PALM BEACH, Florida, March 28, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Mining industry professionals in the lithium industry are optimistic about the precious metal's future as demand for the resource continues to climb at high rates due to the increasing global demand for electric vehicles and smart phones. For instance, it's currently predicted that 1/5th of vehicles sold in China by the year 2025 will be electric as the country introduces electric vehicle quotas next year. In turn, data extracted from statista illustrates that global demand for lithium will surpass 400,000 metric tons by 2025. According to data provided by Technavio, the global lithium-ion battery market is expected to reach USD 81.65 billion by 2021, at a CAGR of over 11%. The increased usage of lithium is due to not only rising demand for electric vehicles (EVs ) but batteries to power everyday portable consumer electronics and so much more. As demand rises, so too has competition in the industry which has also influenced innovation and aggressive mining operations. Active companies in the markets this week include Quantum Minerals Corp. (TSXV:QMC) (OTC :QMCQF ), Lithium X Energy Corp. (TSXV: LIX), Lithium Corporation (OTC :LTUM ), Millennial Lithium Corp. (OTC :MLNLF ) (TSXV:ML), Rio Tinto plc. (NYSE :RIO ).
Quantum Minerals Corp. (TSX-V:QMC.V) (OTC :QMCQF ) BREAKING NEWS: QMC is pleased to report that North Face Software Ltd. has completed compilation of all historical data derived from past drilling and underground work and imported these data into an interactive 3-dimensional Leapfrog™ model of the Irgon Dike. The Irgon Dike is located at the company's 100% owned Irgon Lithium Mine Project, within the prolific Cat Lake-Winnipeg River Pegmatite Field of S.E. Manitoba that hosts the nearby TANCO rare-element pegmatite.
The 3-D model clearly demonstrates that to date, exploration and underground development has been only undertaken on the central portion of dike leaving significant potential to quickly increase tonnage as the Irgon Dike is open both along strike and to depth. The 2017 channel sample locations and surface exposure of the dike are also indicated on the model. Sampling results of these surface channel cuts were listed in the company's news release of March 05, 2018.
The upcoming drilling program will confirm extensions to the strike length of the Irgon Dike and test mineralization to depth below the current level of historical drilling within the dike; both which will rapidly increase the resource tonnage above the currently reported historical tonnage of 1.2 million tons. Data received from the proposed drill program will be used in preparation of a NI-43-101 report.
All historic data and recent surface geologic mapping are presented in the interactive 3-dimensional model of the deposit which permits the viewer to easily visualize the pegmatite, the underground workings, the 25 drill holes and to view the historic assay results of the mineralized drill intersections. This interactive model will be expanded as results from ongoing and future exploration programs on the property are received by the company. The interactive model can be viewed by following the link to the company's website (https://qmcminerals.com). A perspective model of the Irgon Dike looking towards the southwest is shown as well as more news for QMC at:http://www.marketnewsupdates.com/news/qmc.html
In other mining industry developments in the markets of note:
Lithium X Energy Corp. (TSX-V:LIX.V) recently announced completion of the previously announced plan of arrangement (the "Arrangement") between the Company and NextView New Energy Lion Hong Kong Limited ("NextView") whereby all of the issued and outstanding common shares (the "Shares") and common share purchase warrants (the "Warrants") of Lithium X were acquired by NextView's wholly-owned British Columbia subsidiary, NNEL Holding Corp. ("NNEL Holding"). The Arrangement was completed under the Business Corporations Act of British Columbia and was approved by the Supreme Court of British Columbia in its final order dated February 7, 2018. Each shareholder of the Company received cash consideration of CAD$2.61 for each Share held and each warrantholder of the Company received cash consideration of CAD$0.01 for each Warrant held. Immediately prior to the Arrangement, NextView and NNEL Holding did not own or control any Shares or Warrants of Lithium X.
Lithium Corporation (OTCQB: LTUM) recently announced that on March 15, 2018 Judge Wanker of the Fifth Judicial District Court in Tonopah Nevada ruled in favor of Lithium Corporation's partly owned subsidiary Summa, LLC. This ruling reaffirmed that the title to Summa's mineral lands in Nye County is sound, and that there is no reasonable challenge in law to our ownership (through Summa) of these lands. As previously mentioned in our press release dated May 18, 2015, "The Nye county lands include the Tonopah project, where feasibility studies done in the 1980's on behalf of Houston Oil and Minerals Corporation (HIMCO), and their successor Tenneco Minerals determined that our current property package contains an indicated resource in the order of 1,458,235 tons of tailings containing 2,067,461 ounces silver, and 15,137 ounces of gold, and a further 2,175,630 tons on various dumps containing 3,453,398 ounces of silver and 28,534 ounces of gold."
Millennial Lithium Corp. (OTCQB: MLNLF) (TSX-V:ML.V) recently announced an update on its activities at its flagship lithium project, Pastos Grandes, and its Cauchari East project in Argentina. Farhad Abasov, President and CEO of Millennial commented, "Millennial is now well funded with approximately CDN $65,000,000 in its treasury allowing us to fast track our pilot studies and the exploration work on the Remsa ground. Millennial has a strong technical team in Argentina which is expected to expand in the coming months to undertake pond construction and pilot plant construction and commissioning. A Feasibility Study will commence in Q2 2018 and we look forward to continuing to develop and advance the Pastos Grandes Project." Upon completion of its most recent financing (see press release dated March 13, 2018) Millennial has focused on fast tracking work at Pastos Grandes including process test work being undertaken by SGS Lakefield, alongside on-site pilot pond and pilot plant engineering studies. Requests for Quotations (RFQ) for pond construction have been circulated to qualified firms in Argentina.
Rio Tinto plc. (NYSE :RIO ) recently sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia's Adaro Energy Tbk (ADRO.JK) for $2.25 billion (1.59 billion pounds), the major said on Tuesday, making good on a pledge to exit the fuel. The sale is Rio's third coal deal this month. In total, the assets have raised $4.15 billion, which it said would be used for "general corporate purposes". CEO Jean-Sebastien Jacques said in a statement the latest sale, combined with Glencore's (GLEN.L) purchase of Hail Creek mine and the divestment of undeveloped coal projects would make Rio's portfolio stronger and more focused. Tuesday's deal to sell Rio's 80 percent stake in the underground coal mine in Queensland, Australia, is subject to regulatory approvals and is expected to be completed in the second half of 2018.
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