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Lake Resources NL Trading Resumes as Court Orders Granted
Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) advises that further to its announcements of 24 and 28 February 2022, Lake's application to the Federal Court (Court) to rectify an administrative oversight relating to the delayed lodgment of cleansing notices when issuing shares on 17 September, 14 October, 18 October and 21 October 2021 (Issue Dates) was heard yesterday and the Court has granted the relief sought.
On 22 February 2022, Lake announced that it had sought a trading halt pending further steps being taken regarding rectification of a technical compliance issue. As detailed in Lake's request for a trading halt on 22 February and announcement on 24 February 2022, this related to Lake's inadvertent failure to lodge cleansing notices under section 708A(5)(e) of the Corporations Act 2001 (Cth) (Corporations Act) within the prescribed 5 business day period after the issue of shares on the Issue Dates.
The trading halt was granted and on 24 February 2022, Lake requested a voluntary suspension of its securities pending an application to the Court regarding rectification of this technical compliance issue being heard and determined.
Lake filed its application for relief under section 1322(4)(a), (c) and (d) of the Corporations Act on Saturday, 26 February 2022 (Application).
The Application was heard yesterday, and the Court granted the relief sought. A copy of the orders that were granted accompany this announcement (Orders).
Lake has requested that the voluntary suspension of trading in the Company's securities be lifted by ASX immediately following the release of this announcement.
About Lake Resources NL:
Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising clean, direct extraction technology for the development of sustainable, high purity lithium from its flagship Kachi Project, as well as three other lithium brine projects in Argentina. The projects are in a prime location within the Lithium Triangle, where 40% of the world's lithium is produced at the lowest cost.
This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost competitive supplier of high-purity lithium, which is readily scalable, and in demand from Tier 1 electric vehicle makers and battery makers.
Source:
Lake Resources NL
Contact:
Steve Promnitz
Managing Director
T: +61-2-9188-7864
steve@lakeresources.com.au
For media queries, please contact:
Nigel Kassulke at Teneo
M: +61-407-904-874
E: Nigel.Kassulke@teneo.com
News Provided by ABN Newswire via QuoteMedia
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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.
International Lithium Seeks Partner for Raleigh Lake Lithium Project
Following the filing of its preliminary economic assessment (PEA) for the Raleigh Lake lithium project, International Lithium (TSXV:ILC) is now seeking potential partners to advance the project to production, the company’s chairman and CEO, John Wisbey, explained.
“We’re going to do more work towards getting (the project) to the next stage,” he said, adding that the PEA pegs the pre-production capital cost at C$111.9 million.
“That's quite a lot of money, so we’re definitely looking for partners for that right now for the right terms, and there are many ways that could be done," added Wisbey.
He noted the Raleigh Lake property is also highly prospective for rubidium, which was not part of the PEA, but presents another opportunity for the company.
“Rubidium is heavily used in … making high quality optical fiber," Wisbey said. “It's got a pretty high market price as far as we can see. So we're doing a lot of research on actually how big is the market.”
Watch the full interview with International Lithium CEO John Wisbey above.
Disclaimer: This interview is sponsored by International Lithium (TSXV:ILC). This interview provides information which was sourced by the Investing News Network (INN) and approved by International Lithium in order to help investors learn more about the company. International Lithium is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with International Lithium and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
AM Resources Identifies 49 New Pegmatites on its Significant Land Package in the Austrian Pegmatite Belt
AM Resources Corporation (“AM Resources” or the “Company”) (TSXV: AMR) (Frankfurt: 76A), a dynamic junior mining company focused on the exploration and development of high-potential pegmatite lithium deposits, is pleased to announce the discovery of 49 new pegmatites within an area of 12,32 km2. These pegmatites consolidate the Company’s strategic position in one of Austria’s most prospective lithium areas.
- Recently announced 1,500 km2 land package gives AM Resources control over a large area of the Austrian Pegmatite Belt (see press release dated March 21, 2024).
- Land package also includes the Valerie Property, where 27 pegmatites have been identified over an area of 7.2 km2, and the Emilia Property, where 22 pegmatites have been identified over an area of 5.12 km2.
- AM Resources properties are located within a 620 km radius of 14 battery plants.
AM Resources’ 1,500 km2land package
Valerie Property
Located just 1 km southwest of the Frederick property, the Valerie property hosts 27 pegmatites over an area of 7.2 km2. The average pegmatite length is 203 metres and the longest one measures 447 metres.
