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Lake Resources Confident In Kachi Timeline
Lake Resources (ASX:LKE) managing director Steve Promnitz was recently featured in an article on MiningNews.net providing an update regarding the company’s Kachi project. The article touches on a webinar held by Lake Resources managing director Steve Promnitz, who believes the company is on schedule to advance its Kachi lithium project. “Essentially our view is that Lake will produce the right product at the right time,” said Promnitz during the call.
Lake Resources is currently working to define a pre-feasibility study on Kachi with the goal of establishing a 25,000 tpa operation, which could be scaled up to 40,000 tpa over time. Promnitz believes the company’s partnership with Lilac Solutions has the potential to differentiate its product from the competition because the Lilac process does not concentrate impurities, enabling a high-grade end product.
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Lake Resources
Overview
The electric vehicle boom is unstoppable. Battery-powered cars could reach a 40 percent increase in global sales and the demand for lithium is expected to double to 1.5 million tonnes by 2027. The bullish outlook could be traced back to lithium-ion battery’s ability to charge faster and store higher power capacity in a lighter package.
Although Australia, Chile and China have long been the world’s top lithium producers for years, Argentina has now emerged at the forefront accounting for 21 percent of the world’s reserves. The country’s lithium mining pipeline consists of two that are currently operational, 13 planned and dozens under consideration.
Lake Resources (ASX: LKE,OTCQB:LLKKF) is a lithium development company focused on producing high-purity, sustainable lithium at a low cost from its four lithium brine projects in Argentina. The projects lie within one of the most sizable, wholly owned land packages amongst the largest players within the Lithium Triangle — home to 40 percent of the world's lithium supply.
Lake Resources has five lithium projects in the heart of the Lithium Triangle but is primarily advancing its wholly owned Kachi lithium project, approximately 100 kilometers south of the FMC Lithium (NYSE: LTHM) Hombre Muerto lithium brine production site.
In 2023, Lake Resources provided an update on the resource estimates in 2023. Additional drilling has upgraded and increased confidence in the resource in the central area of the salar, with measured and indicated (M&I) resources of 2.2 Mt of LCE defined, to a depth of 400 meters over 81 square kilometers. Surrounding the M&I resources are inferred resources of 3.1 Mt LCE defined over 117 square kilometers. The resource remains open to a depth of approximately 700 meters and opens laterally, where drilling is underway to better define the resource extent.
In February 2020, Lake Resources released a prefeasibility study (PFS) for its Kachi lithium project, which indicated an annual production target of approximately 25,500 tonnes of battery-grade lithium carbonate using Lilac Solutions' direct lithium extraction (DLE) technology.
The study was based on Kachi's indicated resource of 1.01 MtLCE at 290 mg/L lithium. The study projects an operating cost of US$4,178 per tonne, totalling approximately US$544 million in total capital expenses.
Lake Resources has partnered with Lilac Solutions to build a direct extraction pilot plant at the Kachi project. Lilac Solutions has developed a proprietary ion-exchange technology for the extraction of lithium from brine resources. It’s capable of achieving high recoveries, at minimal cost, with rapid processing times, all while providing numerous environmental benefits — particularly water preservation. Katchi aims to provide the world’s cleanest lithium using its unique procedure.
The modular demonstration plant, designed and built by the engineering team at Lilac Solutions, was dispatched to the Kachi Project in Argentina in March 2022, after which Lilac began operating the demonstration plant for several months to produce lithium chloride (eluate) representing 2.5 tonnes of lithium carbonate.
As of December 31, 2022, Lilac has successfully operated the demonstration plant for 1,000 consecutive hours and produced 40,000 liters of lithium chloride eluate, meeting all key testing milestones outlined in Lake Resources' agreement with Lilac. The lithium chloride eluate produced by Lilac will be converted to lithium carbonate, after which it will be independently tested for purity.
Project Kachi is on track to move from its pilot phase into commercial-scale development after Lake Resources and Lilac Solutions announced the production of 2,500 kilograms of lithium carbonate equivalents (LCE). This successful result led Lilac to increase its ownership of the Kachi Project from 10 percent to 20 percent. The 2,500 kilograms of LCEs were extracted at Kachi with 80 percent lithium recovery, 90 percent plant uptime, 1,000 times less land compared with evaporation ponds, and 10 times less water compared with conventional aluminum-based absorbents.
