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December 2022 Quarterly Report
Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to provide this Quarterly Activities Report, summarising activities for the quarter ending 31 December, 2022.
HIGHLIGHTS
- Reung Kiet Lithium Prospect assay results received for infill and extensional sampling from drill holes RKDD058-072 continue to support the model with many high grade intersections, including:
- RKDD068: 29.65m @ 0.60% Li2O
- RKDD069: 20.30m @ 0.70% Li2O
- RKDD059: 8.50m @ 1.03% Li2O
- RKDD063: 7.40m @ 0.81% Li2O
- RKDD058: 3.45m @ 1.62% Li2O
- Bang I Tum Lithium Prospect field work results identifies a new target zone of approximately 800m long and 200 meters wide in which a lepidolite rich pegmatite dyke and vein swarm is interpreted. The original target zone supporting the ‘Exploration Target’ has been enlarged by 200% with some of the highest non selective rock chips and channel samples reported to date:
- 44 of 64 samples average 1.56% Li2O at a 0.30% Li2O cutoff
- 35 samples >1.00% Li2O and 12 samples >2.00% Li2O
- Maximum grade 2.62% Li2O
- Reung Kiet Lithium Prospect test-work confirms excellent amenability of mineralisation to ore sorting with the ‘ore’ head grade almost doubling from 0.50% Li2O in the feed to 0.92% Li2O in the sorted products. Results indicated 72.8% lithium recovery into 39.2% sample yield at an average grade of 0.92% Li2O and 60.8% of the feed discarded as waste/low grade siltstone at an average grade of 0.22% Li2O.
- Reung Kiet Lithium Prospect metallurgical flotation test-work results based on representative diamond drill core samples finalized, Lithium mica concentrate grades up to 3.0% Li2O with lithium recoveries up to 78%.
- Cash Balance of A$6.0 million comprising A$1.5 million as at 31st December and A$4.5 million raised through a private placement as announced on Tuesday the 31st of January which is scheduled for settlement in late February.
Reung Kiet Lithium Project – Ore Sorting
During the Quarter PAM completed ore sorting test-work conducted on drill core sample from the Reung Kiet Lithium Prospect, delivering exceptional results which indicated 72.8% lithium recovery into 39.2% sample yield at an average grade of 0.92% Li2O, almost double the feed grade of 0.50% Li2O. 60.8% of the feed was discarded as waste/low grade siltstone at an average grade of 0.22%, which is below the current Mineral Resource cutoff grade of 0.25% Li2O. See Table 1 below and PAM’s ASX announcements dated 22 November, 2022, titled ‘Exceptional Ore Sorting Test-Work Results Confirmed’ (see Table 3: Summary of ASX Announcements).
This article includes content from Pan Asia Metals Limited, 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.
Acquisition of Bengal Mining - Highly Prospective Lithium Projects in Brazil’s Lithium Valley
Lightning Minerals (“L1M” or “the Company”) is excited to announce the signing of a binding agreement to acquire Bengal Mining Pty Ltd (Bengal) which holds, via its wholly owned subsidiary Tigre Mineracao Ltda (Tigre) option agreements over two lithium projects, Caraíbas and Sidrônio (the Projects) in Brazil’s prolific Lithium Valley district in the state of Minas Gerais (Proposed Acquisition).
The Company views the Proposed Acquisition as transformative for its future, leveraging the strategic proximity of the projects to Latin Resources’ (ASX: LRS) Colina project1 hosting 70.3Mt @ 1.27% Li2O and Sigma Lithium’s (NASDAQ: SGML) Grota do Cirilo project2 hosting 108.9Mt @ 1.41% Li2O. The Projects have been acquired from Bengal, a privately held Australian company which holds exclusive options across all seven (7) tenements totalling 3,372 Ha.
