Eye on Lithium: Biden inks $2.5bn loan for construction of three US battery plants

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• Lightning Minerals identifies multiple pegmatite intrusion outcrops at Dundas project
• Galan moves to 100pc ownership of the Green Bushes South Lithium Project
• Critical Resources’ recent assay results at Mavis Lake extends the current strike length of known mineralisation by 599m to 1,300m

All your lithium news, Tuesday December 13.

On Monday the US Energy Department (DOE) announced the finalisation of a $2.5bn low-cost loan to Ultium Cells – a joint venture between General Motors and LG Energy Solution — to help finance the construction of three lithium-ion battery cell manufacturing facilities.

The facilities will be based in Ohio, Tennessee and Michigan.

“DOE is flooring the accelerator to build the electric vehicle supply chain here at home—and that starts with domestic battery manufacturing led by American workers and the unions that support them,” U.S. Secretary of Energy Jennifer M. Granholm said.

BIG NEWS >> @ENERGY just announced a $2.5 BILLION loan to help finance the construction of THREE new domestic battery cell manufacturing facilities in Ohio, Tennessee, and Michigan—an investment that’s expected to create more than 11,000 good-paying jobs. https://t.co/fIemnrFSK6

— Secretary Jennifer Granholm (@SecGranholm) December 12, 2022

As well as boosting the nation’s standing as a global leader of EV manufacturing, Granholm added it would also directly support President Biden’s goals to reach net zero emissions by 2050 and having EVs make up half of all new vehicle sales by 2030.

“This loan will jumpstart the domestic battery cell production needed to reduce our reliance on other countries to meet increased demand and support President Biden’s goals of widespread EV adoption and cutting carbon pollution produced by gas-powered vehicles,” she explained.

Here’s how ASX lithium stocks are tracking:

43 lithium stocks finished in the green today while another 60 tumbled into the red.

Who’s got news out?

LIGHTNING MINERALS (ASX:L1M)

Multiple pegmatite intrusion outcrops have been spotted during a recent site visit at the Dundas project by CEO Alex Biggs.

The company has kicked off the interpretation of geophysical survey data with a view to developing exploration targets which will form the basis of further exploration.

GALAN LITHUM (ASX:GLN) and LITHIUM AUSTRALIA (ASX:LIT)

Galan has moved to 100pc ownership of the Green Bushes South Lithium Project after acquiring the remaining 20pc interest from Lithium Australia.

Once the binding term sheet has been completed, Galan will hold a 100pc interest in the project which comprises four granted exploration licences, one pending exploration licence and seven prospecting licences.

“We have the necessary personnel in place to undertake the pending exploration programmes and workload at Greenbushes South and are extremely excited with what is to come there,” GLN managing director JP Vargas de la Vega says.

CRITICAL RESOURCES (ASX:CRR)

Recent assay results returned at Mavis Lake has extended the current strike length of known mineralisation by 599m to 1,300m.

Standout assays include 7.1m at 1.23% Li2O from 13.35m, 7.6m at 1.30% Li2O from 135m, and 7.7m at 1.23% Li2O from 183.82m.

“In less than two months, the strike length of known lithium mineralisation at Mavis Lake’s main zone has increased significantly and remains open, our drilling strategy is delivering results that will directly support our maiden resource,” CRR managing director Alex Cheeseman says.

VERTEX MINERALS (ASX:VTX)

VTX geologists have located three sets of pegmatites in a northern area of the Taylor Rock nickel-gold project alongside Lake Johnston in WA.

The pegmatite rocks have been identified based on coarse quartz, feldspars, and Micas, emanate from nearby fertile granites, and are injected into adjacent greenstones.

Vertex has dispatched samples for both assay and petrology.

MINREX RESOURCES (ASX:MRR)

MRR has started RC drilling at the Tambourah North Project along with the completion of drilling over the Talga- Moolyella North Lithium Tin-Tantalum Project near Marble Bar.

Drilling of 10-12 RC drill-holes totalling roughly 1,540m will be carried out with MRR focusing on the target Zone 1 which mainly consists of spodumene rich pegmatites hosted within the Apex Basalt in the northern portion of the tenement.

RAGUSA MINERALS (ASX:RAS)

Laboratory assay results have been received from the first phase of exploration drilling at the NT Lithium Project, located in the Litchfield Pegmatite Belt in Northern Territory .

Ragusa completed a total of 18 reverse circulation exploration drill-holes comprising a total of 1,505 metres drilled – with 149 samples logged as pegmatite.

A total of 232 samples (including duplicates) were submitted for laboratory analysis testing.

Laboratory assay sample results show several elevated lithium values up to 0.35% Li2O within shallow intersections of pegmatite, well within the known lithium depleted zone as documented by Core Lithium and Lithium Plus in their projects to the north within the same geological host-rock.

RAS is now preparing the remaining priority sites for drilling works during the next dry season.

GREEN TECHNOLOGY METALS (ASX:GT1)

More than 50 drill holes have intersected spodumene bearing pegmatite at the McCombe deposit within the Wider Root Project in Ontario, Canada.

Results have returned 14m at 1.35% Li2O from 47.4m, 13.1m at 1.39% Li2O from 12.4m, and 12.6m at 1.18% Li2O from 51.8m.

Phase 2 drilling has continued to intersect additional pegmatites to the northeast and the whole deposit is still open along strike and down dip, executive director Luke Cox says.

“The second dill rig has now mobilised to the Morrison prospect, so looking forward to continued progress through the winter.”

ATLANTIC LITHIUM (ASX:A11)

A11 has awarded the processing plant Front-End Engineering Design (FEED) contract for the Ewoyaa Lithium Project in Ghana, West Africa to Primero Group.

Under the terms of the agreement, Primero will provide services to optimise the Project’s flow sheet, identify long lead items, look to maximise the Project’s long-term profitability, reduce execution risk and ultimately support the advancement of the Project towards becoming a financially and operationally robust lithium-producing mine.

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