Caeneus Minerals finds lithium targets in Nevada
Caeneus Minerals (ASX:CAD) has identified lithium targets from a survey at its 100% owned Scotty’s South lithium brine project in the U.S. state of Nevada.
Analysis of the recent magnetotelluric survey has defined a long tabular layer of low resistivity coupled by a series of large ovoid blobs and a very low resistivity anomaly to the east of the claims.
This area is interpreted to have significant potential to host conducive lithium-rich brine aquifers or saturated clays, or both.
Gravity work is now being expedited to integrate with this encouraging geophysical data.
Recently, Iconic Minerals (TSXV: ICM) had success at its Bonnie Claire lithium project, which immediately abuts the company’s claims to the north.
Iconic Minerals has demonstrated strong recoveries associated with the ability to leach lithium from sediments at Bonnie Claire which may represent a new method of commercial lithium extraction.
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).
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.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/172265/caeneus-minerals-finds-lithium-targets-in-nevada-172265.html
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