It said: “Lithium prices continue to rise exponentially in China on the back of heavy demand for lithium iron phosphate batteries, the first ever mid-month assessment by battery supply chain research and price reporting agency Benchmark Mineral Intelligence shows.
Balraj Mann, CEO, commented, “Macquarie Group recently stated the lithium market is moving to a deficit in 2022 with material shortages emerging in 2025.
The historic assessment report , established on a 150 x 500-foot grid pattern, confirmed that a very intense, widespread lithium geochemical soil anomaly is situated between the Central and Mapetre Dikes covering an east/west distance of approximately 1100 metres with a width of 100 metres at the east end, widening to approximately 350 metres at the west end.
Results of the lithium soil geochemistry were highly anomalous as several areas reported over 1,000 ppm lithium concentrations with a widespread lithium anomaly showing > 300ppm Li and remaining open ended to the east.
TANCO geologists strongly recommended that the company explore both these target areas with additional drill programs; however, at the time, tantalum was TANCO’s metal of choice and the company had no interest in producing lithium.
These pilot ponds operated for three years and produced concentrated brine to run all the experimental tests and produced an excess of 20 tonnes of concentrated brine, equivalent to approximately two tonnes of lithium carbonate that remains to be processed through the pilot plant.
This news release should be read in conjunction with Lithium Americas’ consolidated financial statements and management’s discussion and analysis for the year ended December 31, 2020, which are available on the Company’s website and SEDAR.
Total long-term liabilities increased primarily as a result of a $24.7 million drawdown on the Company’s limited recourse loan facility and a $12.0 million drawdown on the Company’s senior credit facility, partially offset by the effect of closing the transaction with Ganfeng.
To accomplish this, the Gaston Enrique, Natalia Maria and Alba Sabrina claims will be sited for drill programs. The Company has located a service provider who has a drill rig located on the salar near the Alba Sabrina claim block and is negotiating a drill contract.
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