Power Metals Corp. (" Power Metals " or the " Company ") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce that drill holes have intersected high-grade Li, Cs and Ta (Lithium, Cesium and Tantalum) mineralization on the West Joe Dyke and Li and Ta mineralization on the Main Dyke, Case Lake property, Cochrane, Ontario .
Johnathan More , Chairman & CEO of Power Metals, commented "These fantastic drill results continue to impress our strong geological team. Drilling is ongoing and we are extremely excited for the next round of assays to be received from the lab."
The lithium mineralization is mainly spodumene, but also lepidolite at West Joe and is spodumene on the Main Dyke. Cesium mineralization is pollucite at West Joe and Ta mineralization is Ta-oxides at West Joe and Main Dykes.
Assay highlights on West Joe Dyke include (Table 1):
Table 1 Assay highlights for West Joe Dyke, drill holes PWM-22-128 to 131.
Drill holes are oriented perpendicular to the strike length of the pegmatite, so mineralization is close to true width.
Drill hole PWM-22-131 intersected biotite-rich metasedimentary host rock with elevated Li, Rb and Cs contents from 45.89- 47.30 m , 1.41m interval with 0.49 % Li2O, 3094 ppm Rb and 0.47 % Cs2O. This metasomatized host rock can be used as a pathfinder to locate blind pegmatites on the property.
Assay highlights on Main Dyke include (Table 2):
Table 2 Assay highlights for Main Dyke, drill holes PWM-22-132 and 133.
Drill holes are oriented perpendicular to the strike length of the pegmatite, so mineralization is close to true width.
Power Metals' 2022 summer drill program is for 5,000 m and over 2,000 m has been completed to date. This press release reports assays received to date from drill hole PWM-22-128 to 131 on the West Joe Dyke and drill holes PWM-22-132 and 133 on the Main Dyke. The purpose of each drill hole was to infill on known mineralization to aid in a future resource estimate.
Drill hole collar coordinates are given in Table 3.
Table 3 West Joe and Main Dyke, Case Lake drill hole collar coordinates. NAD 83, Zone 17. Trimble DGPS survey with 2 cm accuracy in the horizontal.
The drill core was sampled so that 1 m of the Case Batholith tonalite host rock was sampled followed by 1 m long samples of the pegmatite dyke and 1 m of the Case Batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the Cochrane by Power Metals' geologists. The core was prepared at SGS Garson and analyzed at SGS Burnaby, British Columbia which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore grade Li 2 O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.002 % Li 2 O. The ore grade Cs 2 O% was prepared by acid digestion with analysis by AAS with a detection limit of 0.01 % Cs. A QA/QC review of the standards and blanks for this drill program indicate that they passed and the drill core assays are accurate and not contaminated.
Case Lake Property is located 80 km east of Cochrane , northeastern Ontario close to the Ontario - Quebec border. Case Lake Property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake Mining Division. The Property is 10 km x 9.5 km in size with 14 identified tonalite domes. The Case Lake pegmatite swarm consists of six spodumene dykes: North, Main, South, East and Northeast Dykes on the Henry Dome and the West Joe Dyke on a new tonalite dome. The Case Lake Property is owned 100% by Power Metals Corp. A National Instrument 43-101 Technical Report has been prepared on Case Lake Property and filed on July 18, 2017 .
Julie Selway , Ph.D., P.Geo. supervised the preparation of the scientific and technical disclosure in this news release. Dr. Selway is the VP of Exploration for Power Metals and the Qualified Person ("QP") as defined by National Instrument 43-101. Dr. Selway is supervising the exploration program at Case Lake. Dr. Selway completed a Ph.D. on granitic pegmatites in 1999 and worked for 3 years as a pegmatite geoscientist for the Ontario Geological Survey. Dr. Selway also has twenty-three scientific journal articles on pegmatites.
Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects. We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at www.powermetalscorp.com
ON BEHALF OF THE BOARD,
Johnathan More , Chairman & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States , or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Power Metals assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com .
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.
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Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) (Arcadia or the Company), the diversified exploration company targeting a suite of projects aimed at Tantalum, Lithium, Nickel, Copper and Gold in Namibia, is pleased to announce positive mineralogical and processing results from Bitterwasser Lithium-in-Clay ores.
