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$6.7M In Funding For Mavis Lake 2023 Drill Program Secured At A Significant Premium
Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to advise that it received firm commitments for a capital raise utilising the flow-through shares provision allowed under Canadian Tax Law (“Placement”). Applications for the block trade book build were significantly scaled back.
Highlights
- AUD$6.7m to be raised utilising the “flow-through shares” provisions under Canadian tax law, the flow-through shares will be placed at AUD$0.08 per share which represents a 45% premium to Critical Resources’ last close price
- The flow-through shares will be immediately on sold through a block trade agreement to select institutional and sophisticated investors
- Applications for the block trade book build were scaled back, demonstrating the increasing interest in the Company’s Ontario based lithium projects as it approaches the release of its Maiden Mineral Resource Estimate in Q1 2023
- Capital raise funds will be used to advance the Mavis Lake drilling program, which is ongoing since April 2022, with over 42 spodumene bearing pegmatite drill hole assays pending
- Use of the flow-through provisions will enable the Company to minimise issued capital dilution
Critical Resources’ Managing Director Alex Cheeseman said:
“This capital raise fully funds Critical Resource’s Canadian drilling plans for 2023, where we intend to drill out ~20,000m at Mavis Lake. We are focusing our efforts on advancing the Mavis Lake project, where we have seen exceptional results since the maiden drilling program began in April this year.
WiththeMaidenJORC2012compliantresourceexpectedinQ12023,andwiththeCompanynow fully funded for the 2023 Mavis Lake drilling program, we can confidently accelerate our program through the introduction of additional drill rigs and continue to advance our studies in parallel."
Placement Details
The offer has been facilitated by Canadian flow-through share dealer, PearTree Securities Inc (“PearTree”), pursuant to a subscription and renunciation agreement with the Company, and a block trade agreement being facilitated by Canaccord Genuity (Australia) Limited who is acting as Joint Lead Manager along with Sixty Two Capital Pty Ltd (“the Joint Lead Managers”) for the transaction. PearTree will not receive any fees or commissions from the Company for its role in the Placement.
Funds raised from the Placement will be specifically applied as follows:
- Continued drilling at and around the main zone of Mavis Lake; and
- Survey, fieldwork and follow up drilling of mapped, spodumene bearing pegmatites within the Mavis Lake project area.
The Company has received firm commitments to undertake the Placement to raise CAD$6,053,934 (AUD$6,745,330), before costs, through the issue of 84,316,627 fully paid ordinary shares at an issue price of CAD$0.0718 (AUD$0.08) per share (“Flow-Through Shares” or “New Shares”) as Canadian ‘flow-through shares’, which provide tax incentives to investors for expenditures that qualify as flow-through critical mineral mining expenditures under the Income Tax Act (Canada). The Flow-Through Shares will be issued at a premium to market pursuant to the Canadian flow-through shares regime. The term ‘flow-through share’ is a defined term in the Income Tax Act (Canada) and is not a special type of share under corporate law.
Pursuant to a block trade agreement between PearTree and the Joint Lead Managers, the Joint Lead Managers will facilitate the secondary sale of the Flow-Through Shares acquired by PearTree clients under the Flow-Through Share Placement to sophisticated and professional investors by way of a block trade at AUD$0.05 per New share. The Flow- Through Shares will cease to be flow-through shares on completion of the Flow-Through Share Placement and end-buyers taking Flow-Through Shares in the block trade will not take the Flow-Through Shares as flow-through shares.
A cleansing prospectus under section 713 of the Corporations Act 2001 (Cth) will be issued in connection with the Placement to facilitate secondary trading of the New Shares subject of the Placement.
Click here for the full ASX Release
This article includes content from Critical Resources, 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.
AM Resources Identifies 49 New Pegmatites on its Significant Land Package in the Austrian Pegmatite Belt
AM Resources Corporation (“AM Resources” or the “Company”) (TSXV: AMR) (Frankfurt: 76A), a dynamic junior mining company focused on the exploration and development of high-potential pegmatite lithium deposits, is pleased to announce the discovery of 49 new pegmatites within an area of 12,32 km2. These pegmatites consolidate the Company’s strategic position in one of Austria’s most prospective lithium areas.
- Recently announced 1,500 km2 land package gives AM Resources control over a large area of the Austrian Pegmatite Belt (see press release dated March 21, 2024).
- Land package also includes the Valerie Property, where 27 pegmatites have been identified over an area of 7.2 km2, and the Emilia Property, where 22 pegmatites have been identified over an area of 5.12 km2.
