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Resource Definition Drilling Commenced at“Colina Prospect”, Bananal Valley, Brazil
May 18, 2022
First Hole Intersecting 27.78m Spodumene Pegmatite
Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is very pleased to announce the commencement of a resource definition drilling campaign at the newly named “Colina Prospect” at the Company’s Bananal Valley Project in Brazil.
HIGHLIGHTS
- The first hole of the new program (SADD016) has intersected a very wide, 27.78m pegmatite with a central core of over 21m logged with significant >20% spodumene. This intersection is notably wider than previous intersections in adjacent drillholes.
- A 25,000m systematic resource definition diamond drilling has commenced at the newly named “Colina Prospect” at the Company’s Bananal Project in Brazil, where previous drilling has returned thick high-grade lithium with results up to 3.22% Li2O.
- An initial three hole drill programme has also commenced at the Monte Alto Prospect.
Latin Resources’ Managing Director, Chris Gale, commented:
“The commencement of the resource definition drilling campaign our newly named Colina Prospect in the Bananal Valley Brazil, marks a significant milestone for the Company. The speed at which we have moved to resource definition drilling is a measure of the Company’s belief that we have made a significant new lithium discovery. Results have only continued to get better with more drilling, returning some exceptional grades from wider pegmatite zones.
“Our confidence has been further boosted with the completion of the first hole of the resource definition campaign intersecting a pegmatite which is over 27m thick, with a core of over 21m logged with a high abundance of spodumene. While this is early days in the large 25,000m campaign, the Company is committed to fast tracking the project toward the estimation of a maiden JORC Mineral Resource by the end of the year. We have boosted our technical team in Brazil to accommodate the increased drilling pace, with our Australian-based Exploration Manager currently on site in Brazil to help facilitate the ramp up in activity.
“We are also very pleased to be drilling at our second target area, the Monte Alto Prospect, with the scout drilling campaign well on the way.”
Colina Prospect – Resource Definition Drilling
Resource definition drilling campaign comprising an estimated 100 holes for 22,000 - 25,000m, has commenced at the Company’s newly named “Colina Prospect” (Figure 1), where previous first pass drilling has identified high-grade lithium pegmatites over a strike extent of 600-800m.
Figure 1: “Colina Prospect” Location map, Salinas Lithium Project, Brazil
The first hole of the campaign SADD0161 , has intersected a very wide 27.78 meters coarse grained fresh pegmatite, with geological logging identifying a core zone of 21.48 meters with a visual estimation of spodumene of over 20% (Figure 2, Figure 3, Figure 4 and Table 1). This intersection is notable wider than those in the holes SADD003 and SADD004 on section to the north which reported high-grade intersections of 17.05 meters and 17.38 meters respectively2 .
Figure 2: SADD016, 91.60 – 119.38m, 27.28m pegmatite with large fresh light green spodumene crystals throughout
This article includes content from Latin Resources Limited (ASX: LRS), 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.
From Your Site Articles
LRS:AU
18 October
GM Strengthens Lithium Supply Chain with US$625 Million Investment in Thacker Pass
General Motors (GM) (NYSE:GM) is strengthening its connection toLithium Americas (TSX:LAC,NYSE:LAC) via a joint venture centered on advancing the Thacker Pass lithium project in Humboldt County, Nevada.
In a Wednesday (October 16) press release, the companies said GM will provide US$625 million in cash and letters of credit, and will acquire a 38 percent asset-level ownership stake in Thacker Pass.
The Detroit-based carmaker emphasized to Reuters that it is keen to secure electric vehicle (EV) raw materials.
"We don't want to become a mining company," Jeff Morrison, GM’s senior vice president, told the news outlet. "Our main goal is to build out a North American based, Western-allied, reliant supply chain. To do that, we have to pick partners and assets and figure out what they need to do to industrialize and be successful.”
Lithium, a key component in EV batteries, is in high demand as automakers ramp up their EV offerings. The Thacker Pass asset is touted as North America’s largest depositary of the resource.
GM's US$625 million contribution will be divided into phases. It will provide US$330 million in cash when the joint venture closes, and US$100 million at a later stage, when a final investment decision for Phase 1 is made.
There is also a US$195 million letter of credit facility that Lithium Americas will be able to use as collateral to support reserve account requirements under its conditional US$2.3 billion loan from the US Department of Energy.
The companies note in Wednesday's release that the new joint venture builds on GM’s previous investment in Lithium Americas. In February 2023, GM invested US$320 million into the company, acquiring 15 million common shares.
