With lithium demand expected to explode about eight times over by 2040, finding new lithium deposits has become top priority. Worse, supply still can’t keep up with demand. In fact, as noted by Reuters, “Lithium producers are growing anxious that delays in mine permitting, staffing shortages and inflation may hinder their ability to supply enough of the battery metal to meet the world's aggressive electrification timelines.” In addition, according to Mining-Technology.com, “There were 45 lithium mines operating globally in 2022, with a further 11 planned to open this year, and an additional seven in 2024, but this will not be enough. Even if more raw lithium is sourced from additional mines, there may be a potential shortage of facilities used to refine the metal to battery-grade materials.” That being said, investors may want to keep an eye on lithium stocks, such as Li-FT Power Ltd. (CSE: LIFT) (OTCQX: LIFFF), Albemarle Corporation (NYSE: ALB), Lithium Americas (NYSE: LAC) (TSX: LAC), American Lithium Corp. (NASDAQ: AMLI) (TSXV: LI), and Piedmont Lithium (NASDAQ: PLL).
Look at Li-FT Power Ltd. (CSE: LIFT) (OTCQX: LIFFF),For Example
Li-FT Power Ltd. reported assays from 5 drill holes completed at the Fi Southwest, Fi Main, and BIG East pegmatites within the Yellowknife Lithium Project (“YLP”) located outside the city of Yellowknife, Northwest Territories (Figure 1). The Company also announced a Management update. Drilling has intersected significant intervals of spodumene mineralization, with the following highlights:
Highlights:
- YLP-0054: 37 m at 1.22% Li2O, (Fi SW)
- YLP-0057: 26 m at 0.47% Li2O, (Fi Main)
- YLP-0058: 12 m at 1.27% Li2O, (BIG East)
and: 11 m at 1.06% Li2O.
- YLP-0062: 16 m at 1.24% Li2O, (Fi Main)
Francis MacDonald, CEO of LIFT comments, “Fi Southwest continues to deliver wide intersects with excellent grades to a vertical depth of 150 meters. BIG East has delivered another great result with the two branches of the dyke system totaling greater than 20 meters of dyke material at consistent grades. Fi Main has more variable grades but continues to expand in terms of overall tonnage.”
Discussion of Drill Results
This week’s drill results are from the Fi pegmatite dyke complex, which includes the Fi Southwest and Fi Main dykes, as well as the BIG East pegmatite dyke swarms.
Fi Southwest
YLP0054 and YLP0061 both tested the Fi SW pegmatite, a 25-30 m wide dyke that dips 70°-80° to the east-southeast and extends for at least 900 metres on surface and 200 metres downdip. Both holes were drilled on the same section located approximately 250 m south of the dykes’ northern tip.
YLP0054 was designed to test the Fi SW dyke at 150 m vertically below surface, with drilling intersecting a subsidiary dyke from 157-158 m depth and then 37 metres of Fi SW pegmatite from 180 to 217 metres core depth. Assays returned 1.22% Li2O over this 37 m interval with true thickness estimated at ~75-80% of that.
YLP0061 was drilled to test the Fi SW dyke at 200 m vertically beneath the surface and, from 180-320 m core depth, cut through a swarm of at least 10 pegmatite dykes that range from 1-10 metres wide. The cumulative width of these 10 dykes (38 m) is comparable to the single dyke intersected in YLP0054. No significant assays were returned.
Mineralogical characterization for the Fi Southwest pegmatite is in progress through hyper spectral core scanning and X-ray diffraction work. Visual core logging indicates that the predominant host mineral is spodumene whereas other significant non-lithium bearing phases include quartz and feldspar.
Fi Main
YLP0057 and YLP0062 were drilled into the Fi Main pegmatite, which comprises a 10-100 metre wide corridor of 1-5 dykes that dip between 70°-85° to the west-northwest and extends for at least 1500 metres on surface and 200 metres downdip.
YLP0057 was designed to test the Fi Main dyke approximately 450 metres north of its southern tip and 50 vertical metres beneath the surface. Drilling returned a single interval of pegmatite, from 45-71 metres core depth, that assayed 0.47% Li2O over 26 metres. True thickness is estimated at ~65% of the reported width.
