With lithium demand only set to accelerate, major companies, including Exxon Mobil just started to “actively explore” the market. In fact, the company just bought drilling rights to 120,000 gross acres in the Smackover Formation of southern Arkansas, with plans to construct a massive lithium processing plant. Also, according to XOM CEO Darren Woods, “"We're actively exploring that opportunity set and like what we're seeing so far,” as noted on an earnings call. That growing interest could also fuel further upside for 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).
Even better, according to BNAmericas.com, “Chilean producer SQM is confident that the boom in electric vehicle (EV) sales will be a crucial driver of global demand for the soft white metal. Electric vehicle sales worldwide are expected to rise by around 30% this year, while lithium demand will increase 20%, the company forecast in its 1H23 results report.”
Look at Lancaster Resources Inc. (CSE: LCR) (OTC: LANRF), For Example
Lancaster Resources Inc. announced that KLM Geophysics is commencing the Magneto-Telluric (MT) geophysics program at Lancaster's Alkali Flat Lithium Project located in Lordsburg, New Mexico, USA. The MT program is targeting highly conductive statigraphic units (layers) to further delineate drill targets in a highly prospective area on the NE part of the property.
Within the next few weeks, Lancaster anticipates receiving survey results, which management expects will guide them in identifying clear drilling targets. Lancaster’s recent exploratory and geochemical results have highlighted a location believed to host a lithium-rich aquifer.
"Combining this MT survey with our geochemical and conductivity data will sharpen our drilling focus, targeting the discovery of lithium-saturated aquifers," 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 Lightning Dock Known Geothermal Resource Area (KGRA). Additionally, the target area is immediately adjacent to Arizona Lithium’s Lordsburg Brine Project. Both provide significant insight into the geology and have been pivotal for Lancaster's strategic planning.
The MT study leverages natural electromagnetic occurrences, such as solar flares and lightning, to gauge magnetic and electric field variations. This approach capitalizes on the unique characteristics of lithium brine reservoirs. Once collected, the data will be supplemented with previous geochemical findings that showcased up to 149.5 ppm Li in surface sediments to target initial drilling locations.
The MT survey will consist of three east-west alignments with ~500m spacing, having 15 receiver stations in total. Each site will be active overnight, capturing data for a period of 14-16 hours. Once data acquisition is done, all instruments will be retrieved, ensuring the location remains largely undisturbed and fully reclaimed. We anticipate the results to provide a comprehensive subsurface conductivity model to refine our drilling targets for late 2023.
Reflecting Lancaster's environmental commitment, the non-invasive nature of this MT survey ensures a negligible carbon footprint, manifesting the company's green ethos in its exploratory endeavors.
KLM Geophysics was chosen for this pivotal role due to its competitive rates, structured approach, and its seasoned team. Their established reputation in lithium brine exploration enriches our project's expertise.
Andrew Watson, PEng, a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
Other related developments from around the markets include:
Patriot Battery Metals provided an operations update on the mineral exploration and development of its Corvette Property, host to the CV5 Spodumene Pegmatite. The CV5 Spodumene Pegmatite, the 8th largest lithium pegmatite in the world, is located approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure corridor, and within 50 km of the La-Grande 4 (LG4) hydroelectric dam complex. The Company has successfully resumed its mineral exploration and development programs as of early August 2023, as the wildfires in the region gradually abate. This includes on-site community engagement, environmental baseline field work, camp construction, road access upgrades, surface exploration, and core drilling. It is important to note that the wildfires have delayed the Company’s on-site activities during the summer months, but fortunately, no equipment or property at the Property, camp site and laydown or at the Mirage Lodge have been lost.
Q2 Metals announced the mapping/prospecting and rock sampling results of its abridged exploration work program at the Mia Lithium Property located in the Eeyou Istchee James Bay Territory of Quebec. On June 5, the Company was mandated by the Quebec Ministry of Natural Resources and Forests to pause all exploration related activities and depart from camp due to the ongoing wildfire status of northern Quebec. As a result, the mapping and sampling portion of the field work lasted only two days. Despite the pause to the field work, the Company is encouraged by the results of the work completed and plans to execute an ambitious work program of expedited mapping, sampling and drill-testing as soon as conditions allow.
Albemarle announced its results for the second quarter. "We achieved $2.4 billion in net sales, up 60% from prior year, primarily driven by higher prices and volumes in our Energy Storage business," commented Albemarle CEO Kent Masters. "We remain confident in the long-term outlook for our businesses and are increasing our full-year 2023 net sales and adjusted EBITDA outlook based on the recent increase in lithium market prices. Our investments in future capacity are on track, with the Salar Yield Improvement Project mechanically complete and the Meishan project on schedule for early 2024 mechanical completion."
Lithium Americas announced that shareholders have voted in favor of the separation of the Company into Lithium Americas (Argentina) Corp. and a new Lithium Americas Corp. pursuant to a statutory plan of arrangement at the Company’s annual general and special meeting of shareholders held. The Separation was approved by 98.85% of the votes cast by shareholders present or represented by proxy at the Meeting, as well as 98.78% of the votes cast excluding those of such shareholders who are required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
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
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