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ACME Lithium: first class Nevada and Manitoba prospects

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ACME Lithium [CSE:ACME] currently owns multiple North American projects in areas that are already known for lithium development and exploration. Among these are projects in both Clayton Valley and Fish Valley in Nevada, plus also a trio in the pegmatite fields of the Bird River Greenstone Belt, in Manitoba.

ACME Lithium combines a highly experienced team with an obvious demand for high grade lithium output in North American jurisdictions. The introduction of the Inflation Reduction Act by the Biden administration in August flagged up the very real strategic interest in ensuring US industry has access to the next generation natural resources it requires.

ACME Lithium has 100% interest projects in some of the prime lithium development areas in the US and Canada, including  122 claims acquired or under option to acquire in Nevada’s Clayton Valley, and a further 144 lode mining claims in Fish Lake Valley (some 2975 acres).

Nevada represents prime lithium prospecting country. It is recognised as a very mining-friendly jurisdiction, and has access to on-site expertise, infrastructure, rail and roads. ACME’s projects are less than 200 miles from Tesla’s gigafactory near Lake Tahoe, one of the highest volume plants for electric motors.

The Clayton Valley project which ACME Lithium is currently looking at is next to the Silver Peak lithium mine, which is owned and operated by one of the largest lithium miners in the world, the Albemarle Corporation [NYSE:ALB]. It is the only lithium mine currently producing in the US, having been mined for lithium since 1966.

ACME also has Fish Lake Valley, of course, which is close to the Ioneer Corp’s Rhyolite Ridge lithium clay project. This is currently in late stage permitting.

ACME Lithium

ACME launched a Phase 1 drill program at Clayton Valley last summer in which prospective basin sediments have been encountered and delineated as highly probable for aquifer units. Positive results have been reported following the analysis of brine samples taken from the program. Lithium has been detected at concentrations ranging from 38 to 130 mg/L.  These indicate the existence of a bicarbonate rich groundwater quality affinity which is considered typical of the Clayton Valley lithium brine aquifers. ACME said that lithium concentrations appear to increase in the vicinity of the deeper lacustrine tuff unit, and in deep gravels underlaying the tuff near to the bottom of its first drill hole.

Currently the company has initiated Phase 2 of planning and procurement of an expanded drilling and pump test program which is to begin imminently. This will include a larger diameter test well and up to three new exploration holes. It is planning to use new technology in the form of direct lithium extraction, a lower cost and more sustainable approach to extracting lithium from brine. Obviously this will require the project to have reached a more mature phase, but ACME tells us that Schlumberger and Panasonic are currently building a DLE pilot near its Clayton Valley project.

The other project investors can get excited about in the near term is Fish Lake Valley. Here the company has already found 1325 ppm surface lithium, based on a recent geological field review and sampling program. 600 ppm has been found historically in sediment sampling. ACME completed a field review in 2021 yielding surface values of up to 410 ppm.

Exploration activity is also ongoing at the company’s projects in Canada: in Manitoba it has 37 mineral claims totalling 17,000 acres in the Bird River Greenstone belt.  It also has 21 claims at Shatford and Birse Lake. It has completed an extensive 2022 exploration program – no drilling yet however. It is currently in the process of signing its exploration agreement with the Sagkeeng First Nation. Drill targets from multiple sites have been identified and include numerous pegmatites. Drilling has commenced at the Shatford Lake project based on findings from the summer exploration program.

First thoughts on ACME Lithium:

  • First class jurisdictions with growing government support for the resource base
  • Projects have been sourced closed to the heart of US and Canadian lithium development
  • Very experienced management team led by CEO Stephen Hanson
  • New drill programs scheduled in for both Manitoba and Nevada
  • $9m working capital with backers that include Lithium Royalty Corp and Waratah Capital Advisors

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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