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Quarterly Activities Report – June Quarter 2022
Arcadia Minerals Limited (ASX:AM7, FRA:8OH) (Arcadia, AM7 or the Company), the diversified exploration company targeting a suite of battery metal projects aimed at Lithium, Tantalum, Nickel, Copper and Gold in Namibia, is pleased to provide its quarterly activities report for the period ending June 2022.
HIGHLIGHTS
- Bitterwasser Lithium Project: Final assay results for remaining 32 of the 64 holes drilled over the Eden Pan on a 500m grid received
- Bitterwasser Lithium Project: Regional investigation into Bitterwasser Lithium-in-clay and Lithium-in-brines minerals system defined extensive tectonic rift-related fault structures in a closed basin (the Kalkrand half-graben), similar to Clayton Valley in Nevada1
- Kum-Kum Nickel Project: Historical core samples obtained during investigation were sampled and returned the first known record of PGE and Au mineralisation in the ultramafic units of the Tantalite Valley Complex. The best results indicated mineralisation of2:
- 0.71% Ni, 0.28% Cu, 0.84 g/t Pd and 0.4 g/t Pt in orthopyroxenite
- 0.58% Ni, 0.30% Cu, 0.69 g/t Pd, 0.31 g/t Pt and 0.26% Au in orthopyroxenite
- Swanson Tantalum Project: Mineral Resource update delivers an estimate for a total indicated and inferred resource of 2.59Mt (an increase of 115%) at an average grade of 486 ppm Ta2O5 (an increase of 17.9%), 73 ppm Nb2O5 and 0.15 % Li2O.3 An Environmental Clearance Certificate and Mining Licence was also issued for the project.
1 Refer to ASX Announcement dated 09 May 2022 titled “Regional study advances work program for district scale Lithium in brines”
2 Refer to ASX Announcement dated 09 May 2022 titled “Kum-kum nickel project mineral systems approach results”
3 Refer to ASX Announcement dated 06 May 2022 titled “JORC Mineral Resource at Swanson Tantalum project doubles in size
SUMMARY OF MINING EXPLORATION FOR THE QUARTER
Bitterwasser Lithium Project
Assay results for the outstanding 32 drill holes from the 64-hole follow-up auger drilling campaign completed on 9 February 20224 over the Eden Pan was received during the quarter. All the drill holes commenced in the mineralised Upper Brown Clay Unit and every hole, except two drill holes where thin clay units were intercepted at the edges of the Eden Pan, were sampled from top to bottom up to a depth of 9.60m. Notably, the entire sequence of the drill holes sampled (i.e. Upper Brown Clay Unit and Middle Green Glay Unit) returned lithium mineralisation5.
Figure1: Stacked cross section of the Eden Pan depicting drill-hole interpretation with reference to the existing Mineral Resource (green layers) and clay units intercepted in the follow-up auger drilling program.
4 Refer to ASX Announcement dated 10 March 2022 titled “Encouraging lithium drilling assay results at Bitterwasser”.
5 Refer to ASX Announcement dated 2 May 2022 titled “Final Lithium Drilling assay results at Bitterwasser”.
6 Refer to ASX Announcement dated 3 November 2021 titled “Arcadia acquires lithium project with JORC Mineral Resources”.
Click here for the full ASX Release
This article includes content from Arcadia 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.
Drilling Completed At Karibib Copper-Gold Project
HIGHLIGHTS
- 551m (10-hole) Reverse Circulation (RC) Drilling program completed, with visual mineralisation encountered in 8 of the 10 holes
- Drilling only covered a 3km x 1km section of the 20km x 2km metasedimentary structure defined, where previous sampling included mineralisation grades of1:
- Average 4.32% Cu/1.49 g/t Au (Highest 28.4% Cu/7.65 g/t Au) in skarn-type, AND
- Average 1.94% Cu/2.06 g/t Au (Highest 5.69% Cu/26.3 g/t Au) in vein-type
- Visual inspection of RC-chip samples confirmed the interception of lithologies containing known mineralisation
- Mineralisation of sulphides and oxides (Chalcopyrite, Bornite, Pyrrhotite, Malachite and Azurite) were observed in RC-chip samples
- Samples dispatched to Scientific Services in Cape Town, South Africa for assay
- Results expected to be received by end of October 2022
- Electro-magnetic survey underway to delineate detailed structural features associated with mineralisation
The drilling program consisted of 10 drill holes drilled at a -60 and -75 degree inclination and at varied azimuths and depths dependent on the inferred geometry and geology of the targeted zone (refer to table 1 attached hereto as Annexure 1). Visual mineralisation was successfully encountered in drill holes KRC01, KRC02, KRC03, KRC07, KRC09, KRC10, KRC11 and KRC13. As a consequence, an additional hole was drilled to intersect mineralisation at deeper depth. Drilling only covered a 3km x 1km section of the 20km x 2km metasedimentary structure previously defined by a grab sampling program. A location map of the drilled holes is attached hereto as Annexure 2.
240 samples were taken from lithologies that are known to contain mineralisation in the area, and dispatched to Scientific Services in Cape Town, South Africa for assay. Results expected to be received by end of October 2022.
