ACME Lithium Inc. has announced the commencement of a Phase 2 geochemistry sampling program to develop further knowledge of lithium occurrences at ACME Lithium’s FLV claim group in Fish Lake Valley, Nevada.
As stated in the Company’s news release dated January 19, 2023, a recent geological field review and sampling program at Fish Lake Valley, Nevada resulted in the highest surface lithium values to date with up to 1325 ppm lithium. As a pilot project, identification of this particular high grade lithium target utilized ASTERRA’s satellite-based technology, as part of the teaming agreement announced on January 26, 2023.
ACME’s Phase 2 sampling program is designed to focus on the higher-grade Lithium rock anomalies and to expand into adjacent areas of similar geology and alteration in a southwest direction along the range front area. Previous sampling has identified trends where anomalous lithium and boron values show structures that were open and receiving fluids at the time of mineralization. Those structural zones are targets for where lithium and boron mineralization could be hosted in structural blocks such as grabens.
The FLV claim group encompass 144 lode mining claims totalling approximately 2,975 acres, in Esmeralda County, Nevada and is directly west and contiguous to Ioneer Ltd.’s world class Rhyolite Ridge Lithium-Boron project area.
On January 13, 2023, the US government announced that it had committed up to $700 million in construction funding to Ioneer’s project. Under the Department of Energy’s Advanced Technology Vehicles Manufacturing (ATVM) loan program, the proposed loan to Ioneer could allow the company to start mine construction next year. Last summer, Ioneer entered into offtake agreements with Ford Motor Co, Toyota Motor Corp, and Panasonic Corp to supply lithium for EV battery production in the US. Following news of the conditional loan, Ioneer reported that it could produce enough lithium for 370,000 electric vehicles per year.