This week's agreement also extends GM's current Thacker Pass offtake agreement, with the company now having the right to up to 100 percent of production volumes from Phase 1 for 20 years. Once the joint venture closes, GM will also enter into a further 20 year offtake for as much as 38 percent of Phase 2 output volumes for Thacker Pass.
In addition to the Lithium Americas deal, GM has made several other strategic investments in the mining sector.
These include agreements to purchase cobalt from Glencore (LSE:GLEN,OTC Pink:GLCNF) an investment in Queensland Pacific Metals (ASX:QPM) for nickel and cobalt and a lithium supply deal with Arcadium Lithium (NYSE:ALTM,ASX:LTM).
Thacker Pass project has faced some challenges, including protests from local Indigenous communities and environmental groups. Concerns have been raised regarding its environmental impact and proximity to culturally significant lands. Despite this opposition, the mine has received the necessary permits to proceed — Lithium Americas said in its latest quarterly update that it expects to start "major construction" by the end of the year.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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16 October
Raiden Raising AU$10 Million to Expand Drilling at Andover South Lithium Project
Raiden Resources (ASX:RDN) said it has received firm commitments from various investors to raise AU$10 million to accelerate and expand drilling at the Andover South project in Western Australia's Pilbara area.
The amount will be raised via a placement of 312.5 million shares issued at AU$0.32 each; that represents a 17.9 percent discount to the last traded price of AU$0.39 for Raiden shares on October 9.
The company had initially planned a 5,000 metre diamond drill program at lithium-focused Andover South, but will now expand it to 15,000 metres. Its decision comes after receiving results from the first five holes.
“The decision to conduct the placement and expand the drill program was made after the company’s geologists (who previously worked on Azure Minerals Limited’s Andover lithium discovery) identified additional high-grade drill targets within the Andover South Project area,” Raiden said in a press release on Monday (October 14).
Andover South has seven target zones, and the AU$10 million to be raised will enable the company to look at target areas one and two at greater depths, while also covering target area seven.
Target area seven has similar fractionation rates to the pegmatites discovered in target areas one and two.
"With additional drill rigs about to be mobilised, we anticipate that the Company will be in a position to generate regular news flow once the results are received from the laboratory," said Managing Director Dusko Ljubojevic.
Raiden secured an 80 percent interest in the Andover South project in August 2023 under a binding agreement with vendor Welcome Exploration. Drilling at the project commenced in September.
A second diamond drill rig is due to arrive this week, with ongoing planning to bring on further drill rigs as required.
The placement shares are expected to be allotted on or around Thursday (October 17).
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.
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16 October
Entitlement Offer Fully Subscribed
Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that its entitlement offer closed fully subscribed. The pro-rata non-renounceable entitlement offer of one (1) new fully paid ordinary share for every four (4) fully paid ordinary shares held by eligible shareholders at the record date of 13 September 2024, at an issue price of $0.105 per share (Entitlement Offer) raised $13.3 million (before fees). The Entitlement Offer was extended by one week and closed on 10 October 2024 (Closing Date).
The Entitlement Offer was well supported by Eligible Shareholders who applied for 60,198,783 shares plus all of the shortfall offer of 66,468,031 shares.
The Company advises that the results of the Entitlement Offer were as follows:
Shares | Proceeds | |
Total number of shares offered under the Entitlement Offer | 126,666,814 | $13,300,015 |
Total number of shares applied for by Eligible Shareholders under the Entitlement Offer | 60,198,783 | $6,320,872 |
Total number of shortfall shares applied for by Eligible Shareholders under the Entitlement Offer | 66,468,031 | $6,979,143 |
TotalSharestobeissuedunderthe Entitlement Offer | 126,666,814 | $13,300,015 |
The shares under the Entitlement Offer will be issued on 17 October 2024.
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented:
“On behalf of the Board, I’d like to sincerely thank our shareholders for their continued support to achieve this outstanding result. To raise $13.3 m in a challenging market is strong validation of Galan’s HMW project in Argentina.
Galan continues to move forward with the development of HMW and remains upbeat about the future of the lithium market.”
The Galan Board has authorised this release.
Click here for the full ASX Release
This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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15 October
Trinex Minerals to Expand Global Portfolio with Two Lithium Acquisitions
Trinex Minerals (ASX:TX3,OTC Pink:TDRCF) has executed binding agreements to acquire the Dudley lithium project in South Australia and the East Yellowknife lithium (EYL) project in Canada's Northwest Territories.
In a Monday (October 14) press release, the company detailed that it will be able to acquire up to a 90 percent interest in the Dudley project and a 100 percent stake in mineral claims comprising the EYL project.
The Dudley transaction involves a two stage farm-in deal with cash and share payments and expenditures. Trinex will be able to earn 51 percent in Stage 1 and an additional 39 percent in Stage 2.
