MinRes adds to global lithium production cuts amid downturn
The company will put its Bald Hill lithium mine in Western Australia under care and maintenance starting this week.
Surge Battery Metals (TSXV: NILI) announced on Wednesday an expansion of its land holdings at the Nevada North lithium project through additional claim staking by the company and by an agreement with M3 Metals Corp.
With the additional staked lands and including the interest in the M3 Lands, Surge Battery Metals will have increased its land position in the area to approximately 12,800 acres or 5,180 hectares up from a previous area of 6,270 acres or 2,537 hectares.
The Nevada North lithium project is located in Elko County, where the company owns 100% interest in 243 mineral claims.
The project’s goal is to identify a Thacker Pass or Clayton Valley type lithium clay deposit in volcanic tuff and tuffaceous sediments, according to the company website.
Initial surveying of the project area utilized public domain stream sediment geochemical data, which revealed significant lithium content ranging from 29.1 ppm to 5,120 ppm. Follow-up soil sampling identified multiple highly anomalous zones, of which 101 samples carried greater than 1,000 ppm lithium out of the total 1,026 samples obtained.
The current main soil lithium anomaly extends approximately 2,300 meters north-south by about 500 meters wide, with three other significant soil anomalies also outlined in this program. An eight-hole, 776-meter, scout drilling program confirmed significant lithium values continued at depth. The best hole (NN2207) cut four zones of > 1,000 ppm Li averaging 3,943 ppm Li over a total of 120 meters.
Shares of Surge Battery Metals surged 6% by 10 a.m. EDT. The company has a market capitalization of C$68 million ($51.4 million).