Lake Resources has appointed Saltworks, an independent assay laboratory based in Canada, , to produce larger samples of lithium carbonate. Lake Resources has conditional framework agreements in place with SK On and WMC Energy for offtake. The terms provide each partner with 25,000 tpa, along with a 10 percent equity stake in Lake Resources.
The Cauchari and Olaroz lithium brine projects are adjacent to one another and are surrounded by major players such as Lithium Americas (TSXV:LAC), SQM (NYSE:SQM), Ganfeng Lithium, and Advantage Lithium (TSXV:AAL). Drilling at Cauchari has so far returned values up to 540 mg/L lithium on the project. Lake Resources hopes to prove that both projects are extensions of the neighboring projects.Company Highlights
- Lake Resources has four clean lithium brine projects in stable mining jurisdictions in Argentina.
- Projects are near major lithium brine properties operated by Livent (NYSE:LTHM), Lithium Americas, SQM, Ganfeng Lithium and Advantage Lithium.
- Lake Resources is developing a multi-asset Tier One producer, with lithium at 99.7 percent purity that aims to provide cleaner lithium for an electric world.
- Kachi property has a mineral resource estimate of 2.2 million tonnes (Mt) of contained lithium carbonate equivalent (LCE) with 3.1 million tonnes inferred resource.
- Partnership in place with Lilac Solutions for direct brine extraction which entitles Lilac to earn up to 25 percent equity in the Kachi Project upon the completion of performance milestones.
- Working with Saltworks to produce large samples of its battery-quality lithium carbonate.
- Cauchari and Olaroz are structured as strategic extensions of neighboring resources.
- Lilac increased its ownership of the Kachi Project from 10 percent to 20 percent after producing 2,500 kilograms of lithium carbonate equivalents (LCE) at Project Kachi.
Key Projects
Kachi Lithium Brine Project
Lake Resources' wholly owned Kachi lithium brine project encompasses 36 mining leases that cover 69,000 hectares in Catamarca province, Argentina. The property is approximately 100 kilometers south of the Livent (NYSE:LTHM) Hombre Muerto lithium brine production site. The Kachi property also covers a 20-kilometer by 15-kilometer salt lake.
In November 2018, Lake Resources released its maiden resource for the Kachi project. The report outlined a resource estimate of 4.4 million tonnes of contained lithium carbonate equivalent. The report included an indicated resource of 1 million tonnes of lithium carbonate equivalent and an inferred resource of 3.4 million tonnes lithium carbonate equivalent. In 2023, Lake Resources released an upgraded and increased confidence in the resource in the central area of the salar, with measured and indicated (M&I) resources of 2.2 Mt of LCE defined, to a depth of 400 meters over 81 square kilometers. Surrounding the M&I resources are inferred resources of 3.1 Mt LCE defined over 117 square kilometers.
Direct extraction Demonstration plant
Lake Resources partnered with Lilac Solutions to further the development of the Kachi project. Lilac Solutions has developed a proprietary ion-exchange technology for the extraction of lithium from brine resources.
The technology can achieve high recoveries with minimal costs and has rapid processing times when compared to using evaporation ponds. It also provides numerous environmental benefits as it eliminates the need for evaporation ponds and decreases the footprint of the operation. The technology also allows for the remaining brine to be re-injected into the aquifer.
Lilac has successfully operated the demonstration plant for 1,000 consecutive hours and produced 40,000 liters of lithium chloride eluate, which was then shipped to Saltworks to be converted to lithium carbonate. The lithium carbonate will then be independently tested for purity.
Pre-feasibility Study
In May 2020 Lake Resources released a PFS on the Kachi property with a target of producing 25,500 tonnes of battery-grade lithium carbonate equivalent (LCE), using Lilac's direct extraction technology at an operating cost of US$4,178 per tonne. The study was based on an indicated resource of 1.01 million tonnes LCE at 290 mg/L lithium. Lake is currently working towards a definitive feasibility study on the Kachi property.
Upcoming Milestones:
Lilac’s ion exchange is proven through extensive testing at the demonstration plant, allowing faster-to-market, high-recovery solutions that are environmentally sustainable. The company expects to report in the next several weeks on the test results of the 40,000 liters of lithium chloride that were shipped to Saltworks for conversion to lithium carbonate, and then further tested for purity levels.
