ACME Lithium Inc. (CSE:ACME, OTCQB:ACLHF) announced that it has commenced geological field work at its FLV claim group in Fish Lake Valley, Nevada to further develop knowledge of lithium occurrences.
The FLV claim group encompasses 144 lode mining claims totalling roughly 2,975 acres. Historical sampling has shown occurrences of up to 600 parts per million (ppm) lithium. Fine sediments the same age as Clayton Valley occur on the property with some beds enriched in lithium, the company said.
Follow-up sub sampling and mapping at Fish Lake Valley are intended to better understand the geological model and focuses on traverses along a major drainage area where higher lithium values occurred. Further analysis will assist with drill hole targeting and access routes for potential drill sites.
READ: ACME Lithium reports start of airborne geophysical survey at its Shatford and Cat-Euclid Lake projects
ACME's Fish Lake Valley project is directly west of Ioneer Ltd's Rhyolite Ridge Lithium-Boron project, the company said. On July 31, Ioneer announced a binding battery joint venture with Toyota Motor (NYSE:TM) Corp and Panasonic Corp to buy lithium from the Rhyolite Ridge mining project and use the metal to build electric vehicle batteries in the US.
ACME also noted that Australia-based Ioneer plans to produce about 21,000 tonnes of lithium in Nevada annually starting in 2025. The company signed a supply deal with Ford Motor (NYSE:F) Co in mid-July and last year with South Korea's Ecopro Co.
Explorer ACME Lithium has multiple North American projects in areas known for lithium development and exploration.
Two are in the highly prospective region for lithium production in Clayton Valley and Fish Lake Valley, Esmeralda County, Nevada, USA, and another two are in the pegmatite fields of the Bird River Greenstone Belt in southeastern Manitoba, Canada. Those claims translate to lithium mining and extraction in a growing market that is set to dominate in the coming years.
ACME has acquired or is under option to acquire a 100% interest in projects in Clayton Valley and Fish Lake Valley, and at Cat-Euclid and Shatford Lakes in southeastern Manitoba
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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