Emilia Property
Located 8 km southwest of the Frederick property, the 5.12 km2 Emilia property hosts 22 pegmatites with the longest pegmatite measuring 505 metres long and 110 metres wide, showcasing the large scale potential of the Austrian Pegmatite Belt.
Total length of pegmatites – a marker of potential
The cumulative length of pegmatites across the Valerie and Emilia properties amounts to 8 km, indicative of the substantial prospective lithium opportunity at hand.
David Grondin, CEO of AM Resources commented: “The added strategic value of our Emilia and Valerie properties cannot be overstated, with 8 km of pegmatite bodies to explore. Combined with the 112 pegmatites on the Frederick property, we could not be more excited to begin our exploration campaign.”
“In terms of logistics, we have the strong advantage of having our technical team, led by Julien Desrosiers, our COO Europe, all based in Europe, which will have a positive impact on costs and acquisition opportunities. In addition, our team has a strong understanding of the permitting and regulatory process in Austria and has access to the necessary resources and equipment to explore and develop our projects,” added Mr. Grondin.
Geological setting, the importance of the mica schists bodies1
The geology of the Austrian Pegmatite Belt is similar to geological formations in Canada. The presence of mica schists is significant. Mica schists are metamorphic rocks that have undergone high-temperature and pressure changes. These conditions are favorable for the formation of certain minerals, including spodumene, from the breakdown of Li-bearing alumino-silicate mineral staurolite, which can contain significant amounts of lithium (up to 0.3% Li2O). The breakdown of staurolite can release lithium into the surrounding rock, where it can be incorporated into pegmatites.
The partial melting of rocks is crucial for the development of pegmatites in the Austroalpine Unit of the Eastern Alps, where albite-spodumene pegmatites are associated with metamorphic events. The evidence suggests pegmatites are derived from the anatexis of Al-Li-rich metapelites under upper amphibolite facies conditions.
Location, location, location
As previously reported, the AM Resources team has been actively assembling a massive prospective land package with four key elements at the core of its strategy: proven geology, proximity to key markets, historical expertise, and a clear, proven mining code. AM Resources’ Austrian properties are located within 620 km of 14 planned battery plants and have direct access to an extensive rail system.
Qualified Person
Technical information related in this news release has been reviewed and verified by Jean Lafleur, P. Geo., of PJLEXPL Inc., a registered geologist with the Ordre des Géologues du Québec (OGQ #833) and is a qualified person (QP) as defined by NI 43-101. Mr. Lafleur is independent from the Company and has reviewed and approved the disclosure of the AM Resources geological information.
About AM Resources
AM Resources Corporation (TSXV: AMR) is a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits. With a strategic portfolio of assets and a commitment to responsible resource development, the Company is dedicated to creating long-term value for its stakeholders while adhering to the highest standards of corporate governance and sustainability.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM Resources does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
David Grondin
AM Resources Corporation
President and Chief Executive Officer
1-514-583-3490
www.am-resources.ca
Pilot Plant Commences First Phase of Operations
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on key developments for its Lithium Carbonate Pilot Plant which has commenced the first phase of operations to produce Lithium Carbonate.
- Pilot Plant commissioning complete with first phase of operations for the production of Lithium Carbonate underway.
- Completion of dynamic simulation, mass balances and plant layout design conceptually producing 250 tonnes per annum of 99.95% battery grade Lithium Carbonate via conventional evaporation process method.
- Engagement of Ausenco to complete independent peer review study of the 250 tonne per annum plant design, block flow process, and evaporation pond design.
- Engagement of highly experienced engineering team to oversee and manage plant operations and first production of Lithium Carbonate.
Figure 1 – 250tpa Lithium Carbonate Plant at Pursuit’s purpose facility in Salta, Argentina.
The Company has completed the commissioning works of the Lithium Carbonate Pilot Plant and will now begin operations with the overall goal of producing battery grade Lithium Carbonate. The Pilot Plant will look to produce an initial sample batch using synthetic brine of approximately 50-100kg of product.
Following completion of this milestone, evaporated brine, currently being sourced from the Stage 1 Drilling Program, will be utilised to produce approximately 2 to 10 tonnes of Lithium Carbonate products anticipated to be battery grade product. After this, the Company will consider relocation of the Pilot Plant to site following the completion of construction and filling of evaporation ponds to provide feed for the plant.
Figure 2 – 250tpa Lithium Carbonate Plant at Pursuit’s purpose facility in Salta, Argentina.