Additionally, the company expects to provide an operational update on the Kachi Project in the second quarter. Completion of the DFS is expected mid-2023, followed by the completion and submission of the Environmental Impact Assessment by the fourth quarter of 2023.
Cauchari-Olaroz-Paso Lithium Brine Projects
The wholly owned Cauchari, Olaroz and Paso lithium brine projects are adjacent to one another and surrounded by significant players in Jujuy province in Argentina. The projects are adjacent to Orocobre's Olaroz lithium brine operations and projects under development by Lithium Americas (ICX:LAC), SQM (NYSE:SQM), Ganfeng Lithium and Advantage Lithium.Exploration
Lake Resources began drilling on the Cauchari project in April 2019. The company encountered conductive lithium brines with values up to 480 mg/L of lithium at depths of approximately 186 meters at Cauchari. The results compared favorably with the results from nearby pre-production areas that are currently under development.
The 290-square-kilometer Paso lithium brine project is a wholly owned project in the Jujuy Province in Argentina. The province is adjacent to the border of Chile and is immediately west of Orocobre's Olaroz lithium brine operations. Lake Resources' initial sampling program returned elevated results.
At the current time, Lake is intently focused on progressing its Kachi project, however, drilling will resume at both the Olaroz and Paso projects. The drill wells are designed as part of an accelerated program across all projects in the area to quantify brines identified, develop aquifers, and conduct pump tests with data for initial feasibility studies. Rotary wells will be followed by diamond holes. Brines will be sampled and tested with direct lithium extraction methods, similar to previous work conducted on Kachi project lithium brines.Management Team
David Dickson - CEO and Managing Director
With more than 30 years' experience in process technology, engineering, construction, and engineering, procurement and construction (EPC) cost management across the energy sector, David Dickson has a proven track record in successfully delivering multibillion dollar resource projects. He is currently a senior advisor to private equity firm Quantum Energy Partners, a global provider of private capital to the responsibly sourced energy and energy transition and decarbonization sectors, and an executive strategic advisor at investment firm The Chatterjee Group. He is the former CEO of global engineering and construction firm McDermott International, where, through his seven-year tenure he built a strong leadership team that steered the company into profitable new markets, oversaw McDermott's merger with CB&I, and ultimately grew the business to more than 30,000 employees across 54 international markets.
Prior to McDermott, Dickson was previously president of Technip USA, overseeing marketing and operations in North, Central and South America. He was also appointed to the board of the US National Safety Council and a member of the World Hydrogen Council.
Stuart Crow - Non-executive Chairman
Stuart Crow has global experience in financial services, corporate finance, investor relations, international markets, salary packaging, and stockbroking. He is passionate about assisting emerging and listed companies in attracting investors and capital. Crow has gained significant experience by owning and operating his own businesses.
Dr. Robert Trzebski - Non-executive Director
Dr. Robert Trzebski is currently chief operating officer of Austmine and holds a degree in geology, a master’s degree in project management, a PhD in geophysics, and has more than 30 years of professional experience in project management and mining services. He holds considerable operating and commercial experience in Argentina and Chile, as a non-executive director of Austral Gold since 2007, listed on the ASX and TSXV. He is chairman of the audit and risk committee at Austral Gold. His role with Austmine has allowed him to develop considerable contacts across the operating and technology space of the global resources industry. Trzebski is also a fellow of the Australian Institute of Mining and Metallurgy and is also fluent in Spanish, German and English.
Amalia Sáenz - Vice-president, Argentina Corporate Affairs
Amalia Sáenz was appointed a non-executive director in July 2021. An experienced energy and natural resources lawyer based in Buenos Aires, Sáenz is assisting Lake Resources and its local team in Argentina to engage with local stakeholders and prepare for the development of clean lithium in Argentina. She is a partner at the law firm, Zang, Bergel & Viñes in Buenos Aires, where she leads the firm’s energy and natural resources practice. A leading member of the Association of International Petroleum Negotiators, Sáenz has extensive experience in energy and resources, including mergers and acquisitions, financing, joint ventures and operating agreements in Argentina. She has also worked in Central Asia and the United Kingdom, gaining experience in exploration and production development across international borders and cultures.
