The 360 new claims cover approximately 6,975 acres (28.22 sq km) and have increased the company’s footprint in the Lida Valley to approximately 12,019 acres (48.64 sq km) or almost all of the playa/ ‘dry lake bed’ in the Lida Valley.
REM owns a 16.56% shareholding in MacArthur, which said it increased its acreage due to the surface grades returned from the initial drilling program of up to 145.5 parts per million lithium.
The Lida Valley is the basin adjacent to the Clayton Valley, which hosts North America’s only producing lithium mine, Albemarle’s Silver Peak.
David Taplin, Macarthur Minerals’ chief executive, said: “The company has strategically expanded its footprint in the Lida Valley to cover almost all of the playa, where we have detected lithium near surface from all nine drill holes with grades up to 145.5 ppm lithium.
Lida Valley is only 306 kilometres from Tesla’s Gigafactory in Nevada, he added.
Story by ProactiveInvestors