On the 7th of September 2021 the Company announced1 results from a grab sampling program over an inferred 20 km x 2 km metasedimentary structural feature. This structure contains similar geology than that encountered at the nearby Navachab Mine (5.3MozAu)2 and by various other explorers for gold mineralisation in the area, such as Osino Resources who developed its Twin Hills prospect3 (located 45km also within the Karibib gold belt) to contain a Mineral Resource of 2.1MozAu.
Click here for the full ASX Release
This article includes content from Arcadia 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.
Drilling Commenced At Karibib Copper-Gold Project
HIGHLIGHTS
- 526m (9-hole) Reverse Circulation (RC) Drilling program commenced
- Drilling targets focussed on lithologies known to contain mineralisation following comprehensive mapping and from previously attained grab sampling data
- Previous sampling reported a 20km x 2km metasedimentary structural feature, with mineralisation grades of:
- Average 4.32% Cu/1.49 g/t Au (Highest 28.4% Cu/7.65 g/t Au) in skarn-type, AND
- Average 1.94% Cu/2.06 g/t Au (Highest 5.69% Cu/26.3 g/t Au) in vein-type
- Aim of drilling program is to intersect significant mineralisation and to obtain a better understanding of the geology
- Geological environment similar to Navachab (5.3MozAu) and Twin Hills (2.1MozAu)1
Philip le Roux, the CEO of Arcadia stated: “Our focus with this drilling program is to test the geological horizons identified from our previously announced grab sampling program and recent comprehensive mapping, which horizons are considered most prospective for mineralisation based on previously received results. Once drilling has been completed, we should know a lot more about the tenor of mineralisation to shallow depths, which may warrant further drilling”.
Drilling Program
The drilling program is expected to consist of 9 drill holes drilled at a 60 degree inclination and at varied azimuths and depths dependent on the inferred geometry and geology of the targeted zone. Dependant on whether visual mineralisation is encountered in drill holes, an additional 3 holes will be drilled. A location map of the planned drill holes is attached hereto as Annexure 2.
On the 7th of September 2021 the Company announced2 results from a grab sampling program over an inferred 20 km x 2 km metasedimentary structural feature (See Figure 1 below). This structure contains similar geology than that encountered at the nearby Navachab Mine (5.3MozAu)3 and by various other explorers for gold mineralisation in the area, such as Osino Resources who developed its Twin Hills prospect4 (located 45km also within the Karibib gold belt) to contain a Mineral Resource of 2.1MozAu.
Results attained from the grab sampling program at Karibib were impressive, and were taken from lithology identified as either Skarn-type or Vein-type mineralisation:
Skarn-type mineralisation returned average copper mineralisation of 4.32 % Cu, with a highest value of 28.40% Cu. Average gold values of 1.49 g/t Au were returned, with a highest value of 7.65 g/t Au. Significant Silver mineralisation was also encountered (av. 50.50 g/t Ag with highest 453 g/t Ag) and up to 1% Tungsten.
Vein-type mineralisation returned average results of 1.94% Cu (highest 5.69% Cu), 2.06 g/t Au (highest 26.30 g/t Au) and 12.68 g/t Ag (highest 30.10 g/t Ag).
Both vein- and skarn-type mineralisation is known to contain economic mineralisation in the area5, and were encountered on or near the contact margins of large diorite intrusions.
Following the receipt of the high-grade sampling results and newly attained knowledge of the geology of the area, the Company conducted follow-up work by identifying locally occurring favourable geological settings which are likely to host diorite-proximal skarn- and vein-type mineralisation suitable for drilling.
Click here for the full ASX Release
This article includes content from Arcadia 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.
Kum-Kum Nickel Project Mineral Systems Approach Results
Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) (Arcadia or the Company), the diversified exploration company targeting a suite of projects aimed at Tantalum, Lithium, Nickel, Copper and Gold in Namibia, is pleased to announce that the Department of Earth Sciences at the University of Stellenbosch concluded a Minerals Systems Approach investigation over the Kum-Kum Ni-Cu-PGE Project Licenses and delivered a report to the Company styled “Geological overview and sulphide mineralization potential of the Tantalite Valley Complex” by Drs. Martin Klausen and Bjorn von der Heyden & Mr Daniel Ferreira, Department of Earth Sciences, Stellenbosch University, May 2022, and this report will be made available on the Company’s website at www.arcardiaminerals.global.
- The Department of Earth Sciences at the University of Stellenbosch concluded a Minerals Systems Approach investigation over the Kum-Kum Ni-Cu-PGE Project Licenses
- During the investigation several historical documents containing exploration results over the Kum-Kum Project were discovered, which reported best historical borehole intersections from three boreholes drilled by Rio Tinto Exploration, Tantalite Valley Minerals and Southern Sphere between 1972 and 1976 as follows:
- 16.00 m @ 0.65% Ni, 0.16% Cu
- 6.00 m @ 0.61% Ni, 0.30% Cu
- 2.44 m @ 0.62% Ni, 0.30% Cu
- Historical core samples obtained were sampled and returned the first known record of PGE and Au mineralisation in the ultramafic units of the Tantalite Valley Complex. The best results indicated mineralisation of:
- 0.71% Ni, 0.28% Cu, 0.84 g/t Pd and 0.4 g/t Pt in orthopyroxenite
- 0.58% Ni, 0.30% Cu, 0.69 g/t Pd, 0.31 g/t Pt and 0.26% Au in orthopyroxenite
- The primary magmatic sulphides comprise of coarse-grained pentlandite, pyrrhotite, and chalcopyrite
- Whole rock geochemistry highlights the geochemical similarities between the TVC and the Kum-Kum complexes. The TVC crystallized as a mafic/ultramafic layered intrusion and likely from a primitive mantle-derived parental magma.