- AM Resources properties are located within a 620 km radius of 14 battery plants.
AM Resources’ 1,500 km2land package
Valerie Property
Located just 1 km southwest of the Frederick property, the Valerie property hosts 27 pegmatites over an area of 7.2 km2. The average pegmatite length is 203 metres and the longest one measures 447 metres.
Emilia Property
Located 8 km southwest of the Frederick property, the 5.12 km2 Emilia property hosts 22 pegmatites with the longest pegmatite measuring 505 metres long and 110 metres wide, showcasing the large scale potential of the Austrian Pegmatite Belt.
Total length of pegmatites – a marker of potential
The cumulative length of pegmatites across the Valerie and Emilia properties amounts to 8 km, indicative of the substantial prospective lithium opportunity at hand.
David Grondin, CEO of AM Resources commented: “The added strategic value of our Emilia and Valerie properties cannot be overstated, with 8 km of pegmatite bodies to explore. Combined with the 112 pegmatites on the Frederick property, we could not be more excited to begin our exploration campaign.”
“In terms of logistics, we have the strong advantage of having our technical team, led by Julien Desrosiers, our COO Europe, all based in Europe, which will have a positive impact on costs and acquisition opportunities. In addition, our team has a strong understanding of the permitting and regulatory process in Austria and has access to the necessary resources and equipment to explore and develop our projects,” added Mr. Grondin.
Geological setting, the importance of the mica schists bodies1
The geology of the Austrian Pegmatite Belt is similar to geological formations in Canada. The presence of mica schists is significant. Mica schists are metamorphic rocks that have undergone high-temperature and pressure changes. These conditions are favorable for the formation of certain minerals, including spodumene, from the breakdown of Li-bearing alumino-silicate mineral staurolite, which can contain significant amounts of lithium (up to 0.3% Li2O). The breakdown of staurolite can release lithium into the surrounding rock, where it can be incorporated into pegmatites.
The partial melting of rocks is crucial for the development of pegmatites in the Austroalpine Unit of the Eastern Alps, where albite-spodumene pegmatites are associated with metamorphic events. The evidence suggests pegmatites are derived from the anatexis of Al-Li-rich metapelites under upper amphibolite facies conditions.
Location, location, location
As previously reported, the AM Resources team has been actively assembling a massive prospective land package with four key elements at the core of its strategy: proven geology, proximity to key markets, historical expertise, and a clear, proven mining code. AM Resources’ Austrian properties are located within 620 km of 14 planned battery plants and have direct access to an extensive rail system.
Qualified Person
Technical information related in this news release has been reviewed and verified by Jean Lafleur, P. Geo., of PJLEXPL Inc., a registered geologist with the Ordre des Géologues du Québec (OGQ #833) and is a qualified person (QP) as defined by NI 43-101. Mr. Lafleur is independent from the Company and has reviewed and approved the disclosure of the AM Resources geological information.
About AM Resources
AM Resources Corporation (TSXV: AMR) is a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits. With a strategic portfolio of assets and a commitment to responsible resource development, the Company is dedicated to creating long-term value for its stakeholders while adhering to the highest standards of corporate governance and sustainability.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM Resources does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
David Grondin
AM Resources Corporation
President and Chief Executive Officer
1-514-583-3490
www.am-resources.ca
Pilot Plant Commences First Phase of Operations
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on key developments for its Lithium Carbonate Pilot Plant which has commenced the first phase of operations to produce Lithium Carbonate.
- Pilot Plant commissioning complete with first phase of operations for the production of Lithium Carbonate underway.
- Completion of dynamic simulation, mass balances and plant layout design conceptually producing 250 tonnes per annum of 99.95% battery grade Lithium Carbonate via conventional evaporation process method.
- Engagement of Ausenco to complete independent peer review study of the 250 tonne per annum plant design, block flow process, and evaporation pond design.
- Engagement of highly experienced engineering team to oversee and manage plant operations and first production of Lithium Carbonate.
Figure 1 – 250tpa Lithium Carbonate Plant at Pursuit’s purpose facility in Salta, Argentina.
The Company has completed the commissioning works of the Lithium Carbonate Pilot Plant and will now begin operations with the overall goal of producing battery grade Lithium Carbonate. The Pilot Plant will look to produce an initial sample batch using synthetic brine of approximately 50-100kg of product.