HIGHLIGHTS
- Projects located in the prolific Lithium Valley region of Minas Gerais 20km south of Latin Resources’ (ASX: LRS) Colina project
- Multiple pegmatites have been identified at the Caraíbas Project, with peak lithium rock chip assay results grading up to 0.53% Li2O (lepidolite)
- Significant tantalum (1,245ppm), rubidium (1,175ppm) and caesium (1,455ppm) rock chip assay results are considered positive exploration indicators
- Strong aeromagnetic geophysical trends correlate with regional mineralised trends
- Projects lie within geology of the Salinas Formation which hosts other lithium Resources in the region
- Proposed Transaction based on 5Mt, 10Mt and 20Mt Resource milestones presenting significant upside at both a project and company level demonstrating vendor confidence
- Oversubscribed placement of A$1.5M at A$0.07 per share to facilitate work program
- Field work to commence as soon as deal completion and approval at Company EGM
- Access to a seasoned field team that holds significant local IP, providing invaluable fieldwork expertise and insights
The Company is planning to begin on-ground works as soon as the Proposed Acquisition is finalised. Early-stage reconnaissance works indicate presence of lithium bearing minerals (lepidolite) with the immediate strategy to now confirm potential and then test via drilling. The Projects are subject to an exclusive option agreement that allows the Company flexibility in its exploration approach to determine the most prospective opportunities that it sees most value in based on initial work programs.
Lightning Minerals Managing Director Alex Biggs said, “This Proposed Acquisition represents a significant transaction for the Company. We believe in the lithium thematic and see now as a great opportunity to acquire highly prospective projects in known and established lithium regions. Minas Gerais in Brazil has emerged as a proven lithium hub with the acquisition located in close proximity to the world class lithium resources of Latin Resources’ (ASX: LRS) Colina project and Sigma Lithium’s (NASDAQ: SGML) Grota do Cirilo project. The Project presents some excellent early indicators of lithium mineralisation with prospective underlying geology that offers clear exploration targets. As part of the transaction we welcome new key shareholders, to the Company and look forward to the next stage of evolution of the business. It is exciting to see the Company developing and expanding our influence; we now have projects in three of the predominant lithium regions in the world: Dundas in Western Australia, Quebec in Canada and Mina Gerais in Brazil. We look forward to starting our on-ground works in Brazil and also progressing works on our other projects in Western Australia and Canada”.
About the Projects and Minas Gerais as a Lithium Region
The Projects are located in the Lithium Valley region of Minas Gerais, Brazil. The Projects cover 3,372 Ha comprising seven (7) exploration licences and are located approximately 20km south of Latin Resources’ (ASX: LRS) Colina lithium project and 60km north-west of Signa Lithium’s (NASDAQ: SGML) Grota do Cirilo project (Figure 1). The region has emerged as one of the world’s premier lithium districts over the past few years and presents significant exploration potential.
The Company will benefit from access to a seasoned ground team, providing invaluable fieldwork expertise and insights, enhancing the Company's strategic approach to exploration. Relationships the Company already has in the region will help facilitate project growth and advancement.
Minas Gerais is Brazil’s third largest economy with over 300 mines operating in the state with tier-1 operators including Vale, BHP and Rio Tinto. The state boasts a strong mining labour pool and presents a cost competitive jurisdiction for exploration and project development with mature infrastructure, hydro power and road access.
Click here for the full ASX Release
This article includes content from Lightning 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.
Galan Lithium Limited (ASX: GLN) – Reinstatement to Quotation
Description
The suspension of trading in the securities of Galan Lithium Limited (‘GLN’) will be lifted immediately following the release by GLN of an announcement regarding an update on government permitting.
Issued by
ASX Compliance
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.
