Lithium demand is under intense demand. All as the world fights to go green. In fact, demand is still expected to grow seven times over between 2021 and 2030 thanks to electric vehicles, demand for renewable energy, and its continued used in electronics, says iShares.com. All of which will continue to benefit companies such as Lancaster Resources Inc. (CSE: LCR) (OTC: LANRF), Patriot Battery Metals (TSXV: PMET) (OTCQX: PMETF), Q2 Metals (TSXV: QTWO (OTCQB: QUEXF), Albemarle Corporation (NYSE: ALB), Lithium Americas (NYSE: LAC) (TSX: LAC). Unfortunately, the world doesn’t have enough supply to meet that demand. And it may not for quite some time, if at all. For one, according to CNBC, “hundreds of lithium projects are currently under exploration, but the complexity in geology and time-consuming permitting process still pose challenges.”
Also, remember, according to Stellantis CEO Carlos Tavares, there’s not enough lithium go around for the industry’s plans. “We know that we need lithium. We know that we are not producing as much as we need. We have right now 1.3 billion cars (that are) internal combustion engine powered on the planet. We need to replace that with clean mobility. That will need a lot of lithium. Not only the lithium may not be enough, but the concentration of the mining of lithium may create other geopolitical issues,” he said, as quoted by The Detroit News.
Look at Lancaster Resources Inc. (CSE: LCR) (OTC: LANRF), For Example
Lancaster Resources Inc. just announced results from its Magneto-Telluric (MT) geophysics program at Lancaster's Alkali Flat Lithium Project located in Lordsburg, New Mexico, USA. The MT program targeted highly conductive stratigraphic units (layers) to further delineate drill targets in a highly prospective area on the NE part of the property.
KLM Geoscience successfully completed the detailed MT program including data acquisition and inversions. The MT survey consisted of three east-west lines with ~500m spacing between receivers and lines.
The MT results along with Lancaster’s recent exploratory and geochemical results have highlighted multiple high priority drill locations believed to host lithium-rich aquifers. Results indicate a near surface low resistivity layer ~150m deep along with a deeper low resistivity layer at ~660m sub-surface. Results also confirm the N-S trending basin continues from Arizona Lithium claims through Lancaster’s.
With the exciting progress made over the last few months, Lancaster is now preparing regulatory and permitting applications for a Phase 1 Drilling program in late 2023. Lancaster is preparing applications to the BLM and EMNRD (New Mexico) for three wells and a follow up full claim area geophysics program (2024).
"The results are extremely encouraging and we are planning to proceed with further exploration and development work. The successful MT program strengthens our view on the opportunity of Alkali Flats containing a concentrated lithium subsurface aquifer. Submitting our regulatory applications for follow up drilling is our next priority as we continue to develop Alkali Flats to power the energy transition.” remarks Andrew Watson, Vice President of Engineering and Operations at Lancaster.
The Alkali Flats Lithium Project and the MT survey target area lie about 8 miles north of the renowned 15MW Lightning Dock Known Geothermal Resource Area (KGRA). The company will continue to review co-production opportunities with clean geothermal power on the claim area to provide clean power for future lithium development. Additionally, the target area is immediately adjacent to Arizona Lithium’s Lordsburg Brine Project.
Other related developments from around the markets include:
Patriot Battery Metals filed on SEDAR+ a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects titled "Mineral Resource Estimate for the CV5 Pegmatite, Corvette Property". The filing follows the July 30, 2023 announcement of the maiden mineral resource estimate for the CV5 Pegmatite – 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred. The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and is interpreted to span more than 50 kilometres across the Corvette Property.
Q2 Metals provided an update on its surface mapping and rock sampling activities at the Mia Lithium Property located in the Eeyou Istchee James Bay territory of Quebec. Four new spodumene pegmatite occurrences1 have been discovered on the Mia Exploration Trend (see Figure 1). Three of the outcropping pegmatite zones are located between the previously known Mia and Carte mineralized zones (see previous Q2 announcement from June 29, 2023). The other new discovery is located 1,400 metres northeast of the Carte Zone, thus extending the distance between the lithium mineralized occurrences on the trend to 9.7 kilometres. A total of 136 individual pegmatite outcrops have been mapped along the Mia Exploration Trend (see Figure 1). Rock samples have been collected at these sites to confirm the presence of lithium or indicator elements which may suggest the presence of lithium nearby. The majority of the pegmatite outcrops along the Mia Exploration Trend exhibit a similar mineralogy and texture compared with the outcrops that have confirmed spodumene.
Albemarle, a global leader in providing essential elements for mobility, energy, connectivity and health, announced that the U.S. Department of Defense has approved a $90 million grant to help support the expansion of domestic mining and the production of lithium for the nation's battery supply chain. The funding will be provided by the Office of the Assistant Secretary of Defense for Industrial Base Policy, utilizing Defense Production Act authorities, and will be used to purchase a fleet of mining equipment as part of the company's planned reopening of its lithium mine in Kings Mountain, North Carolina. The planned Kings Mountain mine contains one of the few known hard rock lithium deposits in the U.S. The site is expected to feed sufficient material for 50 kt LCE of conversion capacity and support the manufacturing initially of approximately 1.2 million electric vehicles annually.
Lithium Americas just reported, “Over the last 18 months, our business has gained significant momentum as we advanced late-stage lithium projects in Argentina and the U.S. toward full production in a sustainable and responsible way,” said Jonathan Evans, Lithium Americas’ President and CEO. “We are uniquely positioned to bridge the global gap in demand, while maximizing sustainable value for our diverse set of stakeholders. In early 2023, we commenced construction at Thacker Pass in northern Nevada, through which we will play a key role in building North America’s lithium supply chain, and in June 2023, we achieved first lithium production at Caucharí-Olaroz in northern Argentina, the largest new lithium brine operation to come online in more than two decades.”
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Lancaster Resources Inc by Lancaster Resources Inc. We own ZERO shares of Lancaster Resources Inc. Please click here for full disclaimer.
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