Following completion of this milestone, evaporated brine, currently being sourced from the Stage 1 Drilling Program, will be utilised to produce approximately 2 to 10 tonnes of Lithium Carbonate products anticipated to be battery grade product. After this, the Company will consider relocation of the Pilot Plant to site following the completion of construction and filling of evaporation ponds to provide feed for the plant.
Figure 2 – 250tpa Lithium Carbonate Plant at Pursuit’s purpose facility in Salta, Argentina.
In relation to the commencement of operations at the plant, Pursuit Managing Director & CEO, Aaron Revelle, said:
“The Rio Grande Sur Project continues to advance toward first production at a significant pace. With plant operations now underway, we look forward to the production of the first Lithium Carbonate products demonstrating the enormous potential of the Rio Grande Sur Lithium Project.”
In conjunction with our Stage 1 drilling program which is currently underway and the potential upgrade to our existing JORC resource, we continue to make significant progress on multiple fronts as we move toward becoming a Lithium producer. To this end, we continue to progress the environmental permitting applications to commence construction of the evaporation ponds which is currently being targeted for this year. The entire team is very excited about the production process, and we look forward to reporting on the results over the coming months.”
Click here for the full ASX Release
This article includes content from Pursuit 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.
Comment on Chilean Government's Announcement
CleanTech Lithium PLC (AIM:CTL, Frankfurt: T2N, OTCQX: CTLHF), an exploration and development company advancing lithium projects in Chile, today commented on the announcement by the Government of Chile regarding the designation of strategic salars and the creation of a Protected Salars Network under the current administration's National Lithium Strategy.
Yesterday afternoon, in Chile, within the session held by the Committee of Ministers for Sustainability, led by the Minister of Environment, the creation of a Protected Salt Flats Network was unanimously approved. To achieve the aims of the National Lithium Strategy, it was agreed that private companies can take leadership roles on salars that are outside of the protected network and are not defined as strategic. CTL's non-strategic projects, remain outside areas declared as protected or that need further studies for such protection declaration, and therefore are still eligble for exploration and exploitation.
The Government set a clear path ahead, calling upon private companies from early April 2024 to express interest in the additional salars for lithium projects. It is expected that around July 2024, the Minister of Mining will list the salt flats where there is private sector interest in leading exploitation and exploration projects and those that require local indigenous consultations. After July, will see the allocation of the Special Lithium Operation Contracts (CEOLs), which are the special contracts the State awards regulating the terms and conditions for the exploitation, and benefit of the lithium reserves and permitting a salt flat to become a commercial project.
CleanTech Lithium has already expressed interest by submitting the CEOLs in September 2023, for Laguna Verde and Francisco Basin, with support from the local communities in the region.
Highlights:
- The Chilean Government, led by the Minister of Environment, has agreed on a network of protected salars that will require further environmental assessment.
- CTL's non-strategic projects; Laguna Verde and Francisco Basin remain outside areas declared as protected or that need further studies for such protection declaration.
- From April 2024, private companies can express their interest to develop salars outside of the protected network.
- It is expected that by July 2024, the Minister of Mining will list the salt flats where there is private sector interest in leading exploitation and exploration projects and those that require local indigenous consultations and those that do not.
- Approval of CEOLs will then be awarded by the State for these salars
- Private companies are able to take leadership in developing these new lithium projects, potentially in participation with State entities or on their own.
Following the announcement, the Finance Minister Mario Marcel commented that Chile's current production could increase up to 70% by the end of decade and double in ten years.
Aldo Boitano, Chief Executive Officer of CleanTech Lithium, said:
"The announcement made by the Chilean Government moves the National Lithium Strategy forward in a very positive way. The news brings certainity to those salt flats that will be subject to a more detailed environmental assessment and those that are for potential exploration and eventually exploitation. At CleanTech Lithium, we continue to progress our direct lithium extraction (DLE) projects, highlighting our commitment to mining that minimises its environmental footprint, and listens to the local communities in the Atacama Region, both of which are key conditions of the Chile's lithium strategic framework.
"The anticipated approval of our CEOLs, submitted in September 2023 by the Company, is the next step forward for our projects, while deepening our local community engagement with our existing alliance and deployment of DLE technology".
Notes:
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.
For further information contact: | ||
CleanTech Lithium PLC | ||
Aldo Boitano/Gordon Stein | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 | |
Or via Celicourt | ||
Celicourt Communications | +44 (0) 20 7770 6424 | |
Felicity Winkles/Philip Dennis/Ali AlQahtani | ||
Harbor Access - North America Jonathan Paterson/Lisa Micali | +1 475 477 9401 | |
Porter Novelli - Chile Ernesto Escobar | +569 95348744 Ernesto@publicoporternovelli.cl | |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 207 628 3396 | |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 207 523 4680 | |
Fox-Davies Capital Limited (Joint Broker) | +44 20 3884 8450 | |
Daniel Fox-Davies |
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.