Galan Signs Pivotal Commercial Agreement with Catamarca Government to Commercialise Lithium Chloride Concentrate
Galan Lithium Limited (ASX:GLN) (Galan or the Company) is very pleased to announce that on Friday 19 April 2024 (Argentina time), the Catamarca Governor signed a commercial agreement in support of the grant of permits for the commercialisation of lithium chloride concentrate from the Hombre Muerto West lithium brine project (HMW). The permits will allow for the domestic sale or export of lithium chloride concentrate, Galan will however continue to endeavour to place lithium chloride concentrate locally. Galan commits to pursuing further downstream processing routes (e.g. lithium carbonate, hydroxide or other alternatives) after 4 years, in a location outside the Hombre Muerto salar. The next step in the process is the formalisation and the passing into legislation.
Highlights:
- Galan has signed a commercial agreement with the Catamarca Government in support of the grant of permits to enable the commercialisation of lithium chloride concentrate to be sold locally or exported internationally
- Galan’s ability to export lithium chloride concentrate is expected to facilitate access to a larger customer base domestically and internationally, potentially offering enhanced offtake terms and funding/prepayment opportunities
- The agreement includes an increase in the proposed royalty rate to 7% and potential advance payments. This is similar to the successful regime operating in Australia (applied to the export of spodumene concentrate, which contributed to Australia becoming the largest Lithium exporter in the world, in recent years), thereby supporting the rapid development of the HMW project
- The agreement includes a commitment by Galan, after 4 years, to pursue further downstream processing routes (e.g. lithium carbonate, lithium hydroxide or other alternatives), outside the Hombre Muerto salar, with the intent to offer priority to a collaboration with the Catamarca government agency
- The HMW Project is a Tier One project that will produce a low cost premium high grade lithium chloride (LiCl) concentrate of 6% Li, comparable to 13% Li2O or 32% Lithium Carbonate Equivalent (LCE) and remains on track for first production in H1 2025.
- The agreement also cements an important prerequisite required for the grant of Phase 2 permits (currently under application), potentially enabling the continuity of development for Phase 2 construction at the completion of Phase 1.
- Galan continues to work closely with the local Catamarca government in relation to our long term value add lithium production strategy, this agreement further significantly de-risks the strategy and provides evidence of our very strong, positive and collaborative relationship with local authorities and our community
Catamarca Governor Raúl Jalil and Galan Lithium Ltd Managing Director Juan Pablo Vargas de la Vega in Catamarca on Friday 19 April 2024
As previously announced, the HMW project is separated into four production phases. The initial Phase 1 Definitive Feasibility Study (DFS) focused on the production of 5.4ktpa LCE of a lithium chloride concentrate (currently under construction) by H1 2025, as governed by the approved production permits. The Phase 2 DFS targets 21ktpa LCE of a lithium chloride concentrate in 2026, followed by Phase 3 production of 40ktpa LCE by 2028 and finally a Phase 4 production target of 60ktpa LCE by 2030. Phase 4 will include lithium brine sourced from both HMW and Galan’s other 100% owned project in Argentina, Candelas. The very positive Phase 2 DFS results were announced on 3 October 2023 (https://wcsecure.weblink.com.au/pdf/GLN/02720109.pdf).
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented: “Galan would firstly like to acknowledge and sincerely thank the Government of the Catamarca Province in Argentina for their continued support. We look forward to continuing to work side by side with our local communities and authorities, towards achieving mutually beneficial and sustainable outcomes for both the people of Argentina and Galan’s shareholders, through the further downstream development of lithium processing routes such as lithium carbonate, hydroxide or other alternatives, in Catamarca.
This commercial agreement is an important milestone in implementing Galan’s strategy, providing access to a larger international customer base at potentially improved sales and funding/prepayment terms. The agreement is expected to provide tangible progress towards the granting of Phase 2 permits on our journey to becoming the next lithium producer in Argentina.
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.
European Lithium to Acquire Leinster Lithium Project in Ireland with CRML Shares
HIGHLIGHTS
- European Lithium has entered into a binding agreement with Technology Metals plc, a UK-based company listed on the standard list of the London Stock Exchange, to acquire 100% of the issued share capital of its fully owned subsidiary, LRH Resources, that holds the rights, title and interest in the Leinster Lithium Project in Ireland.
