PALM BEACH, Florida, August 17, 2017 /PRNewswire/ --
As the popularity and growing consumer demand for the latest portable electronic devices, portable electric tools and even electric automobiles are on the rise, it is no secret that the lithium industry continues to grow rapidly, largely because the metal is a key component of lithium-ion batteries. US Geological Survey (USGS) recently released data showing that the world's top lithium-producing countries are currently in high gear to meet that growing demand. The lithium mining sector shows no signs of slowing down and is being predicted to grow at a steady pace driven by the use of lithium compounds in manufacturing high-performance lithium-ion batteries allowing global companies to ramp up production and mining efforts such as Liberty One Lithium Corp. (TSX-V: LBY) (OTC: LRTTF), Southern Lithium Corp. (TSX-V: SNL) (OTC: SLLTF), Sociedad Química y Minera de Chile S.A. (NYSE: SQM), Nemaska Lithium Inc. (TSX: NMX) (OTC: NMKEF), Rio Tinto plc (NYSE: RIO).
Liberty One Lithium Corp. (TSX-V: LBY.V) (OTCQB: LRTTF) is pleased to announce tremendous results from its geophysical survey at its Pocitos West property in Argentina. The Company has detected a probable brine horizon extending throughout the entire 29 km length of Liberty's mining property, suggesting the potential for lithium to exist beneath much of the Company's 160 km2 licensed area. The survey also indicates that the depth of the conductive horizon is as much as 150 meters thick in a number of target locations. Read this and more news for Liberty One Lithium at: http://www.marketnewsupdates.com/news/lrttf.html.
The company conducted a Vertical Electrical Soundings ('VES') survey which detects variations in subsurface conductivity. As brine is highly conductive, it was the key subsurface target. Measurements collected at 11 stations along the 29 kilometer north-south extent of the tenements, based on comparative results with local and similar rock types bearing brines, indicates the possibility of a continuous, buried conductive horizon, contiguous with the salar lake beds. Thus, the entire 160 km2 of the property appears to contain subsurface brine, which suggests the potential for lithium mineralization throughout the property.
Company CEO, Brad Nichol, states, "The entire team in Argentina and in Canada is thrilled with this result, which has exceeded everyone's expectations and is the first step in confirming the possibility of extensive, buried salar sediments through much of our property. We had hoped to find 'sweet spots' within our tenement, but were delighted to learn the entire length of our property may contain brine; and correspondingly, lithium. The results, and proximity on-trend to known lithium brine production 25 km to the north of our holdings, suggests the potential for the continuation of lithium brine beneath much of our property." Nichol adds, "We have immediately undertaken the required actions to obtain all of the necessary permits so that we can commence drilling as soon as possible. It's also worth noting that the drill program is fully funded with cash reserves already in our treasury. Liberty is well positioned to leverage the three most important core values to our board and myself: location, team and capital management."
Based on the compelling results of the geophysical survey, the logical next step is to initiate a drill campaign on the property to test for chemistry, lithology, permeability and porosity. The Company has undertaken to provide all data necessary to obtain the requisite environmental and drilling permits. Simultaneously, our experienced team is in the process of examining the VES data in more detail to elect preliminary drill targets. Subject to receiving the regulatory approvals and permits, Liberty expects to commence drilling in Q4 2017, if not sooner.
In other industry developments and market trading of note from yesterday:
Southern Lithium Corp. (TSX-V: SNL.V) (OTC: SLLTF) closed up 2.56% on Wednesday on the TSX with over 1.6 million shares traded by the market close. The company recently announced it has completed the first tranche of its non-brokered private placement financing announced July 26, 2017, for gross proceeds of $1,171,500 through the sale of 4,686,000 (each "Unit") at $0.25 per unit. Each Unit will consist of one (1) common share ("Common Share") of the Company and one (1) non-transferable share purchase warrant ("Warrant") which is exercisable at $0.35 for a period of eighteen (18) months. In the event that the Company's common shares trade at a closing price greater than $0.50 per share for a period of 10 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving written notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date hereafter referred to as the ("Forced Conversion Feature") on which such notice is given by the Company.
Sociedad Química y Minera de Chile S.A. (NYSE: SQM) Developments: Recent reported on CNBC.com, Chinese private equity firm GSR Capital is looking to buy a substantial holding in Chile's Sociedad Quimica Y Minera (SQM), one of the world's biggest lithium producers, according to two sources with knowledge of the matter. GSR could buy a stake of around 20 percent - worth just under $1.9 billion at current market values, one of the sources said, but added there was no firm agreement. SQM is one of just a handful of established lithium miners globally and a Chinese investment would go hand in glove with an electric car boom in the world's biggest auto market. Source: CNBC.com
Nemaska Lithium Inc. (TSX: NMX.TO) (OTCQX: NMKEF) closed up 2.50% on Wednesday on the TSX with a volume north of 700,000 by the market close. The company recently announced a recap of milestones achieved over the course of the summer at both the Whabouchi mine and the Shawinigan plant. After producing sufficient spodumene concentrate from the DMS modular mill at Whabouchi to feed the Phase 1 Plant in Shawinigan, Nemaska Lithium will cease DMS operations in a few days. To date, about 1,100t of spodumene concentrate were produced with an average grade of 6.2% Li2O from a bulk sample of about 10,000t of ore. Over the course of this exercise, a total of 23,000t were blasted and crushed at the Whabouchi mine, leaving 13,000t of ore with an average grade of 1.75% Li2O in inventory which will be used in the start up of commercial operations.
Rio Tinto plc (NYSE: RIO) Developments: In a recent Bloomberg.com article, the world's biggest miners' determination to muscle into the burgeoning battery market stepped up a notch with Rio Tinto Group reporting breakthroughs in cracking the technology needed to unlock its giant lithium project in Serbia that could meet 10 percent of global demand. Tests at a research facility in a converted shipping container in Australia have successfully produced lithium products from samples from the Jadar deposit, the company said Friday. It's aiming to bring the mine in Serbia into production as soon as 2023 to tap soaring demand for the metal used in batteries for electric vehicles and power storage.
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