithium extraction at its Green River lithium project. The permit allows the non-consumptive use of 19 cubic feet of brine, which the company will process and then return to its original geological formation.
This is the company’s first permit approval for lithium production from brine in Utah.
In late June, Anson partnered with Koch Technology Solutions to use Koch's Li-Pro process for a pilot Lithium Selective Sorption unit at the Green River lithium project.
The pilot project, funded jointly by Anson Resources and Koch through a convertible note, will be used to collect data for the potential launch of a commercial-scale plant using the technology. It is expected to enter pilot production in July.
Shares of Anson marked a year-to-date high of AU$0.16 on July 10.
FAQs for investing in lithium
How much lithium is on Earth?
While we don't know how much total lithium is on Earth, the US Geological Survey estimates that global reserves stand at 22 billion MT. Of that, 9.2 billion MT are located in Chile, and 5.7 billion MT are in Australia.
Where is lithium mined?
Lithium is mined throughout the world, but the two countries that produce the most are Australia and Chile. Australia's lithium comes from primarily hard-rock deposits, while Chile's comes from lithium brines. Chile is part of the Lithium Triangle alongside Argentina and Bolivia, although those two countries have a lower annual output.
Rounding out the top five lithium-producing countries behind Australia and Chile are China, Argentina and Brazil.
What is lithium used for?
While the lithium-ion batteries that power electric vehicles, smartphones and other tech have been making waves, it is also used in pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. Still, it is largely the electric vehicle industry that is boosting demand.
How to invest in lithium?
Unlike many commodities, investors cannot physically hold lithium due to its dangerous properties. However, those looking to get into the lithium market have many options when it comes to how to invest in lithium.
Lithium stocks like those mentioned above could be a good option for investors interested in the space. If you’re looking to diversify instead of focusing on one stock, there is the Global X Lithium & Battery Tech ETF (NYSE:LIT), an exchange-traded fund (ETF) focused on the metal. Experienced investors can also look at lithium futures.
How to buy lithium stocks?
Lithium stocks can be found globally on various exchanges. Through the use of a broker or an investing service such as an app, investors can purchase individual stocks and ETFs that match their investing outlook.
Before buying a lithium stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it's critical to complete due diligence before making any investment decisions.
It's also important for investors to keep their goals in mind when choosing their investing method. There are many factors to consider when choosing a broker, as well as when looking at investing apps — a few of these include the broker or app's reputation, their fee structure and investment style.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Top 5 Canadian Lithium Stocks of 2024
Continued surpluses in the lithium market have weighed down prices and impeded the sector’s growth during the second quarter of 2024. The excess has been attributed to heightened production in 2021 and 2022 amid higher lithium prices.
According to a July Fastmarkets report, increased lithium demand is fully priced into the market. China's lithium carbonate equivalent production from lepidolite rose by 126 percent year-over-year in April, while spodumene production increased by 109 percent. The accumulation of inventory suggests that there is no immediate supply shortage, but time is needed for demand to absorb the surplus.
With so much excess in the market, many lithium producers and explorers have struggled to see positive share price activity. However, several Canadian-listed lithium companies were able to see some growth during the first half of the year.
The Investing News Network has created an overview of the top 5 Canadian lithium stocks listed on the TSX, TSXV and CSE. This list was created on July 16, 2024, using TradingView‘s stock screener, and all data was current at that time. Only companies with market caps above C$10 million for TSX and TSXV and above C$5 million for CSE are included.
1. Volt Lithium (TSXV:VLT)
Year-to-date gains: 36.96 percent; market cap: C$31.41 million; share price: C$0.315
Volt Lithium is a lithium development and technology company aiming to become a premier North American lithium producer utilizing its unique technology to extract lithium from oilfield brine.
Shares of Volt Lithium reached an H1 high of C$0.36 on April 25, 2024.
On April 29, Volt announced a strategic investment of US$1.5 million by an unnamed company operating in the Delaware Basin in West Texas. This investment is earmarked for the deployment of a field unit to produce lithium hydroxide monohydrate using Volt's proprietary direct lithium extraction technology.
The company's share price retreated in the second half of Q2, but July 17 news that Volt increased its processing capacity at its operations in Alberta, Canada, by 100 fold to 96,000 liters per day caused its price to shoot up more than C$0.08 during trading that day.
Volt stated in the press release that it is on track to deploy its first field unit at its Canadian operations in Q3.
2. Lithium Chile (TSXV:LITH)
Year-to-date gains: 32.08 percent; market cap: C$144.43 million; share price: C$0.70
South America-focused Lithium Chile owns several lithium land packages in Chile and Argentina. Presently, the explorer is working to delineate the deposit at its Salar de Arizaro property in Argentina.
In early April, Lithium Chile announced a 24 percent increase in the resource estimate for its Salar de Arizaro project in Argentina, according to an updated NI 43-101 compliant resource report. The new total for the project is 4.12 million metric tons (MT) of lithium carbonate equivalent (LCE), categorized as follows: 261,000 MT in the measured category, 2.24 million MT in the indicated category and 1.62 million MT in the inferred category.
