Connect with us

Hi, what are you looking for?

fortunateinvestments.comfortunateinvestments.com

Investing News

Drilling Confirms Significant Lithium Discovery at the Scotty Lithium Project, Nevada, USA

Loyal Lithium Limited (ASX: LLI) (Loyal or the Company) is thrilled to confirm the discovery of a significant lithium basin at the 100% owned Scotty Lithium Project in Nevada, USA. The average lithium grade of the drillholes measures 1,120ppm with a 700ppm cut-off, starting near the surface (9m deep) and spans a 3.6km² area with an average thickness of 108m. Drilling and geophysics data will be utilised for a 3D model and for the creation of an Exploration Target. The basin’s 5.7km western edge offers the potential for cost-effective mining due to its alluvial fan rocks, providing excellent accessibility for surface mining. Nevada Lithium’s (CSE:NVLH) neighbouring Bonnie Claire Project has successfully produced battery- grade lithium carbonate from its sedimentary basin drill cores. The Scotty Lithium Project occurs within close proximity to all-weather roads and power infostructure, and is strategically located just 40km north of Beatty, 220km from Las Vegas, and 330km from Tesla’s Nevada Gigafactory.

Highlights:

Drilling assays have confirmed the presence of a mineralised lithium basin at the 100% owned Scotty Lithium Project, with an average grade of 1,120ppm lithium at a 700ppm lithium cut-off-grade.The drilling assays returned spectacular results with a peak lithium value of 4,007ppm.Drilling results and geophysical data will now be used to create a 3D model and robust Exploration Target.The 5.7 km long western basin edge on Loyal Lithium’s claims (implied from magnetotellurics1) consists of alluvial fan rocks that may accommodate mining/processing infrastructure and enable access to the basin for a traditional and relatively low-cost surface mining solution.Nevada Lithium’s (CSE:NVLH) neighbouring Bonnie Claire Project, recently produced a sample quantity of battery grade lithium carbonate6 from the contiguous sedimentary basin drill core of the Bonnie Claire Project where drilling has found lithium only 1 km to the east of Loyal Lithium’s claims3,4,5.Scotty Lithium is located 40km north of the mining town of Beatty, 220km from Los Vegas and 330km from Tesla’s Nevada Gigafactory with existing all-weather roads and power infrastructure within close proximity.

Loyal Lithium’s Managing Director, Mr Adam Ritchie, commented:

‘The Scotty Lithium Project continues to deliver with spectacular drilling assay results confirming strong lithium mineralisation, representing significant resource potential.”

“With the support of a 5.7km western edge, the sedimentary basin could potentially be accessed via traditional mining solutions from surface. The neighbouring Bonnie Claire Project has recently completed pilot plant test work to produce a high-grade lithium carbonate from the adjoining sedimentary clay”.

“Nevada lithium is alive, and the Scotty Lithium Project has shown its potential to play a significant role in the emerging North American lithium supply chain.”

Project and Exploration Program Overview

The Scotty Lithium Project is located 220 km northwest of Las Vegas, NV and is contained within the Sarcobatus Flat, a known lithium-bearing sediment basin. Nevada Lithium’s (CSE:NVLH) neighbouring Bonnie Claire Project is also contained within the same basin. Early this year, Nevada Lithium purchased Iconic Minerals Ltd. who in 2021 completed a PEA on the resource at the Bonnie Claire project.8

Click here for the full ASX Release

This post appeared first on investingnews.com

You May Also Like

World News

Debate moderator Kristen Welker: “Vice President Biden, there have been questions about the work your son has done in China and for a Ukrainian...

Stock News

And just like that, the tech stocks are now in full distribution mode. The bull market in stocks took a snooze to start the...

Business News

Student borrowers are floating a range of ideas online for lightening their burdens when loan repayments resume on Oct. 1: Pay a little, pay...

World News

Ohio voters on Tuesday rejected a much-watched ballot measure that could have helped Republicans restrict abortion rights. Red-leaning Ohio becomes the latest in a...