Germany Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
Surge Battery Metals (TSXV: NILI) said on Thursday that its flagship lithium project in Nevada is host to the highest-grade US clay resource, containing 4.7 million tonnes (inferred) of lithium carbonate equivalent (LCE) grading 2,839 parts per million (ppm) lithium.
This resource estimate was the first ever released on the Nevada North lithium project (NNLP). It was calculated using a base-case lithium cut-off grade of 1,250 ppm and metrics derived from available information for deposits similar to that at NNLP.
Greg Reimer, Surge Battery’s chief executive, said in a news release that the resource estimate solidifies NNLP as “a significant lithium deposit and one of the highest-grade lithium clay deposits worldwide.” The project is located 73 km north-northeast of Wells, Elko county, and comprises 725 mineral claims covering 58 sq. km.
“At higher grade cutoffs, there are still very appreciable volumes of lithium that are largely contained in the clay horizons nearest surface,” he added.
At a higher, more stringent cut-off of 2,000 ppm, the inferred LCE resource would still surpass 4 million tonnes, with a lithium grade of 3,167 ppm.
The resource estimate for NNLP is based on 20 drill holes completed between 2022 and 2023 under a notice of intent (NOI) permit for a total of 2,758 metres and 1,973 samples. The two rounds of drilling identified a mineralized zone of lithium-bearing clays occupying a strike length of more than 3,500 metres and a known width of up to 950 metres.
A much larger drill program is planned for 2024 to expand the resource, which Surge Battery said only covers a portion of the known footprint of mineralization at NNLP. A detailed surface mapping program over the property and additional soil sampling will also be carried out.
The company said it will work with the Bureau of Land Management this spring to determine how much disturbance can be reclaimed under the current NOI permit. Drilling will then proceed upon receiving its exploration plan of operations permit.
Meanwhile, its metallurgical testwork is well underway with Kemetco, with results anticipated for the first quarter.
By midday Thursday, Surge Battery Metals soared by 14% to C$0.53 a share on the TSX Venture Exchange, for a market capitalization of C$83.9 million ($62m).