- Consideration of $US10 million to be settled through the transfer of 1,234,568 shares held by European Lithium in Critical Metals Corp (Nasdaq: CRML) at a deemed share price of $8.10 USD/ share.
- Exploration program is targeting lithium prospects in the underexplored lithium province of Leinster, Ireland.
- Initial exploration program covering 23 prospecting licenses of ca. 761 km2, demonstrated the presence of 24 intervals of lithium-bearing spodumene pegmatites across nine drill holes with grades up to 2.57 % Li2O at Knockeen.
- Leinster Lithium Project, drilling confirmed LCT pegmatite dike swarm within East Carlow Deformation Zone, surface assays and trench samples confirmed the range up to 3.75 % Li2O.
- European Lithium continues to build a quality exploration projects portfolio in prospective lithium provinces.
The project is situated south of Dublin in the Leinster Granite Massif within the same key tectonic zone and along strike to the Blackstairs Lithium (Ganfeng / ILC joint venture) Avalonia Project.
Tony Sage, Chairman of EUR, commented: “The acquisition shows our commitment to continue expanding in the European lithium sector and illustrates our capability to identify and secure ground in highly prospective lithium provinces, leveraging our world class exploration and project development expertise, combined with a strong balance sheet. This also demonstrates the value of our investment in Critical Metals Corp. As we move forward, we can utilise the investment again and again without depleting our cash reserves”.
Click here for the full ASX Release
This article includes content from European 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.
AM Resources Completes Compilation Work with the Discovery of 94 New Pegmatites for a Total of 281 Pegmatites on its 1,500 km² Land Package in Austria
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 that it has completed the compilation of government data on its newly acquired 1,500 km2 land package (see press release dated March 21, 2024) with the discovery of 94 new pegmatites. AM Resources has now identified a total of 281 pegmatites, consolidating its 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.
- Compilation of government data resulted in the discovery of 94 additional pegmatites across two groups, with sizes ranging from 40 metres to 2,100 metres.
- Many pegmatites are strategically located within mica schists, indicating favorable conditions for lithium-bearing minerals.
- Latest discoveries continue to reinforce AM Resources’ position in the Austrian Pegmatite Belt, located within proximity to European battery manufacturers.
AM Resources’ 1,500 km2 land package
First Group
The Company has identified a pegmatite corridor comprising of 88 pegmatites with lengths varying from 40 metres to 1,200 metres. A total of 38 pegmatites are located within mica schists, a geological setting favorable for the presence of lithium-bearing minerals. The other pegmatites are hosted within lenticular pegmatoid gneiss, which is less favorable to the presence of lithium-bearing minerals.
Second Group
An additional 6 pegmatites with one reaching over 2,100 metres in length were discovered. These pegmatites are located within mica schists, a geological setting favorable for the presence of lithium-bearing minerals.
David Grondin, CEO of AM Resources stated: “Through our compilation work, our technical team has identified 281 pegmatites, the longest of which exceeds 2 km in length. When we began our journey in Austria over a year ago, we were aware of the potential of the Austrian Pegmatite Belt. However these discoveries are beyond our expectations. This preliminary assessment of our new land package is extremely exciting and we look forward to a summer exploration and sampling campaign that will target each of these pegmatites.”
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
Piedmont Secures Mining Permit for Carolina Lithium Project
Piedmont Lithium (NASDAQ:PLL,ASX:PLL), one of North America’s leading lithium suppliers, announced on Monday (April 15) that the North Carolina Department of Environmental Quality (NCDEQ) has given its stamp of approval for the company's US$1.2 billion mining and processing plant project in Gaston County.