In relation to the commencement of operations at the plant, Pursuit Managing Director & CEO, Aaron Revelle, said:
“The Rio Grande Sur Project continues to advance toward first production at a significant pace. With plant operations now underway, we look forward to the production of the first Lithium Carbonate products demonstrating the enormous potential of the Rio Grande Sur Lithium Project.”
In conjunction with our Stage 1 drilling program which is currently underway and the potential upgrade to our existing JORC resource, we continue to make significant progress on multiple fronts as we move toward becoming a Lithium producer. To this end, we continue to progress the environmental permitting applications to commence construction of the evaporation ponds which is currently being targeted for this year. The entire team is very excited about the production process, and we look forward to reporting on the results over the coming months.”
Click here for the full ASX Release
This article includes content from Pursuit Minerals, 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.
First Nations Engagement Key as Critical Minerals Boom Sweeps Canada
As Canada prepares to ramp up its efforts to supply the growing critical metals value chain, consulting with the country’s many First Nations communities is becoming more important than ever.
Demand for these key metals is projected to balloon over the next two decades. It is estimated that by 2050, 1.4 billion metric tons of copper will be required to facilitate electrification needs, with dozens of new mines needed.
For context, the total amount of copper mined throughout human history only tallies 700 million metric tons.
Looking beyond copper, a 2023 report from the Fraser Institute indicates that to achieve ambitious 2050 climate targets, the world will need at least 388 new mines focused on lithium, cobalt, nickel and other battery raw materials.
In Canada, many of these new mines will be in or adjacent to First Nations communities, which makes consultation and engagement a key priority in order to get the mines built. However, in recent months there have been several reports of First Nations communities opposing new projects. Most prominent has been the pushback on mining activity in Ontario’s Ring of Fire, and more broadly on the provincial government’s permitting process.
In 2023, the Ford government implemented legislation to expedite mine and access road permits. However, the Building More Mines Act is devoid of any mention of First Nations engagement despite previous assurances that local Indigenous communities would be consulted and apprised of mining-related activities on their lands.
Additionally, the current exploration permitting process in the province allows claims to be staked with virtually with no initial input from the communities this process may impact.
With those and other circumstances in mind, it's no surprise that the topic of improving relations between First Nations communities and the mining sector was a recurring theme at the annual Prospectors & Developers Association of Canada convention (PDAC), held in early March. Here's what key stakeholders had to say.
Indigenous voices urge early and frequent contact
During a panel discussion at the convention titled "Where Exploration Meets Operations: Sustainable Value Chains for Critical Minerals," experts emphasized the significance of early and substantive involvement with Indigenous communities in the exploration and development phases of mining projects.
Among the panelists was Valerie Taggart, project coordinator for the Algonquins of Pikwakanagan First Nation. Taggart, who is of settler descent and lives with her partner on the traditional and unceded territory of the Algonquin, offered insight on the historical challenges between First Nations communities and the mining sector.
“I have found that historically First Nations people have been told what sustainability is. It's innovative technology, energy efficiency. It's electrifying areas previously dominated by fossil fuels and following parameters laid out by government agencies,” she told attendees, adding, “First Nations people have been told that sustainability is a world issue, and as such requires a worldly approach to lower overall emissions, the human carbon footprint and pollution."
However, she pointed out that for many First Nations communities the concept of sustainability is much more local.
“The health of the land, water and air are paramount to the sustainability of the Algonquin people themselves, whose culture and way of life is deeply rooted in land-based practices like hunting, fishing and trapping, which is their constitutional right,” Taggart explained to the audience.
She also underscored the need for the mining industry to understand its cumulative impact, noting that First Nations are often having conversations with multiple mining companies, not just one.
“First Nations people must endure a higher volume of traffic noise and air pollution, water contamination and all the other negative impacts that come with the day-to-day operations of a mine,” she said.
“These are measurable impacts; we know these impacts are present. When the plants are no longer harvestable, the animals are displaced and driven from their homes so that people go hungry.”
Recognizing the potential negative impacts of mining projects on First Nation communities, Taggart emphasized meaningful engagement as a pathway to mitigate these repercussions.
“The Algonquin people of Pikwakanagan feel that the earlier a First Nation becomes aware of and engaged in a project, even as early as the conception phase, the better for all parties,” she said. “The more involved a First Nation is in various studies that aid in the outcome of a project in a real and tangible way, the better the overall outcome of a project.”
She suggested that companies begin First Nations engagement as soon as a viable resource has been defined, while emphasizing the importance of understanding that each community is unique.