Philip le Roux, the CEO of Arcadia stated:
“Historical drilling results reporting high values of Nickel and Copper mineralisation attracted us to the Kum-Kum Project. From the work done by the team from the University of Stellenbosch it is evident that PGE and Au mineralisation is also present and that we are looking at a geological environment that possibly could contain a stratiform Ni-Cu-PGE disseminated sulphide ‘reef’ horizon. The prospect of possibly discovering a polymetallic (Ni, Cu, Au & PGE’s) deposit has increased the allure of the KumKum Project for us, which we will eagerly follow up with further exploration. The results of the study will assist the Company to focus its exploration efforts in order to define drill targets.”
Mineral Systems Approach Results
The Tantalite Valley Complex (TVC) has been subject to a geological study by a team from Arcadia and the University of Stellenbosch involving two field sampling campaigns (8 days; 94 field samples collected) augmented with detailed consideration of historical drill core segments (57 samples), and supporting data from historical records, hyperspectral mapping, and stream sediment sampling.
Collected field- and core- samples were subjected to a suite of analytical protocols including reflected- and transmitted-light optical petrography, whole-rock major and trace element chemistry, precious metal assays, sulphur isotope analyses, scanning electron microscopy with associated spectrometries and in-situ Laser Ablation Inductively Coupled Plasma Mass Spectrometry (LA-ICP-MS) of individual sulphide grains. Together, these results provide novel insights into the known mineralisation and prospectively of the TVC.
The TVC is a ~7 km long by 3.3 km wide and roughly oval-shaped mafic-ultramafic complex representing a fault-bound block inside a dextral Pofadder Shear Zone (PSZ) that cuts across southern Namibia. Existing geochronology places the TVC as a ~1.2 Ga intrusion and roughly coeval with a Kum Kum Klippe mafic complex that is located roughly 40 km south-east and along the strike of the PSZ.
Whole rock geochemistry highlights the geochemical similarities between the TVC and the Kum Kum suite, but with the former uniquely showing much stronger geochemical evidence for overwhelmingly cumulate rocks. This implies that the TVC crystallized as a significant mafic/ultramafic layered intrusion and likely from a primitive mantle-derived parental magma that originated from a metasomatized mantle.
Click here for the full ASX Release
This article includes content from Arcadia 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.
Libra Lithium Announces $33m Earn-In Agreement with Kobold Metals and Announces Go-Public Transaction via Reverse Takeover of PowerStone Metals
Libra Lithium Corp. ("Libra" or the "Company") is pleased to announce that it has entered into an earn-in agreement (the "EIA") with a wholly-owned Canadian subsidiary of KoBold Metals Company ("KoBold") to jointly explore the Company's Flanders South, Flanders North and Soules Bay-Caron ("SBC") lithium projects in Ontario, Canada (collectively, the "Earn-In Properties"). Pursuant to the EIA, KoBold will have the option to earn a 75% interest in the Earn-In Properties by incurring up to CAD$33M in exploration expenditures over six years.
KoBold Metals Company is a US-based exploration and mining company that combines expertise in geosciences with artificial intelligence, machine learning, and data science to improve and accelerate the exploration process in search for the critical minerals necessary for the global energy transition.
Libra further announces that the Company and PowerStone Metals Corp. (CSE: PS) ("PowerStone" or "ShellCo") have entered into a non-binding letter of intent dated December 2, 2024 (the "LOI") in respect of a proposed business combination (the "RTO") that would result in the reverse takeover of ShellCo by Libra. The completion of the RTO will be subject to, among other things, the common shares ("Resulting Issuer Shares") of the resulting entity (the "Resulting Issuer") being listed on the Canada Securities Exchange (the "CSE") and the Resulting Issuer fulfilling all of the applicable regulatory and listing requirements. Following the completion of the RTO, the Company is expected to become a wholly-owned subsidiary of ShellCo or otherwise combine its corporate existence with that of ShellCo to form the Resulting Issuer, which will hold all the assets and projects and continue the business of Libra.
"Our team pulled through, coming out on top from what has been a challenging lithium market over the past two years. In Fall 2023 we made our first spodumene discovery, sampling up to 2.86% Li2O within a 35m-wide pegmatite at Flanders South. Fast forward to Summer 2024, and we had discovered a new pegmatite field in the span of less than two weeks at SBC, with 18 spodumene outcrops, pegmatites up to 30m wide, samples up to 6.64% Li2O, and spodumene crystals up to 0.4m long. With limited capital, we were able to build a company with a large portfolio of lithium assets and discover lithium mineralization on three grassroots projects in under a year. We have proven our ability to systematically screen through ground and be cost-efficient, and with the market nearing a bottom, we see tremendous opportunity to be counter-cyclical. The KoBold earn-in agreement and contemplated go-public transaction with PowerStone will create a well-financed, publicly traded entity, backed by an astute shareholder base of long-term believers in the green energy transition" said Koby Kushner, CEO of Libra.