On April 18, the company reported the creation of two wholly owned Canadian subsidiaries, Lithium Chile 2.0 and Kairos Gold, as part of a spinout to separate its Chilean and Argentinian assets. Lithium Chile will retain its Argentinian lithium projects, and transfer its 111,978 hectares of Chilean lithium properties to Lithium Chile 2.0 and its portfolio of gold assets in Chile to Kairos Gold.
After trending upwards through Q1, shares of Lithium Chile reached a year-to-date high of C$0.88 on March 21.
3. Foremost Lithium (CSE:FAT)
Year-to-date gains: 18.99 percent; market cap: C$22.49 million; share price: C$4.01
Foremost Lithium is an exploration company with several hard rock lithium properties, which it calls the Lithium Lane projects, in the Snow Lake district of Manitoba, Canada, as well as the Lac Simard South project in Québec, Canada.
In January, Foremost received its third C$300,000 grant from the Manitoba Mineral Development Fund. The funds have been earmarked for continued exploration and drilling at the Snow Lake property.
Shares of the company hit a year-to-date high of C$4.51 in late February, when Foremost released promising intercepts from its winter drill program at its Zoro lithium project in Manitoba.
In May, the company completed the winter drill program at the Zoro project, which encompassed 21 diamond drill holes. According to the statement, the preliminary results “demonstrated the continuity of lithium mineralization along Dyke 1.”
In early June, Foremost announced plans to spin out its Winston gold-silver project in New Mexico, US, into a new wholly-owned subsidiary, Rio Grande Resources. Winston includes three historic mine sites.
4. Q2 Metals (TSXV:QTWO)
Year-to-date gain: 18 percent; market cap: C$36.12 million; share price: C$0.295
Exploration firm Q2 Metals is exploring its flagship Mia lithium property in the Eeyou Istchee James Bay region of Québec, Canada. The property contains the Mia trend, which spans over 10 kilometers. Also included in Q2's portfolio is the Stellar lithium property, comprising 77 claims and located 6 kilometers north of the Mia property.
This year, Q2 has also focused on exploring the Cisco lithium property, located in the same region, after entering into an option agreement on February 29. The news caused Q2's share price to skyrocket, and it reached a year-to-date high of C$0.54 on March 4.
In mid-May, Q2 released re-assayed results from 2023 drilling conducted at Cisco by the property's vendors using the analytical method Q2 applies to its Mia drill cores.
“We are pleased with the positive outcome of the re-analysis of the Cisco drill results,” said Q2 Metals VP of Exploration Neil McCallum. “A thorough review of the quality control measures has solidified that the new results are more accurate than the original results previously announced. It’s not an unexpected change as the analytical methods now used are more accurate at higher grades above roughly 1.5 percent Li2O and we have several samples above that range.”
Later that month the company announced the start of its summer drill program at the Cisco property, and has since released multiple significant updates, including the confirmation of eight new mineralized zones on July 8.
Q2 closed the acquisition in June and now owns a 100 percent interest in Cisco.
5. Rock Tech Lithium (TSXV:RCK)
Year-to-date gain: 8.89 percent; market cap: C$156.98 million; share price: C$1.47
Rock Tech Lithium is developing upstream and downstream lithium capabilities. The company’s approach includes the production of sustainably sourced spodumene feedstock from its Ontario-based Georgia Lake project, as well as the construction of lithium hydroxide converters in Europe.
In the years to come, the company expects to source raw material from recycling discarded batteries, pledging to have 50 percent of its feedstock at its German converters come from recycled lithium by 2030.
On June 24, Rock Tech received a binding letter of intent from Brandenburg's Minister for Economic Affairs, Joerg Steinbach, for up to 90 million Euros in subsidies for the Guben project located in Germany.
Additionally, the company’s application for federal funding from the German Railway Authority is progressing well, potentially securing another 10 million Euros in grants. This funding, expected under the "Anschlussbahnförderung," will aid in shifting transport from road to rail, a key element of the project's logistics strategy.
Shares of Rock Tech reached a H1 high of C$2.01 on June 5, 2024.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
At-The-Market Raise
The 7,050,000 Galan shares will be issued out of the Company’s LR7.1A capacity. The issue price of $0.156 represents a discount of 8.8% to the 15-day VWAP of $0.171 to Friday 12 July 2024 (inclusive).
The funds raised will be put towards the further development of its Hombre Muerto West lithium brine project in Argentina and working capital.
In addition, Galan is pleased to advise that in accordance with Resolution 10 at its General Meeting held on Friday 12 July 2024 it has placed an additional 7,950,000 fully paid ordinary shares to Acuity Capital to top up the shares held as security against the ATM. The shares were issued for nil cash consideration and bring the total number of shares held as security held by Acuity Capital to 15,000,000 (“Collateral Shares”).
Galan has to date utilised the ATM to raise a total of $3,350,000 (see announcement dates above). The remaining standby equity capital available under the ATM is $11,650,000 and the ATM expiry date is 31 January 2029.
Please note there is no requirement on Galan to utilise the ATM and there were no fees or costs associated with the increase in Collateral Shares. The Company may at any time cancel the ATM, including buying back and cancelling the Collateral Shares for nil cash consideration (subject to shareholder approval).
Click here for the full ASX Release
This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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