I've posted here before regarding the potential for a micro cap ASX lithium explorer stock.
It was a 3 million dollar capped stock back then and although it represented potential for me, it was overly risky for some. Fair enough, I don't blame you.
But, to me, its 3 lithium brine projects in Nevada was just too good to pass up. I say this after talking to the managing director of the company as well as studying its magnetotelluric survey results.
Fast forward to today - it just completed a fully underwritten A$3.5mil entitlement offer (with Pattersons' as lead). What does this mean? It means we are funded and ready to drill out first core hole at Columbus Salt Marsh where we have recorded resistivity of 0.2 ohm-meters. The lower the better as it suggests higher concentration of lithium bearing salts in the aquifer.
As I previously mentioned, it has not one, but three lithium brine projects. Columbus Salt Marsh (fully funded for drilling and testing ~1.9mil), Big Smokey South (10km from Silver Peak, permitted to drill) and Alkali Lake North (permits pending). We also have some magnetite and uranium assets in Australia but that has been benched and lithium is the current sole focus.
The plan now is to mobilise a core drilling team to our Columbus Salt Marsh project to drill our 1000m hole. Drilling commences in one month for first assays in two or so months. Judging from the MT surveys, we have the best lot of claims at Columbus Marsh. I say this after studying the results of Caeneus Minerals who hit assays of up to ~90 mg/L Li2O next door. Our resistivity are a fair bit lower so I expect we will return even better assays from drilling.
From that, we will conduct hydrological testing on the mineral brines as well as plan our next drill hole(s) with our remaining funds (1-1.5mil).
I think there is clearly value in this company especially since it will have less than 400mil shares on issue and is currently capped at less than A$15M. Fully funded for drilling, RLC it one of the cheapest lithium brine stocks on the ASX.
