TORONTO (miningweekly.com) – Junior explorer Lithium X Energy has received the necessary work permits from the Bureau of Land Management to complete four drill holes at its Clayton Valley North lithium project, in Nevada.
The Vancouver-based firm planned to drill two holes each at two different locations to test potential lithium-brine-bearing formations, including a basal aquifer below the valley.
The work formed part of the Phase 1 exploration programme at Clayton Valley North and results, if positive, would be incorporated into a maiden resource estimate. A third site, comprising two drill holes, would be determined based on the results of these first two drill sites, the company advised.
Lithium X expected to drill these holes to a depth that would intersect the gravel aquifer in the lower part of the basin, which was expected to be about 350 m deep. Each drill site was expected to comprise two closely spaced holes (one diamond core hole and another rotary) to increase data collection for the initial resource.
By using this system, the company expected to maximise the capture of accurate lithological and brine samples, as well as allow more thorough pump tests to be completed on relevant horizons. The current spacing between these drill sites, which were immediately north of currently operating wells, was about 800 m.
Lithium X had, in a matter of months since its creation, amassed the largest land position of lithium exploration properties in Nevada’s Clayton Valley, which hosted North America’s only producing lithium mine. The Western US state of Nevada was playing host to entrepreneurs and junior project developers rushing to stake land claims in a bid to get in on the hype created by Tesla Motors’ first $5-billion gigafactory under construction in the state.
The company had also acquired the Sal de Los Angeles project, located in the ‘Lithium Triangle’ in the mining-friendly Salta province of Argentina, covering 95% of Salar de Diablillos, a well-known subterranean brine aquifer with positive historic economics, grade and size.
The junior’s TSX-V-listed stock price had risen by 1 400% since the start of the year to C$1.02 apiece.