Uvre is ready take advantage of the clean energy revolution with its new South Pass lithium project in the heart of the USA and in close proximity to EV supply chains. Pic via Getty Images
Mining
Special Report: Uvre has staked the South Pass hard rock lithium project in Wyoming, next door to one of the projects of recently listed Chariot Corp, at a time when the US federal government is actively funding domestic sources of strategic minerals.
Uvre (ASX:UVA) listed last year on a uranium-vanadium project called East Canyon in Utah, USA. Uranium is enjoying a strong tail winds which the company is currently exploring for at East Canyon, and the company always said it would be open to pursuing other critical mineral opportunities in the US should they arise.
The US is at the heart of the green metal and energy transition race following the passage of the Inflation Reduction Act (IRA) which was enacted in August 2022.
The IRA unleased nearly A$800bn in tax breaks and subsidies over a decade to boost clean energy infrastructure and encourage high-tech green manufacturing – think solar panels, turbines, and batteries – across the country.
Domestic sources of strategic minerals such as lithium are incredibly important to the US and UVA now has one of the first mover advantages as one of the only two known ASX listed companies currently exploring for hard rock lithium in Wyoming.
Chariot Corporation (ASX:CC9) is the other ASX player having listed just last week with various early-stage projects across the state following a $9m raising and ~$70m market cap at IPO.
South Pass comprises 206 unpatented mining lode claims, covering 4,258 acres and is 100% owned by Uvre through its newly created subsidiary Uvre USA, and wholly owned US subsidiary Uvre Wyoming.
The project contains favourable geological characteristics including outcropping pegmatites and dykes that occur in large swarms.
UVA says these swarms hold the potential to be lithium bearing Lithium Caesium Tantalum (LCT) pegmatites due to historical lithium mineral reports and lithium detected in historical regional multi element chemical sampling.
The geology of this area is known to host abundant pegmatite swarms with 50% of the project area believed to be Archean granites and pegmatite.
These pegmatites have been observed via satellite imagery (and later confirmed during field reconnaissance) up to several hundred metres long in the vicinity of nearby faults and the South Pass greenstone belt.
Similar pegmatites in the district have been found to be enriched in columbite, tantalite, microline, tourmaline, beryl and garnet, with accessory minerals including lithium bearing lepidolite and spodumene.
All of this illustrates the potential for pegmatites within South Pass to be fertile for lithium mineralisation, UVA says.
“We are thrilled to have organically identified and secured a highly prospective and strategically located hard rock lithium asset in the US, which is aligned to our strategy of securing critical mineral projects and other value accretive opportunities in first world jurisdictions,” UVA managing director Peter Woods says.
“Uvre has an existing USA geological team and given the excellent access to the South Pass lithium project, the company is well positioned to get boots on the ground and begin initial exploration.
“Given the recent success of other ASX listed lithium exploration companies, and recent M&A activity in the lithium sector, it gives the company encouragement that it will be highly leveraged to any early exploration success at the South Pass lithium project.”
Systematic exploration at the South Pass Lithium Project is due to begin immediately with geological mapping of the pegmatites.
Rock chip sampling will also occur with the aim to confirm the historical occurrence of spodumene and lepidolite as sited in the 1965 Geological Survey Report on the project.
Other identified prospective areas within Wyoming and elsewhere are being investigated by UVA.
This article was developed in collaboration with Uvre, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