Philip le Roux, the CEO of Arcadia stated: “We are encouraged by these unprecedented particle size distribution results confirming that undemanding cyclones could offer a viable option to significantly increase Bitterwasser clay grades before leaching take place. An additional boost to our confidence in the project’s potential economic possibilities comes from the University of Stellenbosch’s leach results, which confirmed that industry standard recoveries can be achieved by using potentially low- cost and environmentally friendly organic acids. This forecasts well for our ambitions to establish Bitterwasser as a potential environmentally friendly source of Lithium and the globe’s next economic Lithium-bearing mineral province. We are looking forward to improved results on leaching results with optimisation measures with the second phase of test work on post-cyclone feedstock”.
Multotec Process Equipment (Pty) Ltd was appointed by Arcadia to conduct cyclone test work on 800kg Bitterwasser representative clay samples from the Eden Pan. The aim of the program was to identify if the fine clay fraction of < 10μ fraction, could be separated from the remaining larger material that consist mainly of calcite, dolomite and quartz, and by doing so, the lithium grade in the feedstock material could be increased.
The composite 800 kg auger drilled core sample represents a clay sample combining all the different zones (both the brown and green clay) and from all the boreholes drilled as part of the 2022 drilling campaign (refer to Annexure 1). This sample is regarded a truly representative sample of the Eden Pan clays covering the complete stratigraphy from surface to approximately twelve meters below surface.
After the sample was received by Multotec, the material was blended, and a representative sub-sample was taken to be analysed for particle size distribution (PSD) through a Malvern master-sizer, and specific gravity (SG) through a pycnometer (refer to Annexure 2) for the PSD results. The SG of the material was measured to be 2.4 t/m3.
Based on the PSD, SG as well as the pulp relative density (RD) information, the following cyclone configuration was simulated: An FC40 cyclone with 5° cone and 1 barrel was tested. The operating pressure was kept constant at 105kPa. The cyclone sump was filled with water up to 500 litres. The stirrer and cyclone pump were then started with the feed bypassing the cyclone. The sample was gradually added to the sump. The RD of the feed was measured, and water was added to obtain the desired feed RD’s for the test work. Once the desired RD’s of the feed slurry were obtained, it was sampled three times (referred to as the actual feed). The main valve was opened while closing the bypass valve, where the feed slurry was then fed through the cyclone at the operating pressure as per the simulation. The spigot is optimised by changing the size until optimum flaring is achieved. Once the spigot was properly optimised, the cyclone was allowed to run for 10 minutes to reach steady state before commencing with the RD measurements of the overflow and underflow streams. The necessary RD checks were done and were repeated three times to ensure consistency and repeatability. The cyclone was allowed to reach steady state before sampling the overflow and underflow streams three times (the cyclone products). All the samples collected were prepared to complete the mass balance and the associated PSD analyses and chemical analyses.
The cyclone results indicated that 30.4% of the feed material reported to the underflow (coarse material) and 69.6% of the material to the overflow (fine material). The overflow is showing a cumulative % passing 10µm of 96.9%, which states that majority of the -10µm material is reporting to the underflow stream.
The cyclone test work therefore indicates that if a 14-micron cut size is used, about 70% of the material would report to the overflow and around 97% of this overflow material would be below 10 microns.
Click here for the full ASX Release
This article includes content from Arcadia 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.
Soaring lithium prices supported earnings for Chile’s SQM (NYSE:SQM) during the second quarter, with the miner seeing its revenue increase more than 340 percent compared to the same period the previous year.
The top lithium producer saw its lithium sales revenue rise more than 1,000 percent year-on-year to hit US$1.84 billion. The company attributed the positive results to significantly higher prices during Q2.
“Our average prices surpassed US$54,000 per metric ton and our production volumes have grown in such a way that our exports from Chile during the second quarter reached record volumes, signaling that sales volumes in the upcoming quarters will continue to increase,” the company said in a statement.
SQM, which operates its primary lithium business in the Salar de Atacama in Chile, is forecasting that sales volumes in 2022 will now reach 145,000 metric tons, up from its previous target of 140,000 metric tons. Demand is also expected to remain strong in 2022, with the company calling for a 35 percent increase year-on-year.
“As we have seen in the past, a lot of new lithium supply outside SQM has been delayed and slow to come online. As a result of this, we believe that the supply-demand balance will be tight for the remainder of the year and that this high price environment could continue throughout 2022,” the company said.
SQM has also renegotiated some of its fixed contracts. The company said that about 70 percent of its sales volumes are completely variable prices tied to specific benchmarks, with 15 percent under negotiation and another 15 percent contracted at either a fixed price, or at a variable price with specific floors and ceilings.
Aside from its lithium brine operations in Chile, SQM is also developing the Mount Holland lithium project in Australia, which is known as one of the world's largest hard-rock mining deposits, in a joint venture with Wesfarmers (ASX:WES,OTC Pink:WFAFF).