YLP0062 was collared 100 metres north of YLP0057 to test the Fi Main dyke at 550 m north of its southern tip and 50 vertical metres below the surface. Drilling returned a single interval of pegmatite that assayed 1.24% Li2O over 16 metres from 43-59 metres core depth. True thickness is estimated at ~75-80% of the reported width.
Mineralogical characterization for the Fi Main pegmatite is in progress through hyper spectral core scanning and X-ray diffraction work. Visual core logging indicates that the predominant host mineral is spodumene whereas other significant non-lithium bearing phases include quartz and feldspar.
BIG East
YLP0058 was drilled into the BIG East pegmatite swarm, which comprises a 35-80 m wide corridor of parallel-trending dykes that dips 65°-70° degrees west and extends for at least 1,000 metres along surface and 200 metres downdip.
YLP0058 was designed to test the BIG East swarm approximately 200 m from its northern end and 100 metres vertically beneath the surface. Drilling intersected five dykes over 76 m of core length, with individual dykes ranging from 1-12 m in core length and summing to a combined width of 32 metres. Assays include intervals of 1.27% Li2O over 12 metres, 1.06% Li2O over 11 metres, and 0.78% Li2O over 5 metres. True thickness for all dykes in this hole is estimated at 90-95% of the core widths.
Mineralogical characterization of the BIG East dyke swarm is in progress through hyper spectral core scanning and X-ray diffraction work. Visual core logging indicates that the predominant host mineral is spodumene whereas other significant non-lithium bearing phases include quartz and feldspar.
Drilling Progress Update
Currently, LIFT has reported results from 62 drill holes (10,927 metres). To date, 188 diamond drill holes have been completed (30,235 metres).
Other related developments from around the markets include:
Albemarle Corporation signed agreements with Caterpillar Inc. to collaborate on solutions to support the full circular battery value chain and sustainable mining operations. The collaboration aims to support Albemarle's efforts to establish Kings Mountain, N.C. as the first-ever zero-emissions lithium mine site in North America. These efforts include utilization of next-generation, battery-powered mining equipment. Caterpillar and Albemarle signed an agreement making Albemarle's North American-produced lithium available for use in Caterpillar battery production. The two companies will also explore opportunities to collaborate on research and development of battery cell technology and recycling techniques.
Lithium Americas, now Lithium Americas (Argentina) Corp. and a new Lithium Americas Corp. jointly announced the completion of the reorganization of Lithium Americas into two independent publicly traded companies, implemented by way of statutory plan of arrangement. “We look forward to seeing these two market-leading companies thrive independently,” said Jonathan Evans, President and CEO of Lithium Americas (NewCo) and former President and CEO of Lithium Americas. “The Separation offers investors two unique and highly focused pure-play lithium companies with world-class assets in our respective regions of operation.”
American Lithium Corp. announced a new lithium discovery from the initial drill hole completed at one of the key discovery targets previously identified from 2021 field work conducted near the Community of Quelcaya. Further holes have been drilled near this discovery with identical geology to the discovery hole and full assays expected shortly. The Quelcaya exploration project comprises 3 areas of mapped surface lithium mineralization located 5.5 to 11 km west of the Company’s Falchani lithium deposit near the village of Quelcaya in Puno, southeastern Peru (see Figure 1 – Quelcaya – Falchani Drill Platform Location Map, below). Quelcaya was the first of three exploration drilling permits submitted by the Company, which was granted by the Peruvian Ministry of Energy and Mines (MINEM) in May 2023. Drilling continues in and around Quelcaya with 6 drill hole platforms planned in total, each with multiple holes.
Piedmont Lithium announced a strategic investment in a large prospective lithium project in Newfoundland, Canada. Piedmont has agreed to pay C$2 million for a 19.9% equity interest in Vinland Lithium Inc., a new entity established with Sokoman Minerals Corp. (40.1%) and Benton Resources Inc. (40.1%). The Company also may earn up to a 62.5% equity interest in Killick Lithium Inc., a wholly-owned subsidiary of Vinland Lithium holding a 100% interest in the Killick Lithium Project, through a staged investment agreement. Piedmont will be entitled to 100% marketing rights and a right of first refusal on 100% offtake rights to any lithium concentrate produced by the Project on a life-of-mine basis at competitive commercial rates.
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