"We are pleased to have been able to secure a highly prospective lithium exploration project in South Australia, one of the best mining jurisdictions in the world. Kangaroo Island is a large land mass with a history of mining and a government supportive of exploration and development of mineral resources,” Trinex Managing Director Will Dix said.
The company sees an opportunity for a lithium discovery at Dudley as it is hosted in the right geology with historic work indicating lithium mineralisation potential. Trinex said initial drilling at Dudley will begin once statutory approvals have been received. It will focus on testing pegmatites and other anomalous targets identified during the soil sampling program that is currently underway, along with targeting pegmatites below its weathering profile.
The transaction for EYL includes an issue of shares amounting to AU$100,000 and a cash payment of C$90,000 split between two vendors. EYL will further expand Trinex’s portfolio in the Northwest Territories, increasing its land position in the region to over 650 square kilometres. EYL combines three projects: Lizo, Prelude Lake and Lightning.
The overarching EYL asset covers more than 15,000 hectares in the Yellowknife pegmatite district, including similar geological settings to its Halo-Yuri lithium project, the company stated.
Detailed satellite imagery will be purchased and interpreted for the Prelude Lake and Lightning projects as a first pass, with Trinex expecting field work to ground-check interpreted pegmatites to begin in the second quarter of 2025.
The acquisition of EYL is subject to Trinex obtaining shareholder approval for the issue of shares, which it intends to seek at its next annual general meeting, scheduled on or around November 26.
Should everything go according to plan, completion of the transaction is expected in early December.
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.
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10 October
Results of Placing, PDMR Dealing and Total Voting Rights
CleanTech Lithium PLC ("CTL", "CleanTech Lithium" or the "Company"), an exploration and development company advancing lithium projects in Chile for the clean energy transition, is pleased to announce the results of the Placing announced on 8 October 2024, which was oversubscribed and scaled back.
Results of the Placing
The Placing raised gross proceeds of £2.5 million through the issue of 22,727,266 new ordinary shares ("Placing Shares") at an Issue Price of 11 pence per share. The net proceeds from the Placing will be applied to CTL's flagship project, Laguna Verde, and critical work programmes to produce battery-grade lithium carbonate for potential strategic partners to test, and for general working capital requirements.
The Placing Shares represent approximately 13.54 per cent. of the Company's enlarged ordinary share capital following the Admission of the Placing Shares to trading on the AIM market of the London Stock Exchange ("AIM"). This has been a necessary interim fundraising as the Company pursues its dual listing on the Australian Securities Exchange ("ASX").
Related Party
As a part of the Placing and on the same terms as all other placees, Regal Funds1, which is currently interested in approximately 15 per cent. of the Company's issued share capital and therefore a Related Party under the AIM Rules, has agreed to subscribe for 1,727,272 Placing Shares. As such, Regal Funds participation is a Related Party Transaction for the purposes of Rule 13 of the AIM Rules. Accordingly, the Directors of the Company, all independent, consider, having consulted with Beaumont Cornish Limited, the Company's Nominated Adviser, that the terms of the subscription by Regal Funds are fair and reasonable insofar as the Company's shareholders are concerned.
1Regal Funds comprising Regal Funds Management Pty Limited and its associates (including Regal Partners Limited, of which Regal Funds Management Pty Limited is a wholly owned subsidiary) which act as trustee and investment advisor for certain funds
Directors Participation
Furthermore, Tommy McKeith, a director of the Company, has participated in the Placing by subscribing for 454,545 Placing Shares for an aggregate value of £50,000. Accordingly, Tommy McKeith is now interested in 909,091 Ordinary Shares representing 0.54 per cent. of the Company's enlarged ordinary share capital following the Admission of the Placing Shares.
Broker Warrants
In connection with the Placing 1,389,388 Broker Warrants have been issued exercisable at a price equal to the Issue Price up until five years from their date of grant, being the date of completion of the Placing.
Admission and Trading
The Placing remains conditional on the admission of the Placing Shares to trading on AIM becoming effective ("Admission"). It is expected that Admission will occur at 8.00 a.m. on 14 October 2024.
Total voting rights
Following Admission, the Company will have a total of 167,889,592 Ordinary Shares in issue. With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority. Words and expressions defined in the Company's announcement of 8 October 2024 shall have the same meaning in this announcement.
Steve Kesler, Executive Chairman and Interim CEO of CleanTech Lithium Plc, commented:
"Thank you to all the investors that have supported CleanTech Lithium in the latest Placing. We are delighted to see the return of existing shareholders and welcome new shareholders who have shown, despite difficult market conditions, their confidence in the Company as we develop responsibly sourced lithium in Chile via Direct Lithium Extraction.