Earlier this month, SQM’s rival Albemarle (NYSE:ALB) published its quarterly results, with the stock climbing after the miner saw its lithium sales volumes rise on the back of higher lithium prices.
The spike in prices also helped US-based Livent (NYSE:LTHM) during the second quarter, and the Argentina-focused producer increased its full-year guidance.
Most lithium companies have seen their momentum increase in the past year, with some lithium stocks in the US, Canada and Australia seeing year-to-date gains.
On Thursday (August 18), shares of SQM were trading at US$95.83, up more than 94 percent year-to-date.
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Securities Disclosure: I, Priscila Barrera, currently hold no direct investment interest in any company mentioned in this article.
SQM will hold a conference call to discuss these results on Thursday, August 18 , at 12:00pm ET ( 12:00pm Chile time).
Participant Dial-In (Toll Free): 1-855-238-1018
Participant International Dial-In: 1-412-542-4107
Webcast: https://services.choruscall.com/links/sqm220818.html
SANTIAGO, Chile , Aug. 17, 2022 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) today reported earnings for the six months ended June 30, 2022 of US$1,655.4 million ( US$5.80 per share), an over 940% increase from US$157.8 million ( US$0.55 per share) reported for the six months ended June 30, 2021 . Gross profit reached US$2,462.1 million (53.3% of revenues) for the six months ended June 30, 2022 , 663% higher than US$322.5 million (28.9% of revenues) recorded for the six months ended June 30, 2021 . Revenues totaled US$4,618.6 million for the six months ended June 30, 2022 , representing an increase of 314% compared to US$1,116.5 million reported for the six months ended June 30, 2021 .
The Company also announced earnings for the second quarter of 2022 of US$859.3 million ( US$3.01 per share), an increase of 857% compared to US$89.8 million ( US$0.31 per share) for the second quarter of 2021. Gross profit for the second quarter of 2022 reached US$1,297.4 million , 598% higher than the US$185.9 million recorded for the second quarter 2021. Revenues totaled US$2,598.8 million for the second quarter 2022, an increase of approximately 342% compared to US$588.0 million for the second quarter of 2021.
SQM's Chief Executive Officer, Ricardo Ramos , stated: "We are very pleased with our results for the first half of the year. These results were related to favorable market conditions related to fertilizers, iodine and lithium and decades of investment, hard work, R&D and know-how. In fact, this year we are celebrating 25 years in the lithium industry. During this time, we have become a great partner to the government in this "public-private" alliance with CORFO. As a result of our operations during the first half of the year, over US$2.2 billion are going to public coffers due to the lithium operations. More than financial contributions, we are content that we have been able to develop the Salar de Atacama in such a way that we have become a world-renowned, integrated producer of value-added lithium products in Chile that are directly used in cutting edge batteries all over the world creating value to the local surrounding communities. All of this through a successful public-private partnership."
He closed by saying: "We are close to reach 180,000 metric tons of lithium carbonate capacity and as mentioned previously, we are not stopping there. Today, we are working to complete a lithium carbonate capacity of 210,000 metric ton of sought after, top quality, value-added product which will be produced right here in Chile . We remain committed to reducing our usage of brine and water through technology and continuous innovation. This new capacity will let us produce high value-added lithium products to power more than 5 million electric vehicles."
SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.
Gerardo Illanes 56-2-24252022 / gerardo.illanes@sqm.com Kelly O'Brien 56-2-24252074 / kelly.obrien@sqm.com Irina Axenova 56-2-24252280 / irina.axenova@sqm.com
Maria Ignacia Lopez / ignacia.lopez@sqm.com Pablo Pisani / pablo.pisani@sqm.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the Company's capital expenditures, financing sources, Sustainable Development Plan, business outlook, future economic performance, anticipated profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, specifically the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.
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SOURCE Sociedad Quimica y Minera de Chile , S.A. (SQM)
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The green energy transition is well underway, with governments around the world stepping up their efforts to reduce carbon emissions and move away from fossil fuels.
Moves from the US Biden administration have seen millions of dollars committed to securing supply of key raw materials and strengthening its domestic supply chain. Europe is not far behind, with its own plans and investments also moving ahead.
As the urgency for reaching climate change goals increases, the West has been waking up to the dependence it has on Asia for its critical minerals supply chains and as a result the lack of control to meet its ambitious electrification objectives.