"We are excited to enter into this earn-in agreement with Libra and are looking forward to exploring the Flanders South, Flanders North, and SBC projects. The three projects are compelling, and we are eager to follow up on the encouraging data that Libra has collected to date. Furthermore, we believe that combining Libra's capable team with KoBold's experienced explorationists and exploration technology will set us up for success. We look forward to working with Libra" said Daniel Enderton, Chief Strategy Officer at KoBold Metals.
KoBold Earn-In Agreement
Libra has executed an EIA with KoBold, dated November 13, 2024, to explore the Earn-In Properties. Pursuant to the EIA KoBold has the option to earn a 75% interest in each of the Earn-In Properties by incurring up to CAD$33,000,000 in cumulative exploration expenditures across the Earn-In Properties over six years.
During the earn-in period, KoBold shall be responsible for expenses and maintenance of the claims subject to the terms of the EIA. Further, KoBold and Libra shall form a technical committee, with two members from each party, to regularly review progress and findings of exploration programs and determine next steps, with KoBold reserving final discretion over the exploration programs.
Payment and Expenditure Schedule
To meet the 75% earn-in thresholds for the Earn-In Properties, KoBold must complete the following:
- Initial Cash Payment to Libra (completed) - CAD$445,000 within 14 days of the effective date of the EIA as reimbursement of exploration expenditures for work completed before the EIA was finalized;
- Year 1 Anniversary - completion of cumulative exploration expenditures of CAD$750,000, which is a firm commitment and may be allocated across any of the Earn-In Properties;
- Year 3 Anniversary - completion of cumulative exploration expenditures of up to CAD$11,000,000 to earn a 51% interest on a project-by-project basis ("Stage 1"); and
- Year 6 Anniversary - completion of cumulative exploration expenditures of up to CAD$33,000,000 to earn a 75% interest on a project-by-project basis ("Stage 2").
The Stage 1 and Stage 2 earn-in thresholds vary by project, as shown in the table below:
Furthermore, KoBold has retained Libra as an exploration contractor for a period ending on the earlier of two years from the effective date of the EIA, or the date on which the EIA is terminated with respect to the SBC project. In exchange for exploration services, KoBold will pay Libra a monthly cash fee of CAD$35,000.
KoBold shall also pay to Libra the following milestone payments with respect to each of the Flanders South and Flanders North projects:
Milestone | Milestone Payment (CAD$) |
Inferred Resource of at least 100,000 tons of lithium oxide | $250,000 |
Pre-Feasibility Study | $500,000 |
Feasibility Study | $750,000 |
First Ore Production | $1,000,000 |
Formation of Joint Venture Company
Upon KoBold achieving a Stage 1 cumulative earn-in threshold, the parties shall form a joint venture for the applicable project pursuant to which KoBold shall initially own 51% and Libra 49% (the "Kobra JV"). Upon KoBold achieving the Stage 2 cumulative earn-in threshold, KoBold's ownership interest in the Kobra JV shall increase to 75%. After the earn-in period, each party will be responsible for funding its pro-rata share of project costs or will be diluted; a party that gets diluted below 10% shall have its interest converted to a 1% net smelter return (NSR) royalty. The Kobra JV shall be governed by a board of directors ("Board"), initially composed of two members appointed by KoBold and two members appointed by Libra. The Board shall appoint a manager of the daily affairs of Kobra JV, with KoBold as the initial manager.
Flanders South, Flanders North and SBC Highlights
Figure 1: Libra's project portfolio, showing projects under the KoBold EIA.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9331/232089_184358fda458d996_001full.jpg
Flanders South and Flanders North
- District-scale position in the Quetico Subprovince, spanning over 50,000 hectares;
- Limited historical exploration, with zero historical work assessment reports prior to Libra;
- Located ~230km west of Thunder Bay, near Atikokan, a former mining town;
- Easily accessible, with a network of logging roads and the Flanders all-season road off Highway 11;
- Libra's first-pass exploration program in 2023 included LIDAR surveys and prospecting, resulting in new discoveries:
- Hundreds of LCT pegmatites, with surface exposures up to 200m wide (Flanders North);
- The Homer spodumene-bearing pegmatite, up to 35m-wide, at least 160m long, with grab sample assays up to 2.86% Li2O (Flanders South);
- Homer lies adjacent to pegmatite outcrops with similar geochemistry, showing potential for a stacked pegmatite system; and
- Homer occurs within a 6.5km-long structural corridor of highly anomalous pegmatites.
- The Nelson tantalite-bearing pegmatite, with grab samples up to 4,469 ppm Ta2O5 (Flanders South).
Figure 2: Map of Flanders South and Flanders North (right); map over Homer spodumene pegmatite (left).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9331/232089_184358fda458d996_002full.jpg
SBC
- Spanning 15,570 hectares, SBC covers a newly discovered lithium district abundant with spodumene pegmatite outcrops;
- Located south of Pickle Lake, a historic gold mining town equipped with board accommodation and an airport, SBC boasts easy access via paved highway and nearby infrastructure including rail at Savant Lake;
- In 2024, Libra conducted a LIDAR survey and 12-day, helicopter-supported prospecting program, and within that timeframe discovered:
- 18 spodumene-bearing pegmatite outcrops over a 12km trend;
- Apparent stacking of spodumene pegmatites, closely spaced;
- Individual spodumene-bearing pegmatites up to 30m wide at surface; and
- Coarse-grained spodumene crystals, up to 0.4m long, returning up to 6.64% Li2O in grab samples.
