The world needs to get its hands on more lithium supply immediately. Unfortunately, there’s just not enough of it to meet all the demand. In fact, according to Stellantis’ CEO Carlos Tavares, there’s just not enough, which is helping to drive upside in lithium stocks, such as Lancaster Resources Inc. (CSE: LCR) (OTC: LANRF), Patriot Battery Metals (TSXV: PMET) (OTCQX: PMETF), Q2 Metals (TSXV: QTWO) (OTCQB: QUEXF), Surge Battery Metals (TSXV: NILI) (OTC: NILIF) and Ophir Gold Corp. (TSXV: OPHR) (OTCQB: KPZIF).
In addition, according to Bloomberg, “Availability and costs of crucial battery materials like lithium, cobalt and nickel have been key concerns for years among EV makers trying to build out their electric lineups. The issue has gained more urgency in recent months due to rising competition to strike supply pacts with miners and project developers and by wild swings in raw material costs. The spot value of lithium consumption alone surged to about $35 billion in 2022, from $3 billion in 2020.”
Look at Lancaster Resources Inc. (CSE: LCR) (OTC: LANRF), For Example
Lancaster Resources Inc. just announced the filing of annual renewals of BLM claims as part of the Alkali Flats option agreement to acquire a 100% interest in the Alkali Flat Lithium Project. The annual filing with the BLM includes the original 67 claims for the Project along with a significant addition of 193 claims under the Area of Interest provisions under the option agreement. These 260 claims build out a contiguous mineral placer claim asset base over the heart of the Alkali Flats playa near Lordsburg, New Mexico.
Spanning ~5,200 acres, the claims cover the majority of the Alkali Flat playa and present significant exploration opportunities on leases with surface sediment concentrations up to ~149ppm Lithium.
“The potential for net zero or near zero lithium extraction from the Alkali Flat Lithium Project in New Mexico is exciting. With Direct Lithium Extraction technologies advancing to commercial scales and the feasibility of solar power in New Mexico, we're optimistic about sustainably powering a Lithium DLE project,” says Lancaster VP of Engineering Andrew Watson. “The renewal of our expanded claim package sets us up for geophysical MT surveys and a maiden drilling program, where we hope to identify and sample lithium bearing subsurface brine for this promising lithium project.”
Lithium is a critical mineral to produce electric vehicle batteries and a host of other applications that are propelling the global shift towards decarbonization and renewable sources of energy.
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 announced core assays for the final set of drill holes completed as part of the 2023 winter drill program at its wholly owned Corvette Property, located in the Eeyou Istchee James Bay region of Quebec. The winter phase of the 2023 drill campaign was focused on the CV5 Pegmatite, located approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure. Drill hole CV23-181 and 177 targeted further delineation of the Nova Zone with both returning wide and high-grade intercepts – 108.0 m at 2.44% Li2O, including 37.5 m at 3.58% Li2O or 16.0 m at 4.08% Li2O (CV22-181), and 115.3 m at 1.81% Li2O, including 89.6 m at 2.20% Li2O (CV23‑177). The high-grade Nova Zone has been traced over a strike length of at least 1.1 km – from drill holes CV23-132 to 108 (Figures 1 and 2) and includes multiple drill intersections of 5+ m at >5% Li2O, demonstrating the high-grade tenure of this sub-set of the Corvette discovery.
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, 2023, 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.
Surge Battery Metals announced that drilling equipment and crews are being mobilized to begin the second round of drilling at its flagship Nevada North Lithium Project. The current drilling program follows on from the discovery program of 2022 that revealed lithium enrichment in sediments along a strike length of 1,620 meters, with individual intercepts of up to 78m at a weighted average 3245 ppm Li, with values as high as 5950 ppm Li (13.7 – 15.3 m hole N2208), and the highest-grade hole overall (N2207) with 120m grading a weighted average 3943 ppm Li.
Ophir Gold Corp. announced an update on 2023 exploration at the Radis Lithium Property, located in the Eeyou Istchee James Bay, Quebec. The Property is located approximately 70 km east-northeast of Wemindji and proximal to the all-season Billy-Diamond Highway and hydro-power line infrastructure in the region. As discussed below the Company has completed a magnetic and spectrometric survey and review of the preliminary dataset has identified several anomalies for follow up exploration. The Company is pleased to report that a 1,928-line km heliborne high resolution magnetic and spectrometric survey has now been completed over the entire Radis Property. The survey was completed at a tight line spacing of 50 m, with lines-oriented NW-SE, crossing perpendicular to the regional trend of the Yasinski greenstone belt to maximize signal contrast.
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