The most recent US Inflation Reduction Act, which will pour around US$369 billion of federal funds into boosting domestic capacity to produce wind turbines, solar panels and electric vehicles, aims to tackle that. The bill includes subsidies for EVs, as long as a minimum proportion of critical minerals, including lithium, comes from the US or its free trade partners.
"Tell (automakers) to get aggressive and make sure that we're extracting in North America, we're processing in North America and we put a line on China," Democratic Senator Joe Manchin told reporters.
Lithium mining happens mostly in Australia, from hard-rock, and in Chile, from brines. China is currently the third-largest lithium producer in the world, with output reaching 14,000 metric tons in 2021, according to the US Geological Survey.
But China’s dominance comes at the refining and cell manufacturing level. According to Benchmark Mineral Intelligence, China currently has 81 percent of the world's battery cathode manufacturing capacity and 59 percent of its lithium refining capacity.
“Our concern is that critical minerals could be vulnerable to manipulation, as we’ve seen in other areas, or weaponization,” US Energy Secretary Jennifer Granholm said at a recent event in Sydney.
The US has been playing catch up with Asia when it comes to building up its lithium-ion supply chains.
“I don't blame the West for being late,” Daniel Jimenez of iLi Markets told the Investing News Network. “The truth is this story started in Japan with batteries, then it moved into Korea and China. China was very good at recognizing the opportunity and moved very quickly into that.”
Jimenez said Europe is a good example of what could happen in coming years. EV production in the region has grown, with cell manufacturing capacity being built up as a result and now the cathode industry following as well.
“I think this is going to naturally happen once electrification of cars becomes massive,” Jimenez said. “I think the relative advantage China has today will be more in the fact that they have probably developed technologies in specific areas where the West is behind.”
While China dominates the refining capacity for lithium, the Asian country also has controlling stakes and interests in a number of mines around the world. Meanwhile, Japan and Korea are home to four of the biggest cell manufacturers in the world.
Much has been said about the dependence of the West on Asia, in particular when it comes to the EV supply chain, but there are also lessons to be learned from the rise of the region.
“If there's a flaw in the Chinese model; it's that they build the capacity at all costs, and they worry about excess capacity after the fact. And we have seen that in any number of industries,” Chris Berry of House Mountain Partners said. “On the lithium side, there's always excess conversion capacity in China, there has been for a long time, even as they build out more conversion capacity on shore today.”
For Berry, the lesson the West can learn from China is to “walk before you run.”
“Try and sort of right size capacity with what we actually think is going to be there at any given point in time,” he said. “So I would just caution participants along the supply chain to think very carefully about access to raw materials, and then the ability to feed that downstream.”
He added that China has never thought like that.
“They said, okay, we're going to own this business. So if it's building 700 gigawatt hours by a certain year, we're going to do it. We'll worry about the capacity later,” Berry said. “We, in our financial and economic system here, can't afford to do that. So it's a big lesson.”
China, Japan and Korea all tend to look long term, Joe Lowry of Global Lithium told INN.
“They all tend to be willing to sacrifice in the short term for long term gains,” he said. “I think, since I've been involved in this market, China has always been ahead of the curve, willing to invest ahead, not saying well, if this doesn't pay back in three and a half years or five years, we're not going to do this project.”
For the lithium expert, the West is suffering now because of the short term thinking that most of the companies have, forced on by Wall Street or poor leadership in some cases.
“Thinking for the long-term is the short-term thing that the West should internalize in the next five years,” he said. “If they start saying, okay, we need to modify our behavior, I think that that would be a bonus. But I don't expect it to happen.”
Still, the West also has its advantages, which for Lowry is summed up in creativity.
“I think we do creativity and I think we've had many of the key inventions done not necessarily just in the US, but in the West, and then we seeded it to Asia, because we want to save a few bucks on production cost.”
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("Company"), doing business as RecycLiCo Battery Materials, a pioneer in advanced lithium-ion battery recycling and upcycling, offers the following comments on the climate-focused Critical Mineral provisions in a new bill signed into law by U.S. President Joe Biden this week.
The bill, formally known as the Inflation Reduction Act of 2022, includes a 10% advanced manufacturing production tax credit that spans the production of critical battery minerals to downstream production of cathode and anode materials used in lithium-ion batteries. In an extensive section on energy security and climate change, the bill also includes more than $60 billion to incentivize renewable and clean energy manufacturing in the U.S. Eligibility is open to companies operating in North America or from countries with which the U.S. has a formal trade agreement.