- To date, only approximately 2% of SBC has been explored.
Figure 3: Map over SBC project showing spodumene showings (right); photograph of pale, coarse-grained, spodumene crystals (top-left).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9331/232089_184358fda458d996_003full.jpg
Summary of the RTO
It is contemplated that the RTO will proceed by way of three-cornered amalgamation pursuant to which a wholly owned subsidiary of ShellCo will acquire Libra in exchange for ShellCo shares (the "Acquisition"). Upon completion of the RTO, it is anticipated that the Resulting Issuer will be listed as a mining issuer on the CSE, with Libra as its primary operating subsidiary. The business of the Resulting Issuer will be primarily focused on advancing the Company's existing project portfolio, including the Flanders South, Flanders North and SBC projects which are subject to the KoBold EIA, and the evaluation and acquisition of additional grassroots lithium exploration assets.
The completion of the RTO is subject to a number of terms and conditions, including and without limitation, the negotiation and execution of a definitive agreement in respect of the RTO (the "Definitive Agreement"), there being no material adverse changes in respect of either ShellCo or Libra, the parties obtaining all necessary consents, orders, regulatory, court and shareholder approvals, including the conditional approval of the CSE, satisfactory completion of due diligence by both parties and other standard conditions of closing for a transaction in the nature of the RTO. There can be no assurance that all of the necessary regulatory and shareholder approvals will be obtained or that all conditions of closing will be met.
Proposed Management and Directors of Resulting Issuer
The following sets out the names and backgrounds of certain persons who are expected to be officers and directors of the Resulting Issuer.
Koby Kushner, P.Eng., CFA - Chief Executive Officer and Director
Mr. Koby Kushner, P.Eng., CFA, is the Chief Executive Officer and a director of Libra. He has spent most of his career as a mining engineer and more recently, an equity research analyst. Prior to entering finance, Mr. Kushner worked at several mines in Ontario and Manitoba, including Hemlo (Barrick Gold), Detour, Rice Lake, and others. During this time, Mr. Kushner has seen projects advance through all stages of development, including exploration, production, and closure. He then moved into equity research at Red Cloud Securities, a mining-only investment bank, where he wrote on over 100 companies across various stages of development and a wide range of commodities, with a particular focus on precious and energy metals. He holds a BSc in Mining Engineering from Queen's University, is a licensed Professional Engineer in the province of Ontario and is a CFA charterholder.
David Goodman, B.Com, LL.B (cum laude), CFA - Chairman
David Goodman, B.Com, LL.B, CFA, is the Chairman of Libra. Mr. Goodman left an early career as a litigator in 1994 to become a Partner, Vice President and Portfolio Manager at the investment management firm behind Dynamic Funds. He became President and Chief Executive Officer of Dynamic Funds in 2001 and of DundeeWealth, Dynamic's public company parent, in 2007. Under Mr. Goodman's leadership, the firm became one of Canada's best performing and fastest growing investment managers, was recognized as Fund Company of the Year seven times at the Canadian Investment Awards while growing assets under management from $5 billion to approximately $50 billion, until its ultimate sale in 2011 to a Canadian bank. In the past Mr. Goodman was a member of the boards of DundeeWealth, Repadre Capital Corporation, Dundee Corporation, SickKids Foundation and a trustee of the Dundee REIT. Mr. Goodman was previously the head of Global Asset Management for a major Canadian bank and CEO of Dundee Corporation. In addition to his business interests, Mr. Goodman is the founder and CEO of Humour Me, an annual charity event whereby high-profile executives compete in stand-up comedy and has raised over $25 million to date for worthy causes.
Ben Kuzmich, MSc., P.Geo. - VP Exploration
Mr. Ben Kuzmich, MSc., P.Geo, is a professional geologist with a proven track record of exploration success in Canada throughout Ontario, Manitoba, and the Yukon. His accomplishments include the delineation of the E-Zone at Barrick's Hemlo gold mine, where he managed a $20M drill program, and where his reinterpretation of geologic models resulted in a 23% improvement in underground head grade for 2019. Outside of Hemlo, he led the discovery of the Little Wing gold occurrence at Alamos's Lynn Lake project as well as numerous REE/LCT pegmatite, precious, and base metal occurrences throughout the Superior Province. He completed his MSc thesis at Lakehead University on the highly endowed, critical mineral-rich Ring of Fire in northern Ontario, and his undergraduate thesis on S-type granitic intrusions.
Zachary Goldenberg, JD / HBA - Director
Zachary Goldenberg is the current Chief Executive Officer of PowerStone and a principal of Liberty Venture Partners, a Toronto-based advisory and investment firm focused on startup and growth companies in rapidly emerging industries. A corporate lawyer by background, Zach has significant experience in both the private and public markets as an advisor, investor and board director and has spent much of the past decade working with companies transitioning from private to public navigate the Canadian public venture markets and to source and close strategic transactions. Zach is a graduate of the combined JD / HBA from Western Law and Ivey School of Business, is a member of the TSX Venture Exchange's Ontario Advisory Committee and is a recipient of ICD.D designation from the Institute of Corporate Directors.