About 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, Laguna Verde and Francisco Basin, 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 Francisco Basin 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 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
First Nations Engagement Key as Critical Minerals Boom Sweeps Canada
As Canada prepares to ramp up its efforts to supply the growing critical metals value chain, consulting with the country’s many First Nations communities is becoming more important than ever.
Demand for these key metals is projected to balloon over the next two decades. It is estimated that by 2050, 1.4 billion metric tons of copper will be required to facilitate electrification needs, with dozens of new mines needed.
For context, the total amount of copper mined throughout human history only tallies 700 million metric tons.
Looking beyond copper, a 2023 report from the Fraser Institute indicates that to achieve ambitious 2050 climate targets, the world will need at least 388 new mines focused on lithium, cobalt, nickel and other battery raw materials.
In Canada, many of these new mines will be in or adjacent to First Nations communities, which makes consultation and engagement a key priority in order to get the mines built. However, in recent months there have been several reports of First Nations communities opposing new projects. Most prominent has been the pushback on mining activity in Ontario’s Ring of Fire, and more broadly on the provincial government’s permitting process.
In 2023, the Ford government implemented legislation to expedite mine and access road permits. However, the Building More Mines Act is devoid of any mention of First Nations engagement despite previous assurances that local Indigenous communities would be consulted and apprised of mining-related activities on their lands.
Additionally, the current exploration permitting process in the province allows claims to be staked with virtually with no initial input from the communities this process may impact.
With those and other circumstances in mind, it's no surprise that the topic of improving relations between First Nations communities and the mining sector was a recurring theme at the annual Prospectors & Developers Association of Canada convention (PDAC), held in early March. Here's what key stakeholders had to say.
Indigenous voices urge early and frequent contact
During a panel discussion at the convention titled "Where Exploration Meets Operations: Sustainable Value Chains for Critical Minerals," experts emphasized the significance of early and substantive involvement with Indigenous communities in the exploration and development phases of mining projects.
Among the panelists was Valerie Taggart, project coordinator for the Algonquins of Pikwakanagan First Nation. Taggart, who is of settler descent and lives with her partner on the traditional and unceded territory of the Algonquin, offered insight on the historical challenges between First Nations communities and the mining sector.
“I have found that historically First Nations people have been told what sustainability is. It's innovative technology, energy efficiency. It's electrifying areas previously dominated by fossil fuels and following parameters laid out by government agencies,” she told attendees, adding, “First Nations people have been told that sustainability is a world issue, and as such requires a worldly approach to lower overall emissions, the human carbon footprint and pollution."
However, she pointed out that for many First Nations communities the concept of sustainability is much more local.
“The health of the land, water and air are paramount to the sustainability of the Algonquin people themselves, whose culture and way of life is deeply rooted in land-based practices like hunting, fishing and trapping, which is their constitutional right,” Taggart explained to the audience.
She also underscored the need for the mining industry to understand its cumulative impact, noting that First Nations are often having conversations with multiple mining companies, not just one.
“First Nations people must endure a higher volume of traffic noise and air pollution, water contamination and all the other negative impacts that come with the day-to-day operations of a mine,” she said.
“These are measurable impacts; we know these impacts are present. When the plants are no longer harvestable, the animals are displaced and driven from their homes so that people go hungry.”
Recognizing the potential negative impacts of mining projects on First Nation communities, Taggart emphasized meaningful engagement as a pathway to mitigate these repercussions.
“The Algonquin people of Pikwakanagan feel that the earlier a First Nation becomes aware of and engaged in a project, even as early as the conception phase, the better for all parties,” she said. “The more involved a First Nation is in various studies that aid in the outcome of a project in a real and tangible way, the better the overall outcome of a project.”
She suggested that companies begin First Nations engagement as soon as a viable resource has been defined, while emphasizing the importance of understanding that each community is unique.
“It's really important to reach out and allow them to kind of lead that process and to engage with them as they see fit,” she said. “Because everybody has a different level of comfort in engaging with proponents in their territory.”
Mining companies keen to establish and maintain trust
Mining sector panelists also highlighted the necessity for transparent communication, advocating for community involvement at an early stage, and for the integration of Indigenous experts right from project inception.
For Stephen Crozier, vice president of sustainability at Wyloo, the process begins with establishing trust.
