With growing demand for electric vehicles, lithium will remain a hot commodity. For one, supply can’t keep up with demand. In fact, according to Stellantis CEO Carlos Tavares, there’s not enough lithium to go around. Automakers are so concerned about supply for EV batteries, they’re racing to secure supply. For instance, Albemarle will deliver more than 100,000 tonnes of lithium hydroxide over a five-year period to support Ford EVs. General Motors even invested $650 millioninto Lithium Americas’ Thacker Pass mine, where the miner estimates the lithium extracted and processed from the project can support production of up to 1 million EVs per year. All of which is great news for companies, such as Usha Resources Ltd. (TSXV: USHA) (OTCQB: USHAF), Albemarle Corporation (NYSE: ALB), Lithium Americas (NYSE: LAC) (TSX: LAC), American Lithium Corp. (NASDAQ: AMLI) (TSXV: LI), Osisko Development Corp. (NYSE: ODV) (TSXV: ODV), and Piedmont Lithium (NASDAQ: PLL).
Look at Usha Resources Ltd. (TSXV: USHA) (OTCQB: USHAF), For Example
Usha Resources Ltd., a North American lithium exploration company, is pleased to announce that drilling has commenced for the third hole at the 100%-owned Jackpot Lake Lithium Brine Property located in Clark County, Nevada. Drill hole JP23-01 will be drilled immediately upon hole development and initial sampling of JP23-02. JP23-01 and JP23-02 are twinning JP22-01 and JP22-02, respectively, conducted to better maintain hole integrity as each hole advances to its planned 2,000 feet.
The Company is also pleased to announce that it has begun preliminary work on its 43-101 resource estimate.
The goal of the drill program will be to build on the findings of its initial drilling which supports that the Jackpot Lake is a similar geologic setting to that of Clayton Valley, hosting Albemarle’s Silver Peak Nevada Lithium Mine, the only producing lithium mine in North America.
Key findings of the program to-date include:
- Soils at the Project are enriched in lithium at a level comparable to Clayton Valley. Enriched lithium is present within the holes advanced, with an average of 334 ppm and high of 820 ppm Li in thirty samples collected from shallow surface soils (<500 ft) within JP22-02.
These results compare very favourably to the reported average of 100 ppm for the Esmeralda Formation, one of the potential sources of the lithium enrichment for the brines present in Clayton Valley which hosts Albemarle’s Silver Peak Lithium Brine Mine, the only producing lithium operation in the United States.
- A geologic system is present similar to that of Clayton Valley. Significant evaporitic crystallization, indicative of a brine-forming environment, is present throughout the holes advanced, with JP22-02 containing an interval of 146 feet of massive to bedded evaporites with clay and sand interbeds and cross cutting laminations.
The evaporites sit atop a large zone of higher-porosity sand and conglomerate, with at least 273 feet of a potentially pumpable aquifer present within JP22-02 into which fluids from the zones above should drain. Coarse-grained basal units are a primary focus for expansion at Albemarle's Silver Peak lithium brine mine, the only domestic supplier of lithium within the United States, and at Pure Energy’s Clayton Valley project, where it identified a large volume of brine with superior grades.
- The stratigraphy at the Site supports a 43-101 resource. Similar stratigraphy has been encountered in JP22-02 as that in drill hole JP22-01, suggesting that the favourable stratigraphy identified in drilling is present throughout the basin as the two holes are 2.75 km apart. Identifying these similarities, especially in the basal conglomerates and evaporites, is a key finding that continues to support that Dry Lake, within which Jackpot is hosted, is a similar geologic setting to that of Clayton Valley.
A primary objective will be to advance each of JP23-01 and JP23-02 to 2,000 feet, thereby potentially greatly expanding on the 99-foot and 273-foot higher-porosity zones already identified where the Company believes the best potential brines are present. Pending sample results, the Company would then proceed with either further drilling or completion of its maiden resource estimate, the completion of which would enable it to join the ranks of a select few companies in the United States.
"We are thrilled to return to Jackpot Lake and resume drilling.” said Deepak Varshney, CEO of Usha Resources Ltd. “The work to-date has demonstrated that Jackpot contains the right system for a major lithium discovery and by exploring to a depth of 2,000 feet, we aim to gather a more comprehensive understanding of the mineral potential within our project area, further enhancing the overall resource estimation and project feasibility of Jackpot Lake."
Other related developments from around the markets include:
Albemarle Corporation announced a definitive agreement with Ford Motor Company to deliver battery-grade lithium hydroxide to support the automaker's ability to scale electric vehicle (EV) production. Albemarle will supply more than 100,000 metric tons of battery-grade lithium hydroxide for approximately 3 million future Ford EV batteries. The five-year supply agreement starts in 2026 and continues through 2030. Both Albemarle and Ford are committed to supplying the U.S. EV supply chain via lithium hydroxide domestically produced in the United States or originating in a country with a U.S. Free Trade Agreement.
Lithium Americas announced that its Board of Directors has unanimously approved the execution of an arrangement agreement providing for the reorganization of the Company that will result in the separation of its North American and Argentine business units into two independent public companies. The Separation will establish an Argentina focused lithium company and a North America focused lithium company. Lithium Argentina will own Lithium Americas’ current interest in its Argentina lithium assets, including the 44.8% interest in Caucharí-Olaroz, the 100%-owned Pastos Grandes project and the 65% interest in the Sal de la Puna project. Lithium Americas will own the 100%-owned Thacker Pass lithium project in Humboldt County, Nevada, as well as the Company’s investments in Green Technology Metals Limited (ASX:GT1) and Ascend Elements, Inc.
Osisko Development Corp. announced new 2023 underground diamond drilling results at its 100%-owned Trixie test mine, within the Company's wider Tintic Project and to provide an overview of the ongoing 2023 exploration program at Tintic, located in the historic East Tintic Mining District in central Utah, U.S.A. In addition, the Company is also reporting the remaining DD and reverse circulation drilling results from its 2022 exploration program. Chris Lodder, President of Osisko Development, commented, "The underground diamond drilling results from this year's drill campaign continue to generate targets and understanding of the epithermal veins and breccias at Trixie. High-grade gold and silver is observed in the footwall of the T2 and T1 zones, as both disseminated and vein mineralization. As these initial results indicate, the drillholes are intersecting all zones within the deposit area and continue to build upon the exploration successes achieved in 2022. We are also excited to launch our initial drill campaign to target copper porphyry potential at Tintic, which is slated to begin in Q3 2023."
Piedmont Lithium, a leading global developer of lithium resources, reported the results of a Definitive Feasibility Studyof the Company’s proposed Tennessee Lithium project in McMinn County, Tennessee. The Study of the 30,000 metric ton per year lithium hydroxide plant featuring the innovative and waste-reducing Metso:Outotec conversion technology affirms the potential for Piedmont to develop an American-based lithium hydroxide business using spodumene concentrate from market sources, including via existing offtake agreements with Sayona Quebec and Atlantic Lithium. Piedmont President and Chief Executive Officer Keith Phillips, said he was pleased with the project economics and the positive impact of the Inflation Reduction Act, which strongly favors domestic battery and critical minerals production. “America’s pro-EV and battery manufacturing policies are providing an advantage to Piedmont at a time when many analysts are projecting lithium shortages to continue into the 2030s. Piedmont’s selection for a $141.7 million grant last year by the U.S. Department of Energy exemplifies America’s commitment to developing a domestic lithium supply chain.”
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Usha Resources Ltd. paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of Usha Resources Ltd. Please click here for disclaimer.
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