About Libra Lithium Corp.
Libra is a Canadian mineral exploration company focused on the discovery and development of the critical minerals necessary for the green energy transition. Libra's Flanders South, Flanders North, and SBC lithium projects in Ontario are being explored under a CAD$33M earn-in deal with KoBold. In addition, Libra has 100% ownership over its Toivo, Burton, Bitchu, Tennant, Battery Hill, Kivinen, and Twist projects in Ontario and its Nemiscau project in Quebec. The Libra team comprises a mix of seasoned executives, engineers, and geoscientists, with extensive experience in mining and mineral exploration, capital markets, asset management, energy, and First Nations engagement.
About PowerStone Metals Corp.
PowerStone is a mineral exploration company focused on the identification and exploration of high-quality critical and precious metals assets, in favorable mining jurisdictions. PowerStone is a reporting issuer in the Provinces of Ontario, British Columbia and Alberta, Canada and its common shares are currently listed for trading on the Canadian Securities Exchange. For more information, please visit www.powerstonemetals.com.
All information contained in this news release with respect to Libra was supplied by Libra, and PowerStone and its directors and officers have relied on Libra for such information.
Contact Information
Zachary Goldenberg Chief Executive Officer, PowerStone Metals Corp. e: zach@libertyvp.co t: 647-987-5083 | Koby Kushner Chief Executive Officer, Libra Lithium Corp. e: kkushner@libralithium.com t: 416-846-6161 |
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements, including statements about PowerStone and Libra's future plans and intentions and completion of the Acquisition. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, PowerStone and Libra cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and PowerStone and Libra assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Completion of the Acquisition is subject to receipt of all requisite regulatory, stock exchange, court or governmental approvals, authorizations and consents. There can be no assurance that the Acquisition will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Acquisition, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon.
The CSE has in no way passed upon the merits of the business of PowerStone and Libra and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
QA/QC
Due to the high degree of variability in the sampled pegmatites and granites, the reported grab samples may not be representative of the overall mineralization / characteristics of the bedrock. Grab samples were collected in the field with a hammer and were generally greater than 1 kg in weight. The grab samples were delivered by Libra geologists to ALS Geochemistry Thunder Bay prep labs. Samples were assayed by ALS Geochemistry, Vancouver analytical lab which is an ISO 17025 accredited laboratory and is independent of the Company. The samples were digested using a sodium peroxide fusion and assayed by ICP-MS for trace elements (i.e. ME-MS89L). ALS Geochemistry inserted standards, blanks, pulp duplicates and prep duplicates into the sample stream.
Qualified Person
Ben Kuzmich, M.Sc., P.Geo. supervised the preparation of the scientific and technical information that formed the basis for the written disclosure in this news release. Ben Kuzmich is the VP of Exploration for Libra and the Qualified Person (as such term is defined by National Instrument 43-101). He has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the information. To verify the data related to the sampling program, he has discussed sampling procedures with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including with respect to sample location and orientation.
Wildcat Resources Updates Lithium-Tantalum Resource for Tabba Tabba
Wildcat Resources (ASX:WC8,OTC Pink:WDCTF) unveiled a high-confidence updated mineral resource estimate (MRE) for its Tabba Tabba lithium-tantalum project in Western Australia.
The company reported a mineral resource of 74.1 million tonnes grading 1 percent lithium oxide at a cut off of 0.45 percent, for a total resource of 740,200 tonnes of lithium.
The MRE, updated on November 28, highlights that 94 percent of the resource is classified as indicated.
“We have now confirmed Wildcat has the largest and the highest confidence undeveloped publicly reported lithium resource in Australia which was delivered in record time,” Managing Director AJ Saverimutto said in a press release.
The update also raised the project's tantalum resource by 278 percent, bringing it to 1.28 million pounds of contained tantalum pentoxide from 1.2 million tonnes grading 428 parts per million at a 200 ppm cutoff.
The MRE is derived from nearly 115,000 meters of drilling, with 45 percent being diamond drilling, in addition to a variety of other analysis techniques. Drilling at the project began in July 2023, shortly after Wildcat announced its acquisition.
Located just 80 kilometers from Port Hedland, the world’s largest bulk export port, Tabba Tabba benefits from strategic proximity to key infrastructure and established lithium operations. Tabba Tabba includes granted mining leases that were previously used for tantalum production, most recently in 2015.
It is also near major hard-rock lithium mines, including Pilbara Minerals’ (ASX:PLS,OTC Pink:PILBF) Pilgangoora mine and Mineral Resources’ (ASX:MIN,OTC Pink:MALRF) Wodgina mine.
Wildcat said that the next steps for the project include completing the pre-feasibility study and ore reserve and progress project approvals, as well as a series of other test work and studies.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Exclusive Interview with Forward Water Technologies CEO Howie Honeyman
In a recent interview, Forward Water Technologies (TSXV:FWTC) CEO Howie Honeyman said the company plans to accelerate adoption of its water treatment technology through successful demonstrations and results from on-site projects.
Forward Water’s innovative approach to water treatment has the potential to fundamentally alter how industries manage wastewater with high brine content, offering a low-energy, cost-effective alternative, according to Honeyman.