He explained that the mining industry has been less than transparent in the past, and must address this shortcoming in relation to its collaboration with First Nations communities, non-First Nations communities and the general public.
Crozier went on to identify compartmentalization of information as a major hurdle that impedes effective governance and relationship building. To address this issue, he suggested a paradigm shift that he described as the “glass box" approach, which prioritizes comprehensive data collection and structured access.
“It's not a glass box in the sense that this is a transparency initiative, it's far more fundamental than that,” he told the audience at PDAC. “What we want to capture is all of the either structured or unstructured data streams that relate to what it is we're proposing to do — how we're going to engineer it, how we construct it, how we operate and how we commission and provide that picture. (We want to) ensure that we have that data collection so that it's available to navigate, so we can provide access to parties in a structured manner.”
Blair Way, COO and director of Patriot Battery Metals (TSXV:PMET,ASX:PMT,OTCQX:PMETF), said consultation must begin at a very early stage. Patriot is developing the Corvette lithium project in the Eeyou Istchee James Bay region of Québec.
The company began engaging with local Cree First Nation community before deploying any “boots on the ground.” The process began during COVID-19 lockdowns and was facilitated primarily through Zoom calls and virtual meetings. As COVID restrictions eased, community engagement transitioned from virtual platforms to in-person interactions, marking a pivotal shift in dialogue dynamics.
“The level of interest that we experienced from those early discussions has fed our relationship from day one,” Way said. “Again, it comes down to the word 'trust' — you talk about what you're doing, you say what you do and do what you say, and do that right from the get go.”
Patriot also brought on First Nations members to work alongside the company and witness the exploration processes.
By openly discussing operations and aligning actions with words, a foundation of trust was established, laying the groundwork for ongoing collaboration, Way noted. With 11 drill rigs now deployed, the Indigenous community remains informed and actively participates in project activities with Patriot.
Using a similar process, Geneviève Morinville, vice president of sustainability and regulatory affairs at Winsome Resources (ASX:WR1,OTCQB:WRSLF), underscored the importance of early consultation and site transparency as well.
“The team saw really quickly that it was important to have a dedicated person towards sustainability and develop the community relations to make sure we were present on the ground,” she commented. “We actually brought folks from elders to the younger generations to come and see what our work was.”
This entailed showcasing equipment and explaining the exploration process. Winsome, which also operates in the Eeyou Istchee James Bay region of Québec, has committed to regularly updating the local Cree First Nation about site activities while soliciting feedback and advice from the community, explained Morinville.
Wrapping up the talk, Taggart reminded panelists and attendees to be respectful of the nations they work alongside.
“Remember the hardships that First Nations people face every day, the systemic racism that they face on job sites and in their life, whether you're engaging with these nations,” she said.
“Take cultural awareness training if it's offered, because it will help you. And the more that you listen to the First Nations communities that you are working with on your projects, the more sustainable your projects will be overall.”
With audio files from Lauren Kelly.
To see the rest of INN's PDAC content, click here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Nevada Sunrise Metals CEO Shares 2024 Plans to Advance Gemini Lithium Project
Nevada Sunrise Metals (TSXV:NEV) President and CEO Warren Stanyer said the company's next steps at its Gemini lithium project in Nevada are to undertake further drilling, bring it to the preliminary economic assessment( PEA) stage and find the right partners to move it forward.
“We drilled five holes right into the spring of 2023. That led to the production of a NI 43-101 compliant resource of 7.1 million metric tons of lithium carbonate equivalent, which is beyond our expectations. We really didn't know what we were going to get,” he said. “The deposit is open in basically all directions. So really it's drilling more, getting to the PEA stage (and) attracting a big industry partner. Those are our goals for the project.”
Gemini has emerged as one of the world's largest lithium resources, and the fourth largest in the US, according to Stanyer. And with more drilling planned for the project, the company is preparing to finance the next steps for Gemini.
“At this point, I just feel like the sky's the limit. I don't know how big it will be. But the more holes we drill, the more we'll find out.”
Watch the full interview with Nevada Sunrise Metals President and CEO Warren Stanyer above.
Disclaimer: This interview is sponsored by Nevada Sunrise Metals (TSXV:NEV). This interview provides information which was sourced by the Investing News Network (INN) and approved by Nevada Sunrise Metalsin order to help investors learn more about the company. Nevada Sunrise Metals is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
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 Nevada Sunrise Metalsand seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Galan Investor Presentation Singapore March 2024
Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to present its investor presentation.
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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