“It's really important to reach out and allow them to kind of lead that process and to engage with them as they see fit,” she said. “Because everybody has a different level of comfort in engaging with proponents in their territory.”
Mining companies keen to establish and maintain trust
Mining sector panelists also highlighted the necessity for transparent communication, advocating for community involvement at an early stage, and for the integration of Indigenous experts right from project inception.
For Stephen Crozier, vice president of sustainability at Wyloo, the process begins with establishing trust.
He explained that the mining industry has been less than transparent in the past, and must address this shortcoming in relation to its collaboration with First Nations communities, non-First Nations communities and the general public.
Crozier went on to identify compartmentalization of information as a major hurdle that impedes effective governance and relationship building. To address this issue, he suggested a paradigm shift that he described as the “glass box" approach, which prioritizes comprehensive data collection and structured access.
“It's not a glass box in the sense that this is a transparency initiative, it's far more fundamental than that,” he told the audience at PDAC. “What we want to capture is all of the either structured or unstructured data streams that relate to what it is we're proposing to do — how we're going to engineer it, how we construct it, how we operate and how we commission and provide that picture. (We want to) ensure that we have that data collection so that it's available to navigate, so we can provide access to parties in a structured manner.”
Blair Way, COO and director of Patriot Battery Metals (TSXV:PMET,ASX:PMT,OTCQX:PMETF), said consultation must begin at a very early stage. Patriot is developing the Corvette lithium project in the Eeyou Istchee James Bay region of Québec.
The company began engaging with local Cree First Nation community before deploying any “boots on the ground.” The process began during COVID-19 lockdowns and was facilitated primarily through Zoom calls and virtual meetings. As COVID restrictions eased, community engagement transitioned from virtual platforms to in-person interactions, marking a pivotal shift in dialogue dynamics.
“The level of interest that we experienced from those early discussions has fed our relationship from day one,” Way said. “Again, it comes down to the word 'trust' — you talk about what you're doing, you say what you do and do what you say, and do that right from the get go.”
Patriot also brought on First Nations members to work alongside the company and witness the exploration processes.
By openly discussing operations and aligning actions with words, a foundation of trust was established, laying the groundwork for ongoing collaboration, Way noted. With 11 drill rigs now deployed, the Indigenous community remains informed and actively participates in project activities with Patriot.
Using a similar process, Geneviève Morinville, vice president of sustainability and regulatory affairs at Winsome Resources (ASX:WR1,OTCQB:WRSLF), underscored the importance of early consultation and site transparency as well.
“The team saw really quickly that it was important to have a dedicated person towards sustainability and develop the community relations to make sure we were present on the ground,” she commented. “We actually brought folks from elders to the younger generations to come and see what our work was.”
This entailed showcasing equipment and explaining the exploration process. Winsome, which also operates in the Eeyou Istchee James Bay region of Québec, has committed to regularly updating the local Cree First Nation about site activities while soliciting feedback and advice from the community, explained Morinville.
Wrapping up the talk, Taggart reminded panelists and attendees to be respectful of the nations they work alongside.
“Remember the hardships that First Nations people face every day, the systemic racism that they face on job sites and in their life, whether you're engaging with these nations,” she said.
“Take cultural awareness training if it's offered, because it will help you. And the more that you listen to the First Nations communities that you are working with on your projects, the more sustainable your projects will be overall.”
With audio files from Lauren Kelly.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Nevada Sunrise Metals CEO Shares 2024 Plans to Advance Gemini Lithium Project
Nevada Sunrise Metals (TSXV:NEV) President and CEO Warren Stanyer said the company's next steps at its Gemini lithium project in Nevada are to undertake further drilling, bring it to the preliminary economic assessment( PEA) stage and find the right partners to move it forward.
“We drilled five holes right into the spring of 2023. That led to the production of a NI 43-101 compliant resource of 7.1 million metric tons of lithium carbonate equivalent, which is beyond our expectations. We really didn't know what we were going to get,” he said. “The deposit is open in basically all directions. So really it's drilling more, getting to the PEA stage (and) attracting a big industry partner. Those are our goals for the project.”
Gemini has emerged as one of the world's largest lithium resources, and the fourth largest in the US, according to Stanyer. And with more drilling planned for the project, the company is preparing to finance the next steps for Gemini.
“At this point, I just feel like the sky's the limit. I don't know how big it will be. But the more holes we drill, the more we'll find out.”
Watch the full interview with Nevada Sunrise Metals President and CEO Warren Stanyer above.
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Galan Investor Presentation Singapore March 2024
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