Karen Greene – Senior Vice President of Investor Relations and Communications
Karen Greene is an accomplished investor relations executive with over 25 years’ experience in leading US companies.
Her investor relations leadership experience includes senior vice-president, global client experience and corporate communications, member of senior leadership team at Q4 Inc, Toronto; managing director, investor relations at Hamilton Lane Corp and managing director of investor relations and communications at Actua Corporation in the US.
Greene has an MBA, Boston University and Temple University, Dean’s List; and BA Political Science, Dean’s List, University of Rochester and the Universite de Sorbonne, Paris, France.
Scott Munro - Senior Vice-president, Technology, Strategy and Risk
Scott Munro has significant experience and skills in strategic partnerships, corporate strategic planning, and technology development. He has experience in creating new business units and growing them rapidly to deliver large-scale industrial developments. Munro has overseen the successful delivery of large-scale industrial projects in international markets and has broad experience including general management, strategic planning, partnership development and overseeing technology development. His prior roles included corporate development officer at McDermott International with responsibility for Strategy Development following a period as business unit leader for the company's Americas, Europe, and Africa (AEA) Business Unit and overseeing its re-entry into these geographical areas.
Peter Neilsen - Chief Financial Officer
Peter Neilsen is a chartered accountant with more than 20 years’ experience in all facets of financial management, asset management, and leadership. He has served in a range of positions including as CFO, company secretary, finance manager, and other senior executive positions for a number of listed and unlisted companies in the energy and natural resources sector. Among the companies Neilson has worked with are Barrick, Xstrata and Round Oak. He has been involved in reducing operating expenses up to AU$100M through cost analysis, performance improvements and contract negotiations, acquisitions of up to $80M and managed revenues in excess of AU$5 billion.
John Freeman - Chief Legal Officer and General Counsel
John Freeman is a highly accomplished legal executive with over 30 years of experience in leading global companies. His extensive leadership experience includes serving as chief legal officer, executive vice-president and corporate secretary for McDermott International; general counsel and executive vice-president for Technip S.A.; global ethics and compliance director for Baker Hughes, in addition to other legal and compliance positions within that organization. Freeman has also served as prosecuting attorney for the US Office of Special Counsel and special assistant US attorney for the District of Columbia.
Gentry Brann - Chief People and Administration Officer
Gentry Brann has over 25 years of experience leading HR and communications functions. She joins Lake from McDermott, where she led the company's strategic focus on inclusion and diversity, as well as human resources, communications and marketing, real estate and facilities, and global travel. Brann joined McDermott from CB&I in 2018, where she served as senior vice-president of communications and brand management. Prior to CB&I's acquisition of The Shaw Group, she served as vice-president of investor relations and corporate communications for Shaw. Brann holds an MBA from Duke University's Fuqua School of Business and a bachelor's degree from Louisiana State University. She is also a graduate of the Advanced Leadership Program at Rice University's Jones School of Business.
Mark Anning - Head of Legal, Australia, and Company Secretary
Mark Anning has practiced at partner level in private practice, and in-house at CEO and chair direct-report levels for several ASX and NASDAQ listed companies. With 30 years of legal and corporate practice experience, Anning has specialized in corporate and commercial law, dispute resolution, risk management and corporate governance. Anning is a chartered secretary and holds a Bachelor of Commerce and LLB (Hons) from the University of Queensland and a graduate diploma in applied corporate governance. He is a fellow of the Governance Institute of Australia and is admitted to practice in all Commonwealth Courts and the Supreme Courts of Queensland and Victoria.
Sean Miller - Corporate Development Officer
Sean Miller has significant experience and skills in project execution, supply chains, contracts and procurement, and project optimisation. He has overseen the successful delivery of multibillion dollar projects in Australia and in international markets. He has broad experience including general management, strategic planning, supply chain, finance, legal, information technology, sustainable development and human resources in both greenfield projects and brownfield sites. His prior roles include being head of commercial operations for The Carmichael Rail Project in Queensland; commercial development director at the Kamoto Copper Company Copper and Cobalt mine in Katanga province of the Democratic Republic of Congo; manager - contracts & procurement for Glencore's North Queensland Metals; and superintendent metal handling at Rio Tinto's Boyne Smelters Ltd.