This low-energy consumption not only minimizes operational costs, but also significantly reduces environmental footprints, paving the way for more sustainable water management practices, he said. The implications are crucial for industries keen on reducing their carbon footprint while maintaining efficiency in operations.
Watch the full interview with Howie Honeyman, CEO of Forward Water Technologies.
US Lithium Exploration: Strategies, Demand and Investment Opportunities
The US is witnessing a surge in lithium exploration activities, driven by the escalating demand from the electric vehicle (EV) and battery sectors. As the nation seeks to establish a robust domestic supply chain, companies are employing diverse strategies to secure lithium resources and position themselves as key players in this burgeoning market.
This evolving dynamic is creating ample opportunities for investors to participate in this critical piece of the clean energy transition. Gaining a better understanding of the US lithium exploration market can provide valuable investment insights.
US lithium exploration landscape
The lithium exploration landscape in the US is rapidly developing, with companies adopting multifaceted approaches to meet the growing demand. These strategies include securing extensive landholdings in lithium-rich regions, focusing on high-potential projects and developing innovative extraction techniques.
One notable area of development is California's Lithium Valley, which is poised to play a crucial role in supporting the EV battery industry. Additionally, companies are introducing advanced technologies, such as portable and fully automated direct lithium extraction plants, to streamline the extraction process and enhance sustainability.
The demand for lithium in the US is projected to increase dramatically, driven primarily by the expanding EV market and supportive government policies. Forecasts suggest a staggering 500 percent increase in US lithium demand, reaching approximately 412,000 tonnes of lithium carbonate equivalent by 2030.
This surge is largely attributed to ambitious EV production targets, which are expected to drive battery demand for lithium up four and a half times by 2030 in certain scenarios. The projected annual growth rate of around 20 percent through 2030 underscores the urgent need for a strengthened domestic supply chain to meet this escalating demand.
“Looking forward, investors and carmakers have been fleshing out ambitious plans for manufacturing expansion, confident that demand for EV and stationary batteries will continue to grow as a result of increasing electrification and power grid decarbonisation,” the International Energy Agency’s Global EV Outlook 2024 report says.
Chariot: A case study in strategic exploration
As lithium exploration activities in the US continue to expand, one company has taken a strategic approach to exploration and development, with promising outcomes. Australia-based Chariot (ASX:CC9) has positioned itself as a notable player in domestic lithium exploration with significant projects like Black Mountain, Resurgent and Horizon.
At the Black Mountain project in Wyoming, where Chariot holds a 93.9 percent stake, the company has successfully intersected high-grade spodumene mineralisation. This progress has led to considerations of establishing a pilot mining project to supply spodumene concentrate to lithium hydroxide refineries under construction in the US.
The Resurgent Project, spanning Nevada and Oregon, is strategically located in the McDermitt Caldera, known for hosting two of the largest lithium mineral resources in the US. With a 79.4 percent ownership, this project underscores Chariot's focus on regions with exceptional mineral potential.
Chariot’s Horizon and Halo lithium projects consist of 937 mineral claims across 19,358 acres in Tonopah, Nevada. Horizon alone boasts a maiden mineral resource estimate comprising 1.3 million tonnes of lithium carbonate equivalent in the indicated category, and 8.8 million tonnes of inferred lithium carbonate equivalent.
Other US lithium players
Chariot is not the only company leveraging US lithium resources.
Mining giant Albemarle (NYSE:ALB) operates one of the few commercial lithium production facilities in the US, located at Silver Peak, Nevada. The company has announced plans to significantly expand its lithium production in this region, aiming to double output by 2025. This expansion involves an investment of $30 million to $50 million and centers around the extraction and use of lithium-rich brine resources from evaporation ponds at the site.
Lithium Americas’ (TSX:LAC,NYSE:LAC) Thacker Pass project, located in Humboldt County, Nevada, recently received a $625 million investment from American automaker General Motors to acquire 38 percent interest in the Thacker Pass project. This project is recognised as one of the largest lithium resources in the US.
Piedmont Lithium (ASX:PLL) is actively advancing projects in North Carolina and Tennessee to establish a robust domestic lithium supply chain in the US. Its Carolina Lithium project in North Carolina is progressing through the permitting and approvals processes. Piedmont's Tennessee Lithium project has also seen significant developments. In July 2023, the company obtained the final construction and air permit from the Tennessee Department of Environment and Conservation, marking a critical step toward commencing construction.
Strategies for securing US-based lithium assets
Companies like Chariot are assembling extensive lithium portfolios across multiple states.
This approach not only increases the likelihood of significant discoveries but also positions these companies as potential major players in US-based lithium production.
Adopting a strategic approach to secure lithium assets is key for potential success of any lithium exploration efforts. These strategies include:
- Extensive landholdings: Acquiring large land positions in areas known for high lithium potential, such as the McDermitt Caldera and Wyoming.
- Targeting lithium-rich regions: Targeting exploration efforts on areas with outcropping surface mineralisation to enhance the likelihood of discovery and maximise success rates.
- Diversified deposit types: Pursuing both hard rock and claystone deposits to cater to diverse market needs and mitigate risks associated with a single deposit type.
- Strategic asset management: Developing large-scale portfolios across multiple states to amplify resource potential and diversify risk.
