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Caeneus Minerals raises funds for lithium in Canada

Tuesday, January 10, 2017 14:29
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(Before It's News)

Caeneus Minerals (ASX:CAD) has raised circa $1.05 million from a placement to sophisticated and institutional investors.

The placement was conducted at $0.001 per share with a 1 for 1 free attaching unlisted option exercisable at $0.003 expiring on or before 31 December 2020.

Funds will be allocated to the company’s lithium focused strategy in the U.S.

Caeneus has five lithium projects in the U.S. state of Nevada and during December grades of up to 5.6% lithium carbonate equivalent were sampled from the Muddy Mountain Lithium Clay Project in Nevada.

Assays confirmed extensive lithium mineralisation across exposed sections sampled along the 7 kilometre extent of the project.

The elevated lithium results across the project area exhibit the potential for a large, near surface deposit.

U.S. lithium projects

Caeneus’ portfolio of lithium and nickel projects in the U.S. state of Nevada includes:

- Muddy Mountain (lithium clay);
- Lida Valley (lithium brine);
- Scotty’s South (lithium brine);
- Columbus Marsh (lithium brine); and
- New King (lithium clay);

The New King lithium clay project was acquired recently in October and options over the Scotty’s South and Columbus projects were acquired in July 2016.

The Muddy Mountain project is situated 50 kilometres northeast of Las Vegas and covers 2,542 acres.

Caeneus’ goal at Muddy Mountain is to target a district scale multi-million tonne resource grading in the range of 0.3% to 0.5% lithium.

Significant past producers of borate are situated immediately adjacent to the Muddy Mountain claims.

The benefits of Nevada

Caeneus believes that lithium brines, as opposed to hard rock, is the future for the metal as it costs circa half to produce than from hard rock pegmatites.

Because of its geology and hydrology Australia has little potential for lithium brines, whereas Nevada is already home to the Tesla Gigafactory and one of the world’s largest lithium producers – Albermarle Corporation LLC (NYSE:ALB).

Nevada has many rocks with high lithium contents including the Horse Spring Formation, McDermitt Caldera and a variety of igneous rocks.

The state has good, established infrastructure with power and transport passing close to each of the company’s projects.

Nevada has very low sovereign risk which positions it favourably compared to other major lithium producing jurisdictions such as Bolivia, Chile, Argentina and China.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/171377/caeneus-minerals-raises-funds-for-lithium-in-canada-171377.html

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