Howard Atkins - Non-executive Director
Howard Atkins brings deep financial management, capital markets, transaction, foreign exchange, and public company experience to the Lake Resources Board. He has over 30 years of financial leadership experience, including 20 years serving as a CFO for organizations including Wells Fargo, New York Life Insurance Company, and Midlantic Bank Corporation. Atkins previously held senior roles at Chase Manhattan Bank, including as head of Foreign Exchange and Markets Businesses for Europe, the Middle East and Africa, and head of the bank's worldwide interest rate derivatives trading business. He has served on the boards of Occidental Petroleum and Ingram Micro.
Dr. Cheemin Bo-Linn - Non-executive Director
Dr. Cheemin Bo-Linn is an accomplished CEO, former Fortune 100 operations executive, and board director with over 25 years of governance expertise at private organizations and public companies across the Americas and Europe. Her board leadership experience at public companies includes her appointment as lead independent director, chair of every major committee (audit, compensation, nomination/governance), chair of sustainability/ESG, and chair of the technology and cybersecurity committees. Her related current board service includes Flux Power, a leading developer and manufacturer of advanced sustainable lithium-ion energy storage solutions for industrial mobility fleets.
Ana Gomez Chapman - Non-executive Director
Ana Gomez Chapman is a financial services executive and board director with over 25 years of investment management, capital markets and business leadership experience. She has worked and lived across the US, Europe, Latin America and Asia Pacific. Chapman previously served on the board of directors of MP Materials, a US-based sustainable rare earth production and refining company where she steered the company through an operational turn-around that led to a New York Stock Exchange listing. She has also served on the advisory board of investment software company Backstop Solutions Group. She is a capital markets expert who has held senior roles at institutional investment firms including Hamilton Lane, where she currently serves as a managing director. She previously was senior relationship manager and alternatives lead at Allianz Global Investors, president of JHL Capital Group LLC, and vice-president at Goldman Sachs in their Latin American, Asian and US equities businesses.
Quarterly Cashflow Report - March 2024
Jindalee Lithium Limited (Jindalee, the Company) has released its Quarterly Cash Flow Report.
Click here for the full ASX Release
This article includes content from Jindalee Lithium 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.
Quarterly Activities Report
- Grant applications lodged with two US Government agencies (Defense and Energy) with strong support from state politicians, agencies and potential industry partners
- Exceptional metallurgical testwork results to feed into McDermitt PFS, with value enhancement opportunities identified
- Board and management enhanced with the commencement of Ian Rodger as CEO and Wayne Zekulich as Non-Executive Chair
US LITHIUM
McDermitt Lithium Project (Jindalee 100%)
In February 2023, Jindalee Lithium Limited (Jindalee or the Company) announced an updated Mineral Resource Estimate (MRE) at Jindalee’s 100% owned McDermitt Lithium Project (USA) (Figure 1)1.
The 2023 MRE for McDermitt contains a combined Indicated and Inferred Mineral Resource Inventory of 3.0 Billion tonnes at 1,340 ppm lithium (Li) for a total of 21.5 Million tonnes lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the United States (US) by contained lithium in Mineral Resource, and a globally significant resource (Table 1), with the deposit remaining open to the west and south (Figure 1).
Table 1 – Summary of 2023 McDermitt MRE1 at the reporting cut-off of 1,000 ppm. Note: totals may vary due to rounding.
Exploration Target
On 21 November 2023 Jindalee announced an independently estimated Exploration Target Range (ETR) at McDermitt of 300 – 700 Million tonnes at 1,100 – 1,400 ppm Li (at 1,000ppm Li cut-off) (Table 2, Figure 1)2.
The Exploration Target surrounds and abuts the 2023 MRE and is extrapolated from 62 holes drilled at McDermitt from 2018 to 2022. Material for the MRE extends to a maximum distance of 1,200m from the nearest hole, with the ETR extending to a maximum of 1,500m from the nearest hole (Figure 1).
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This article includes content from Jindalee Lithium 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.
Quarterly Activities Report for Period Ending 31 March 2024
Avenira Limited (ASX: AEV) (“Avenira” or “the Company”) is pleased to provide its Activities Report for the quarter ending on 31 March 2024 (“the Quarter”).