The new funds will be focused on the Laguna Verde project and producing battery-grade lithium carbonate for potential strategic partners as well as maintaining our active engagement with indigenous communities whilst we pursue the dual listing in Australia.
Investors will know we have been one of the most active companies in Chile using DLE to establish ourselves as a leading lithium explorer and developer. We are completely aligned to Chile's National Lithium Strategy which aims to forge public-private partnerships with sustainable technologies leading the way for lithium extraction in the country.
Our Board would like to take this opportunity to thank all the investors for providing the funding for the Company to meet our planned milestones over the coming months and so deliver value to all our stakeholders."
For further information contact: | |
CleanTech Lithium PLC | |
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 (Sole Broker and Bookrunner) | +44 (0) 20 3884 8450 |
Daniel Fox-Davies |
CleanTech Lithium:
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major 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 direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
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09 October
Rio Tinto to Acquire Arcadium for US$6.7 Billion in Major Lithium Push
In a landmark move, Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has sealed an all-cash deal to acquire US-based Arcadium Lithium (NYSE:ALTM,ASX:LTM) for US$6.7 billion. If successful, the deal will catapult Rio Tinto to become the third-largest lithium producer worldwide.
Following rumors that both companies were in talks for a possible acquisition, Rio Tinto announced that it is going all-in on the multi-billion sale. The deal, which is expected to close in mid-2025 pending approval by Arcadium's shareholders, values Arcadium at US$5.85 per share, 90 percent higher than its October 4 closing price of US$3.08.
Arcadium was established earlier this year following a US$10.6 billion merger between lithium majors Allkem and Livent, forming a vertically integrated company with global lithium operations spanning hard-rock mining, lithium brine extraction and chemical processing.
The company’s broad resource base, with assets across Argentina, Australia, Canada and the United States, made the acquisition a highly attractive prospect for Rio Tinto, as the purchase now positions the company for strategic growth in the case of an anticipated price rebound.
Arcadium’s shares surged in price by more than 40 percent after the rumors started, triggering gains in other lithium-focused stocks. It moved even higher following confirmation of the acquisition, and the company closed at US$5.55 on October 9 — now up 80 percent compared to its October 4 close.
The deal has been unanimously approved by the boards of both companies.
M&A ramping up in the lithium industry
Rio Tinto’s move to acquire Arcadium reflects broader consolidation trends in the lithium industry, as major players seek to strengthen their market positions in anticipation of a ramping market geared towards the future.
Just this August, Pilbara Minerals (ASX:PLS,OTC Pink:PILBF), an Australia-based lithium company, announced plans to acquire Latin Resources (ASX:LRS,OTC Pink:LRSRF) in a deal valued at AU$560 million.
This acquisition would give Pilbara access to Latin Resources’ flagship Salinas lithium project in Brazil, diversifying its portfolio beyond its Pilgangoora operation in Western Australia.
Additionally, Mineral Resources (ASX:MIN) continued its growth in the sector in late 2023 by acquiring the Bald Hill lithium mine, which saw its first full production quarter in 2024.
MinRes is part of several lithium joint venture operations in Australia, including the Wodgina lithium mine, which it owns alongside Albemarle (NYSE:ALB), the world’s largest lithium producer.
Mergers and acquisitions have been a recurring theme in the lithium sector this year, as companies prepare for a future where demand for electric vehicles, and consequently lithium, will skyrocket.
Experts anticipate several more deals to take shape as companies seek to strengthen their footholds in key regions.
Lithium prices expected to recover from temporary slump
Overall, the lithium market has experienced significant volatility, with prices falling from their record highs seen in 2022. Analysts attribute this downturn to oversupply in the market, as well as macroeconomic factors such as high interest rates and slower-than-expected EV sales growth.
However, most experts believe the price slump is temporary, with demand for lithium set to rebound as EV adoption accelerates globally.
Rio Tinto’s interest in Arcadium follows continued downward price momentum for lithium this year.
Industry analysts view the timing of the potential acquisition as strategic, allowing Rio to capitalize on the downturn while positioning itself for future growth as demand for lithium is expected to rise significantly in the next decade.
Lithium-ion batteries are integral to the EV industry and demand is projected to increase as major automakers ramp up production of electric vehicles.
If successful, the acquisition would propel Rio Tinto into a leading position in the global lithium market, trailing only Albemarle and SQM in production capacity.
Analysts from Canaccord also estimate that a combined Rio Tinto-Arcadium entity could supply around 10 percent of the global lithium chemicals market by 2030.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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