Albemarle loses more than $1 billion on falling lithium prices
The results underscore the supply glut engulfing the entire lithium industry amid oversupply from China.
American Lithium (TSXV: LI) has confirmed lithium mineralization at its TLC claystone project near Tonopah, Nevada, with the latest results from its ongoing 18-hole, 1,600 metre drill program.
The company cut 1,084 parts per million (ppm) lithium over 36.4 metres from 27 metres downhole, 994 ppm lithium over 42.7 metres from 41 metres downhole and 934 ppm lithium over 44 metres from 24 metres downhole. All three holes ended in lithium mineralization.
The three holes extend known mineralization on the project to over 1 km in strike length and confirm the company’s previously reported discovery hole. That hole cut 1,109 ppm lithium over 61 metres from 11 metres downhole. The company intends to continue stepping out with further drill holes. It has staked additional claims, expanding the project to the north, south and west.
The company had previously collected 22 grab samples at TLC that graded as high as 1,380 ppm lithium and averaged 656.5 ppm lithium. It has found lithium mineralization across 5 sq. km at TLC, and says it appears to extend in all directions. It intends to determine the thickness of those claystone beds with this drill program.
(This article first appeared in The Northern Miner)