Highlights
- During the Quarter, Sichuan Hebang Biotechnology Corporation Limited (“Hebang”) was progressing a Scoping Study for the development and operation of the Yellow Phosphorus Plant (“YP”) at Wonarah. The YP Scoping Study will form the basis for Avenira and Hebang to negotiate binding agreements covering the funding, construction and offtake of the YP Project.
- Successful capital raising announced on 18 March 2024 with gross proceeds of $1.251 million and net proceeds to AEV of $1.193 million (Capital Raising).
- The Company repaid the secured convertible loan owed to Au Xingao Investment Pty Limited including principal, interest and costs.
Events Subsequent to the Quarter
- Advanced Lithium Electrochemistry Ltd (“Aleees”) and Avenira agreed to deferral of the two remaining USD$750,000 tranches owing under the License and Technology Transfer Agreement entered into on 26 September 2023 until 1 January 2025 and 1 April 2025.
- Hebang has provided to Avenira a draft executive summary of the YP Scoping Study which is currently under review by Avenira.
Yellow Phosphorus Project
On 4 December 2023, Avenira announced that it had secured a binding strategic equity investment of A$2 million and a non-binding Strategic Cooperation and Offtake Memorandum of Understanding (“MOU”) from Sichuan Hebang Biotechnology Corporation Limited (“Hebang”)1.
The MOU outlined Hebang’s commitment to contribute to the investment, construction and operation of a Yellow Phosphorous Plant at Wonarah with an initial nameplate capacity of 50ktpa.
The Scoping Study will leverage on Hebang’s extensive experience and capabilities in building, commissioning and operating plants around the world.
Avenira will provide further details regarding the YP Scoping Study upon Hebang and Avenira agreeing to its findings.
Hebang is a company listed on the Shanghai Stock Exchange with over 6,700 employees, that focuses on the manufacture of agricultural (including feed nutrients and herbicides) and photovoltaic products. Its products assist in weed control and increase yields in food crops to feed the world’s growing population, with yellow phosphorus being one of its key ingredients in the manufacturing process.
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This article includes content from Avenira 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.
Quarterly Report - March 2024
HIGHLIGHTS
Previous Galaxy Resources CFO Joins Lithium Universe Team
- Appointment of Mr John Sobolewski as CFO
- Highly experienced in modelling DFS stage projects
- Previously CFO of Galaxy Resources
- Previously CEO of Mintrex
- Instrumental in the funding of Mt Cattlin Mine and Jiangsu Refinery
Comprehensive Test Program For Lithium Carbonate Refinery In Progress
- Metallurgical testing on various international sources of spodumene
- Spodumene feedstock optionality whilst Canadian supply develops
- Targeted Refinery site has river and port access for global spodumene supply
- First program achieves 99.7% LiCO3 above the battery grade spec of 99.5% LiCO3
Lithium Universe Secures Quebec Prime Industrial Land For Lithium Refinery
- Secured prime industrial property in the Bécancour Waterfront Industrial Park (BWIP)
- Strategic location, hydroelectricity, gas, road, rail, and spodumene import facilities
- The site has the capability for three 16,000 tpa Lithium Carbonate refineries
- Located within 1km of General Motors/POSCO Cathode factory and Ford/EcoPro BM Cathode factory and 140km from Northvolt's EV battery facility at Saint-Basile-le-Grand
- Favourable terms including no option fee until July 2024 and option term of 3 years
Completion of Port Study for Spodumene Import to Lithium Carbonate Refinery
- Completion of port study focussed on identifying optimal import of spodumene to Bécancour Lithium Refinery
- Spodumene feed, to be sourced from within Canada or external locations such as Brazil, Africa, or Australia
- Ability to directly import spodumene into the Bécancour lithium refinery
- Trois-Rivières, Sorel, Québec, Montreal, and Bécancour ports evaluated
- Preferred port for the project will be the Bécancour port
Lithium Universe Launches Share Purchase Plan
- Share Purchase Plan (SPP) offered to raise working capital and reward former Mogul Games Group Limited and IPO shareholders
- SPP at an issue price of $0.02 per share
- Represents a 9.09% discount to the closing price of $0.022 per share on 12 March 2024 and a 9.09% discount to the 5-day VWAP prior to the announcement
Closing the Lithium Conversion Gap in North America
- Lithium Universe to play pivotal role in closing the lithium conversion gap
- Target conversion contracts with OEMs who have spodumene off take
- Target "take or pay" agreements with OEMs to reduce market/price risks
- LFP batteries expected to capture 87% of the ESS market share by 2033
- Strong Federal and Provincial government financing support within the industry
- Lithium Universe committed to building through the lithium cycle
Click here for the full ASX Release
This article includes content from Lithium Universe 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.
