• Australia could be the world’s top producer of lithium by 2030
  • Latin Resources’ new tenure doubles Colina prospect strike length
  • Critical Resources fast-tracks phase two diamond drilling at Mavis Lake Project

 

All your ASX lithium news for Wednesday, July 13

 

Australia is on track to account for 25% of the world’s lithium supply by the end of the decade, according to Benchmark Minerals Intelligence.

This would make us the number one producer, according to Benchmark Minerals Intelligence, with senior analyst Dr Cameron Perks noting that Western Australia and the Northern Territory are the main hot spots.

However, he did flag that around 75% of our supply by 2030 will still be refined in China – casting doubt on whether we’d be sending lithium to Queensland’s battery manufacturing precinct.

 

 

 

Here’s how ASX lithium stocks were tracking today:

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A total of 41 stocks were in the green today, 53 were flat and 37 were in the red.

 

Who’s got news out today?

 

LATIN RESOURCES (ASX:LRS)

Latin Resources has secured new tenure that doubles the strike length of its Colina lithium prospect in Brazil to 2km after drilling intersected thick, high-grade near surface pegmatites.

The new option agreement extends the company’s wholly-owned tenure in Brazil by a further 1.2km to the south where the known high-grade lithium pegmatites are interpreted to continue under shallow cover.

LRS understandably keen to discover just how far the pegmatites at Colina stretch for given that its southernmost drillhole (SADD006) – located close to the new tenure – returned a 21.1m intersection grading 1.2% lithium oxide.

With the new tenure in place, the company is likely to expand the current 100-hole resource definition drilling campaign totalling about 25,000m currently underway at the prospect to include step-out drilling to the south to outline the full strike extent of the identified pegmatites and deeper holes to test for stacked pegmatites.

 

CRITICAL RESOURCES (ASX:CRR)

The company has fast-tracked phase two diamond drilling at its Mavis Lake Project in Canada, including another 5,000m with the objective to test the continuity between pegmatite 6 and pegmatite 18 – with a potential strike length of 1.8km.

MD Alex Biggs says the combination of strong drill results and newly identified geophysical targets puts the company in a “clear position to continue drilling at the Mavis Lake Lithium Project.”

“Mavis Lake is quickly becoming a cornerstone project for the company as demonstrated by the consistent drill results we have seen in the first 5,000m campaign,” he said.

“Our strategy is to define a JORC compliant Resource which requires both infill and extensional drilling along strike.”

 

ARIZONA LITHIUM (ASX:AZL)

Arizona says its cashed-up to advance its flagship Big Sandy lithium project after wrapping up a June quarter spent positioning itself to be a research and processing leader.

Following the receipt of $23.2m from the first tranche of a $32.5m share placement announced in March, the company has $42.3m in cash as of 30 June 2022 to advance its objectives.

MD Paul Lloyd said the June quarter was a critical period spent positioning the company to be a future supplier of lithium for the rapidly growing electric vehicle industry as well as a future leader in lithium research and processing.

This includes signing a five-year lease for a world-class lithium research centre in Phoenix, Arizona, which will study the extraction of lithium from various ores and brines as well as the production of battery-grade lithium chemicals for current and future battery technologies.

It will showcase the processing steps required for AZL’s Big Sandy and Lordsburg lithium projects, the former of which boasts a 320,000t lithium carbonate equivalent resource in shallow sedimentary hosted deposits.

 

ANSON RESOURCES (ASX:ASN)

Anson has increased the flow rates in resource expansion drilling at its Paradox lithium project in Utah, USA of up to 165%.

On re-entry at Cane Creek 32-1 well, Clastic Zone 31 horizon delivered a flow rate of 66 barrels/hour, an increase of 147% on the original recorded flow rate at this target.

Similarly, an increase in flow rate of 165% was delivered from Anson’s recently completed drilling at the Long Canyon No. 2 well.

The company says these results indicate that salts that have previously precipitated are breaking down over time due to the influx of brine – as a result of the positive attributes of high pressure, porosity, and permeability at the Paradox Project area.

A key positive outcome of the significantly improved flow rates is that it is anticipated they will push the brine to surface without the need for pumping – which would in turn deliver substantial benefits to the economics of extraction and the longevity of Anson’s proposed lithium producing operation at the project.

 

LRS, CRR, AZL & ASN share prices today:

 

 

At Stockhead we tell it like it is. While Latin Resources and Arizona Lithium are Stockhead advertisers, they did not sponsor this article.