Lithium Corp., the Nevada-based mineral developer focused on its assets in the Great Basin region, where vast lithium-enriched brine fields offer a solution to the increasing shortage of this extremely precious, globally strategic resource, reported today that they have staked out several key claims on their 6.4k-acre (placer claims) Fish Lake Valley property in northern Esmeralda County, (west-central) Nevada.
This large lithium-enriched salt pan is host to a considerable deposit of tertiary era mineralization occurring mostly in rhyolitic tufts (igneous and heavily silica-rich volcanic rock) and ash flows that have accumulated in the basin. It became apparent a few months back as the company was going through the latest exploration efforts on Fish Lake that certain third party claims in the area had lapsed and thus the company was able to snap up 320 acres of key territory via staking, striking while the iron was hot and roundly improving an already dominant land position.
This critical acreage has been eagerly sought after by LTUM and adds mightily to the company’s overall asset position given the results from the 2012 drilling program at Fish Lake, which managed to clearly outline the subsurface lithium-boron-potassium deposit, showing that it does indeed stretch into this acreage. An exceptional job by LTUM, which is prepping for slated drilling later this year by grabbing key acreage known to contain part of the identified anomaly. With drilling due to commence as ground conditions improve, investors should be on the lookout for some related follow-up reportage in short order.
Also on the docket for 2013 will be further exploration at the company’s 1.6k-acre block of claims in the San Emidio Valley up in northwestern Nevada (Washoe County). The company has the choice acreage here in a broad playa and extant sampling efforts (2009-2010) have confirmed lithium in the brine, as well as in the sediments. We are looking at a lithium-in-brine anomaly here that is roughly half a mile long by half a mile wide and with superb logistical support in bustling, mining-friendly Washoe County, LTUM has a strong secondary land position in addition to their Fish Lake property to lean on growth-wise. Moreover, the position of the brine anomaly on the west side of a basinal low (as indicated by a 2011 gravity geophysical survey) is a strong indicator that the company could have an extremely rich “Silver Peak” style lithium-brine deposit on their hands at Sand Emidio.
In addition to news of successfully locking down this strategically vital acreage at Fish Lake, LTUM also reported today that the company will cease trying to maintain a presence on Canadian exchanges and has effectively stopped work related to keeping their Canadian reporting issuer status until such time as market conditions in Canada are able to mount a satisfactory rebound. Not much surprise there for LTUM, which is already established domestically and doesn’t need the added hassle of maintaining reporting status in the already ridiculously crowded Canadian resource sector.
One cannot stress enough how important a robust supply of domestically-available lithium is moving forward. For everything from the batteries that go in all our portable electronics, to electric vehicles, lithium is clutch. Even before counting the 50% plus of supply that ends up in ceramics, glass, and other industrial applications like alloys, the over-the-horizon market radar signal is clear, demand will outstrip supply, even if the planet’s top producer China loosens exports.
For more information on Lithium Corp., please visit www.LithiumCorporation.com
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