High-potential projects and investments
A critical strategy in the US lithium exploration sector is the concentration of resources on core projects with significant early stage potential. Regions such as the McDermitt Caldera in Nevada and hard rock lithium areas in Wyoming are receiving particular attention due to their geological promise.
The investment landscape for US-based lithium exploration companies appears promising, particularly for those with a diversified approach.
Investors are increasingly drawn toward companies that manage their assets strategically. The ability to assemble large-scale portfolios across multiple states amplifies resource potential and diversifies risk, making these companies attractive prospects for those looking to engage in the energy transition.
As the US seeks to reduce reliance on international lithium sources and establish a robust domestic supply chain, companies at the forefront of exploration and development stand to benefit significantly. The projected 20 percent annual growth rate in lithium demand through 2030 suggests a substantial opportunity for well-positioned companies to create value for investors while contributing to the nation's energy independence.
Key takeaway
The US lithium exploration landscape is rapidly evolving, driven by the urgent need to secure domestic supplies for the burgeoning EV and battery markets. As companies like Chariot demonstrate, strategies focusing on extensive landholdings, high-potential projects and innovative approaches are key to success in this sector.
With demand projected to soar and government support for domestic production increasing, the US lithium industry is at the cusp of significant growth. For investors, this presents a unique opportunity to participate in a critical component of the clean energy transition, with the potential for substantial returns as the market continues to expand.
This INNSpired article is sponsored by Chariot (ASX:CC9). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Chariotin order to help investors learn more about the company. Chariot is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
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 Chariotand seek advice from a qualified investment advisor.
Western Australia Launches Lithium Industry Support Program
The Government of Western Australia is looking to support lithium miners and downstream processing facilities through the Lithium Industry Support program.
Lithium prices saw an unexpected dip this year, which, according to the government, led to multiple mine and processing plant suspensions, impacting jobs in the sector.
The lithium support package from Premier Roger Cook's government offers up to AU$150 million “to protect local jobs and ensure WA remains a battery metals powerhouse.”
In a November 27 media release, the government said support will run for up to 24 months, at which time lithium prices “are expected to recover to an economically sustainable level.”
During this time, government fees will be temporarily waived to support the continuation of downstream processing of lithium for up to two years, amounting to AU$90 million.
For lithium mining companies in the ramp-up phase of production, port charges and mining tenement fees, with a total value of AU$9.37 million, will be waived for up to 24 months.
Additionally, lithium miners can also seek financial assistance through a AU$50 million loan facility, allowing miners to sustain their operations.
The loans will have an interest-free period, which will cease either after average lithium spodumene prices have exceeded US$1,100 per tonne for two successive quarters, or by June 30, 2026, at the latest. Companies must then repay the loans over the next two years.
“This package will provide important temporary and responsible support for WA's fledgling lithium industry, taking into account the extremely challenging market conditions it is facing,” Premier Cook said.
Western Australia is home to nearly all of the lithium mines in Australia, which is the world's largest lithium-producing country. The industry is a significant employer in Western Australia, supporting 11,000 jobs in the 2023/2024 financial year.
"That's why our Government is stepping in to provide this support, so they can continue supporting local jobs, our economy and decarbonisation efforts long into the future,” Deputy Premier Rita Saffioti added.
The program is part of the government’s WA Battery and Critical Minerals Strategy and other initiatives supporting critical minerals industry jobs such as the Strategic Industries Fund investment.
"Lithium is a key element in the global energy transition as we move to achieve a goal of net zero emissions by 2050,” Mines and Petroleum Minister David Michael said.
“We're providing (our lithium miners) with temporary and responsible support now to give them the best chance of continuing to supply the world with lithium products today and well into the future."
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Result of AGM, Share Consolidation and TVR
CleanTech Lithium PLC (AIM:CTL), an exploration and development company advancing next-generation sustainable lithium projects in Chile for the EV transition, is pleased to announce that at the Annual General Meeting ("AGM") held earlier today all resolutions were duly passed.
Share Consolidation
As a result of Resolution 9 having been passed at the AGM, shareholders have approved the share consolidation and every two existing ordinary shares of £0.01 each ("Existing Ordinary Shares") will be consolidated into one new ordinary share of £0.02 (the "New Ordinary Shares") (the "Share Consolidation"). As at the Record Date, being 6.00 p.m. on 26 November 2024, the 167,889,592 Existing Ordinary Shares will be consolidated into 83,944,796 New Ordinary Shares.
Application has been made to the London Stock Exchange for 83,944,796 New Ordinary Shares to be admitted to trading on AIM. It is expected that trading in the New Ordinary Shares will commence at 8:00 am tomorrow that is on Wednesday 27 November 2024 under new ISIN JE00BTJ01443 and SEDOL BTJ0144. CREST accounts will be updated on 27 November 2024.
Total Voting Rights
Following the Share Consolidation, the Company's total issued share capital will comprise 83,944,796 New Ordinary Shares of £0.02 each with voting rights. The Company does not hold any shares in treasury. As such, the total number of voting rights in the Company following the Share Consolidation will be 83,944,796.
Capitalised terms used in this announcement and not separately defined shall have the meaning given to them in the circular which contains the AGM Noticehttps://ctlithium.com/investors/circulars-documents/
For further information please visit https://ctlithium.com/
For further information contact: | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies | +44 (0) 20 3884 8450 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.
CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction.www.ctlithium.com
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