QXR Quarterly Activities Report for Period Ended 31 March 2024
HIGHLIGHTS
Liberty Lithium Brine Project, USA
- Two diamond drillholes were completed with numerous brine aquifers intersected in drillhole #2 and a similar geological sequence to Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA.
- Detailed downhole geophysics and packer sampling are being analysed by brine specialists.
- QXR entered into a Letter of Intent with Stardust Power Inc., a development stage American manufacturer of battery-grade lithium products, to assess the Liberty Lithium brines.
Pilbara Iron Ore Project
- Encouraging Iron Ore Samples with up to 58.5% Fe in rockchip samples were returned from over 4km of a Banded Iron Formation (BIF) at Western Shaw, together with a comprehensive review of prior exploration.
Gold Projects – Queensland
- QX Resources holds gold project areas within the Drummond Basin that include two historical open pit gold mines. A detailed review is underway due to the success of a previous trenching program (Big Red and Red Dog) and significant anomalies nearby.
OPERATIONS
Liberty Lithium Brine Project, USA
The Liberty Lithium Brine Project, located in SaltFire Flat, California, covers contiguous claims over 102km2 (25,300 acres), being one of the largest single lithium brine projects in the USA (Figure 1). The Company entered an Option to Purchase Agreement and an Operating Agreement to earn a 75% interest in the large scale Liberty Lithium brine project in California, USA, from vendor IG Lithium LLC (ASX announcement 5 October 2023). An extensive lithium brine surface anomaly with elevated lithium results up to 215mg/L Li extends over 10km (ASX announcement 26 July 2023). Geophysical analysis shows a large basin over 1,000 metres deep and indicating brine aquifer targets at depth. The Project’s geological setting mirrors Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA 1.
Two vertical diamond drill holes were completed (369m & 443 metres depth), spaced 4km apart (Figure 2,3). Holes were centred over an extensive lithium brine surface anomaly and significant MT geophysical target, interpreted as a series of conductive brine bearing aquifers at depth. Brine horizons were intersected in both holes with numerous brine aquifers intersected in drillhole #2 (ASX announcement 8 Feb 2024).
Fine grained lake sediments with sandy layers were common from the top of hole underlain by gravels, conglomerates and coarse alluvial fan material. The geology intersected is similar in profile to the producing sequences of Clayton Valley NV, where Albemarle’s producing lithium brine deposit is located.
Detailed downhole geophysics and brine sampling was conducted with specific aquifers sampled using packer sampling. The intervals were determined from the downhole geophysical and geological logs.
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This article includes content from QX Resources, 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.
Quarterly Activities/Appendix 5B Cash Flow Report
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) Pursuit Minerals Limited (ASX:PUR) (Pursuit or the Company) is pleased to present its activities report for the quarterly period ended 31 March 2024.
HIGHLIGHTS
1. Commencement of Stage 1 Drilling Program at the Rio Grande Sur Lithium Project.
2. Completion of commissioning of Lithium Carbonate Pilot Plant.
3. Discussions underway with provincial Government for evaporation pond environmental permitting.
4. $1.36 million in cash and equivalents available at quarter end.
PROJECT DEVELOPMENT
During the March 2024 quarter, Pursuit Minerals Ltd (“Pursuit” or “Company”) has continued to advance through numerous engineering and geological studies, permitting approval processes and stakeholder engagement activities at our flagship Rio Grande Sur Lithium Project.
Rio Grande Sur (RGS) Lithium Project Argentina
The Rio Grande Sur Project comprises of 5 tenements prospective for lithium on the Rio Grande Salar in the Salta province of Argentina, in addition to a Lithium Carbonate Pilot Plant located in the city of Salta. The five tenements cover approximately 9,233 hectares (Table 1).
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