PALM BEACH, Florida, April 19, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The Global demand and renewed interest for lithium is growing again, thanks to advancements in battery technology and the rapid expansion of renewable energy, which uses lithium batteries to store power and improve efficiency. In addition it is believed that future demand for lithium will be driven by the continued expansion in electric vehicles (EV) which depend on lithium batteries. A single Tesla Model S uses more lithium than 10,000 smartphones. According to data from INN Daily, the global lithium demand is projected to triple by 2025 as electronic vehicles become more prevalent and mainstream. According to Statista, over 200,000 million metric tons of lithium was consumed in 2017. As demand continues to rise, industry leaders are competing for promising locations for mining operations while also maximizing current mining operations. Active companies in the mining markets today include: NRG Metals Inc. (TSX-V: NGZ) (OTC: NRGMF), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), Nemaska Lithium Inc. (TSX: NMX) (OTC: NMKEF), Lithium Corporation (OTC: LTUM), Lundin Mining Corporation (TSX: LUN.TO) (OTC: LUNMF).
NRG Metals Inc. (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt OGPN) BREAKING NEWS: NRG Metals is pleased to announce that drilling on a second test well is progressing at the Salar Escondido Lithium Project, comprised of 29,180 hectares (72,100 acres), and located in Catamarca Province, Argentina. A rotary drill operated by drilling contractor Water Drilling ( "WD ") had completed 87 meters as of Tuesday, April 17th. The hard basaltic layer encountered in the previous hole was not encountered in this well. It is expected to reach the target depth of approximately 110 meters in the next day or two. WD is contracted to drill an 8.5-inch diameter rotary hole up to a depth of 400 m. This second hole is located approximately one kilometer south of the Company's initial diamond drill hole, which was completed to a depth of 307 meters in December 2017. The objective is to further quantify and confirm to depth, lithium values encountered in the top of the first test well, which was not completed to depth due to hole instability.
Mr. Jose de Castro, Chief Operating Officer is quoted: "I am very pleased the second well at Salar Escondido is progressing, and am excited to determine lithium values at this very large basin".
During 2017, NRG's drilling at the comprised of 29,180 hectares (72,100 acres) project, confirmed the presence of a buried brine zone beneath the alluvial cover on the surface of the basin. Brine was intersected at a depth of 140 m, and as reported in the Company's press release dated December 7, 2017, sampling from 183 to 198 meters returned an average grade of 229 mg Li/liter in a porous, weakly consolidated sandstone horizon. A Vertical Electrical Sounding ("VES") geophysical survey conducted by the Company suggests that the brine zone occurs at an even shallower depth where the upcoming hole will be drilled.
The Salar Escondido project is located approximately 280 kilometers northwest of Catamarca, Argentina. Further details are available at the company website at http://www.nrgmetalsinc.com , and a National Instrument 43-101 Technical Report was filed on SEDAR in December 2016.See a table of values and read more news for NRG Metals at http://www.marketnewsupdates.com/news/nrg.html
In other mining industry news and developments:
Lithium Americas Corp. (NYSE: LAC) (TSX: LAC.TO) recently announced an updated mineral resource estimate on the Thacker Pass deposit (previously Zone 1) of the Lithium Nevada Project located in the McDermitt Caldera, Nevada, USA. The Resource Estimate was prepared pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects. At a cut-off of 2,000 parts per million lithium, the updated Resource Estimate consists of a Measured and Indicated Resource of 385 million tonnes grading 2,917 ppm Li for 6.0 million tonnes of lithium carbonate equivalent ("LCE") and an Inferred Resource of 147 million tonnes grading 2,932 ppm Li for 2.3 million tonnes of LCE. The updated Resource Estimate will be incorporated into a Preliminary Feasibility Study on the Lithium Nevada Project with results on track to be released by the end of Q2 2018.
Nemaska Lithium Inc. (TSX: NMX.TO) (OTCQX: NMKEF) recently announced an update to its project financing plans and confirmed that it has entered into a USD 150M streaming agreement with Orion Mine Finance II LP. In a press release dated March 28, 2018, Nemaska Lithium outlined the components of its overall USD 775 - 825M financing structure to fund the construction, commissioning, working capital and reserve funds for its Whabouchi lithium mine and Shawinigan electrochemical plant and also for general corporate working capital. "We have made solid progress in our project financing endeavours over the past couple of weeks, firstly with a private placement with SoftBank, a global technology leader, and now with the signing of this agreement with Orion, a leading and well-regarded financier in the mining industry," said Guy Bourassa, President & C.E.O. of Nemaska Lithium. "This Streaming Agreement is a financing tool which limits shareholder dilution, lowers Nemaska Lithium's cost of capital, and is under terms which are both competitive and flexible," Bourassa continued.
Lithium Corporation (OTCQB: LTUM) closed Wednesday up over 7.9% with a volume just north of 200,000 shares traded by the market close. Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever expanding next generation energy storage markets. The Company maintains a strategic alliance with Altura Mining, an ASX listed natural resource development company that is currently developing its 100% owned world-class Pilgangoora lithium pegmatite property in Western Australia.
Lundin Mining Corporation (TSX: LUN.TO) (OTC: LUNMF) recently announced that the report for the first quarter period ended March 31, 2018 will be published on Wednesday April 25, 2018. The Company will hold a telephone conference call and webcast at 08:00am ET, 14:00 CET on Thursday, April 26, 2018. Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, the United States of America, Portugal, and Sweden, primarily producing copper, nickel and zinc. In addition, Lundin Mining holds an indirect 24% equity stake in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland.
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