Tax credits for electric vehicles (EVs) are restored, but with restrictions based on where the batteries are built and where the critical materials in the batteries are mined, recycled, or processed. According to the Congressional Research Service's summary of tax provisions in the bill:
"To receive the $3,750 critical minerals [tax] credit, the vehicle's battery must contain a threshold percentage (in value) of critical minerals that were extracted or processed in a country with which the United States has a free trade agreement, or recycled in North America. The threshold percentage would be 40% through 2023, increasing to 50% in 2024, 60% in 2025, 70% in 2026, and 80% after 2026.
To receive the $3,750 battery components portion of the credit, the percentage of the battery's components manufactured or assembled in North America would have to meet threshold amounts. For vehicles placed in service through 2023, the percentage would be 50%. The percentage increases to 60% for 2024 and 2025, 70% for 2026, 80% for 2027, 90% for 2028, and 100% after 2028."
In recognition of geopolitical concerns and supply chain vulnerabilities, the bill prohibits taking the EV tax credit on any vehicle purchased after December 31, 2024, in which battery materials are sourced from "foreign entities of concern," defined in U.S. law as China, Russia, Iran or North Korea.
"The new law comes less than four months after the U.S. designated the major battery materials -- including those RecycLiCo will extract from spent batteries -- as essential materials under Title III of the Defense Production Act of 1950," said Dan McGroarty, a member of the Company's Advisory Board. "I see this as a strong signal that U.S. policymakers are coming to understand that the 'battery criticals' are true dual-use materials, required for the national economy as well as national security." The law authorizes an additional $500 million for the Department of Defense to use to encourage the production of Title III materials.
The bill aligns with the Company's efforts to advance its RecycLiCo patented process and follows the latest company developments such as the demonstration plant project achieving 163% of its designed leach processing capacity, a third-party life cycle assessment that reports RecycLiCo's lower environmental impact to produce battery materials, and the production of NMC811 cathode precursor material.
American Manganese Inc, doing business as RecycLiCo Battery Materials, is a battery materials company focused on recycling and upcycling lithium-ion battery waste. With minimal processing steps and up to 100% extraction of lithium, cobalt, nickel, and manganese, the patented, closed-loop hydrometallurgical process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
On behalf of Management American Manganese Inc.
Larry W. Reaugh President and Chief Executive Officer Telephone: 778 574 4444 Email: lreaugh@amymn.com
www.americanmanganeseinc.com www.recyclico.com
Neither the 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. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
Click here to connect with American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) to receive an Investor Presentation
Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to announce further assay results from the drilling campaign at the Company’s 100%-owned Mavis Lake Lithium Project (“the Project”) in Ontario, Canada.
MF22-73 - 10.84m at 1.08% Li2O from 149.90m to 160.74m downhole
MF22-75 - 3.37m at 1.51% Li2O from 34.26m to 37.63m downhole, including 1.83m at 2.15% Li2O
MF22-78 – 3.08m at 1.30% Li2O from 114.12m to 117.20m downhole
Assay results from Phase 1 program correlate with initial visual mineralisation assessments
Ongoing Phase 2 program continues to deliver similar mineralisation (confirmed through visual assessments)1with assay results to follow.
The latest assay data has confirmed lithium mineralisation continues towards the west of the significant intercepts from the previous 2018 drill program2. Visual reports were provided immediately after drilling in May this year (refer to ASX Announcement 20 May and ASX Announcement 31 May 2022).
The assay results correlate with reported visual estimates of mineralisation, including 10.84m at 1.08% lithium oxide (Li2O) from drill hole MF22-73, shown in figure 1 (Appendix 1 & 2 contains full details of recent assay results).
Significant lithium mineralisation is shown to also occur at depth which leads to potential mineralisation still being open at greater depths. The drilling program at Mavis Lake has intersected spodumene mineralisation within 56 out of 62 drill holes to date and continues to increase the extent of known mineralisation, both laterally and at depth1.
The current Phase 2 drilling campaign is focused on the eastern side of areas previously drilled, infill drilling will continue for the purposes of resource development. Further exploration drilling is being planned for Mavis Lake to both support resource development and confirm the extent of lithium zones identified through sampling and mapping.
Figure 1: MF22-73 spodumene-bearing pegmatite zone (149.90 to 160.74m downhole) with lower contact with the mafic volcanic unit
Critical Resources Chairman Robert Martin said:
“We are extremely pleased with this set of assay results. The assays along with the outstanding intercepts recently reported have the Company very excited with the Mavis Lake Project.
The Company continues its drilling program, is planning a Phase 3 program and identifying future areas for potential permitting. We look forward to keeping the market updated as things progress.”
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.
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