“This is an exciting day for all of us at Piedmont Lithium. I would like to thank the leadership and staff at NCDEQ and (the Division of Energy, Mineral and Land Resources) for their diligence in the process, as well as the members of our team who worked rigorously for more than two and a half years to ensure that every aspect of the Project met the state’s high standards for approval,” Keith Phillips, the company's president and CEO, said in a press release.
The permit allows for the construction, operation and reclamation of the proposed project, with the Belmont-based company planning to develop Carolina Lithium as a key part of the US supply chain for electric vehicles (EVs).
“We plan to develop Carolina Lithium as one of the lowest-cost, most sustainable lithium hydroxide operations in the world, and as a critical part of the American electric vehicle supply chain. The Project is expected to contribute billions of dollars of economic output and several hundred jobs to Gaston County and North Carolina’s growing electrification economy,” Phillips added, noting that he sees the asset as "a highly strategic project."
The open-pit lithium mine, which will resemble a quarry, is slated to delve as deep as 500 feet, with daily blasting routines. The company expects to recruit over 400 staff members for the commencement of operations.
Carolina Lithium is set to be a low-cost producer of spodumene concentrate and lithium hydroxide, and will benefit from favorable infrastructure, minimal transportation distances and access to local markets. It is also slated to be one of the lowest-cost and most sustainable lithium hydroxide operations globally, according to the company.
Shares of Piedmont spiked more than 35 percent on the Nasdaq after Monday's news. With the mining permit approval for Carolina Lithium now in hand, it will proceed with the county rezoning process, engaging with the local community and authorities. Construction will start upon receipt of all necessary permits, rezoning approvals and financing.
According to Reuters, this week's milestone for Piedmont comes after local opposition to Carolina Lithium, as well as a low lithium price environment. The company is also facing competition from major lithium miner Albemarle (NYSE:ALB), which is making strides toward reopening a lithium spodumene mine in a neighboring North Carolina County.
Piedmont's North American Lithium joint venture, which is focused on Québec, Canada, began production last March, receiving its first revenue from shipments in the third quarter of 2023. The company signed a supply deal for North American Lithium with EV maker Tesla (NASDAQ:TSLA) in 2020, and amended the agreement in January 2023. As it stands, Piedmont has agreed to deliver approximately 125,000 metric tons of spodumene concentrate to Tesla from H2 2023 to the end of 2025. Tesla has the option to extend the arrangement for another three years.
US pursuing EV supply chain initiatives
As the world shifts toward clean energy, the US is gearing up to play a larger role in the North American lithium supply chain, crucial for powering the EVs and electronics of the future. Traditionally reliant on imports, primarily from Chile, Argentina and Canada, the country is looking to develop its own lithium resources to bolster energy security.
Recent estimates from the US Geological Survey suggest substantial lithium potential within the country, positioning it as a key contender in meeting both domestic and global lithium demand.
Furthermore, initiatives such as the Clean Energy Minerals Reform Act, spearheaded by New Mexico Senator Martin Heinrich, aim to address regulatory challenges and ensure responsible mining practices.
Aside from that, the Biden administration is continuing its push to strengthen America's critical materials supply chain, recently announcing a large loan for Lithium Americas (TSX:LAC,NYSE:LAC) subsidiary Lithium Nevada.
Last month, the US Department of Energy’s Loan Programs Office issued a conditional commitment for a US$2.26 billion loan to support the construction of a lithium carbonate processing plant at Thacker Pass in Nevada. The loan is contingent upon the completion of environmental reviews and regulatory requirements.
The project, situated adjacent to the largest-proven lithium reserves in North America, aims to produce about 40,000 metric tons per year of battery-grade lithium carbonate for use in lithium-ion batteries.
Supported by an equity investment from General Motors (NYSE:GM), Thacker Pass could supply enough lithium carbonate to power up to 800,000 EVs annually, significantly reducing gasoline consumption.
A Bloomberg article published at the time notes that the move from the US government highlights its commitment to developing the country's EV supply chain, but also underscores potential opposition to the project.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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