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PALM BEACH, Fla., March 23, 2023 /PRNewswire/ -- Lithium Mining is a process used for obtaining the metal from various sources such as brines, and hard rocks. It is the lightest metal and solid element found in nature and it is seen as a main component for the renewable energy market. According to the World Economic Forum, Latin America is home to an estimated 60% of identified lithium globally. While Argentina, Bolivia and Chile are considered to be in the 'lithium triangle' - an area in the Andes which borders the three neighbors and is rich in lithium reserves. It said that around 60% of identified lithium is found in Latin America, with Bolivia, Argentina and Chile making up the 'lithium triangle'. Demand for lithium is predicted to grow 40-fold in the next two decades due to the energy transition to renewable power and electric vehicles. It continued: "The US Geological Survey (USGS) estimates that out of a global total of 86 million tons of identified lithium, Bolivia is home to 21 million tons, Argentina 19.3 million and Chile 9.6 million. However, Chile is leading the way in utilizing these reserves into commercial production, according to the Center for Strategic & International Studies. It says Argentina and Bolivia are lagging behind due to investment challenges and more difficult geographic conditions. The global energy transition is predicted to trigger as much as a 40-fold increase in demand for lithium by 2040, according to the International Energy Agency (IEA). Lithium-ion batteries are used to store energy from renewable sources such as wind and solar." Active mining stocks in the markets this week include: Lithium South Development Corporation (OTCQB: LISMF) (TSX-V: LIS), Lithium Ltd. (NYSE: SLI) (TSXV: SLI), Sociedad Química y Minera de Chile S.A. (NYSE: SQM), Lithium Chile Inc. (OTCPK: LTMCF) (TSXV: LITH), American Lithium Corp. (NASDAQ: AMLI) (TSX-V: LI).
The article continued: "Demand for electric vehicles (EVs) is also soaring as more countries pledge to phase out gasoline-powered cars. Sometimes called 'white gold', lithium is one of the key components in EV batteries. Globally, EV sales rose to 6.6 million in 2021, almost double the volume from a year earlier. The huge demand for the metal has resulted in a rise in prices which is creating incentives to mine even more lithium. Identified lithium resources rose from 53 million tons in 2018 to 89 million tons in 2022, according to the USGS. The US Department of Energy estimates that electric vehicles emit 60% less carbon pollution than gasoline-powered cars. The UN says lithium production will be vital in helping wean the world off fossil fuels and reducing greenhouse gas emissions."
Lithium South Development Corporation (OTCQB: LISMF) (TSX-V: LIS), BREAKING NEWS: Lithium South Completes Alba Sabrina Claim Block Drilling - Deep Hole Underway at Natalia Maria Claim Block - Lithium South Development Corporation (the "Company") is pleased to announce the completion of AS07, the seventh exploration hole at the Alba Sabrina claim block, where the company has made a significant lithium discovery. With a depth of 152 meters, AS07 confirms the presence of brine. One double packer sample has been forwarded to Alex Stewart Laboratories of Mendoza, Argentina (ISO Certified) for evaluation. Drilling is now underway at the Natalia Maria claim block, with a current drill depth of 375 meters.
Drilling to date has delineated a brine-containing sub-basin approximately 1.2 kilometers wide by 7.6 kilometers in length, extending northward from the main basin of Hombre Muerto Salar. The drill plan included a line of four core holes north to south along the axis of the sub-basin, and three control holes along the west side of the sub-basin. The purpose of the control holes was to define the west side of the sub-basin and to determine if the western boundary was affected by freshwater inputs. All holes at Alba Sabrina have encountered significant thicknesses of brine.
Following the completion of the last borehole on the Alba Sabrina claim, the drill rig moved east to the Natalia Maria property where drilling is underway at exploration hole NM01. Drilling at NM01 has intersected brine-bearing interbedded sediments and fractured halite from surface to the current depth of 375 meters. Nine packer samples have been collected between 24 and 189 meters, with a density range of 1.215 to 1.218 g/mL and a conductivity range of 196.3 to 209.5 mS/cm. Samples will be sent to Alex Stewart Laboratories for analysis, drilling and sampling continue.
When the Natalia Maria borehole is complete, an updated resource estimate will be prepared by Groundwater Insight of Halifax, Canada.
"The successful drilling program at Alba Sabrina and the ongoing progress at Natalia Maria demonstrate our team's ability to identify highly prospective areas for lithium brine exploration and our commitment to delivering long-term shareholder value," said Mr. Fernando Villarroel, COO of Lithium South Development. "We are excited to move forward with the updated resource estimation and continue to explore and develop the Hombre Muerto North Lithium Project." CONTINUED: Read this release for the Lithium South news at: https://www.financialnewsmedia.com/news-lis/
Other recent mining developments in the markets include:
Sociedad Química y Minera de Chile S.A. (NYSE: SQM) recently reported earnings for the twelve months ended December 31, 2022, of US$3,906.3 million (US$13.68per ADR), an increase from US$585.5 million (US$2.05per ADR) for the twelve months ended December 31, 2021.
The Company also announced earnings for the fourth quarter of 2022, reporting net income of US$1,151.0 million (US$4.03 per ADR) compared to US$321.6 million (US$1.13 per ADR) for the fourth quarter of 2021. Gross profit for the fourth quarter of 2022 reached US$1,641.9 million, higher than the US$542.8 million recorded for the fourth quarter of 2021. Revenues totaled US$3,133.6 million, an increase of approximately 189% compared to the fourth quarter of 2021, when revenues amounted to US$1,084.3 million.
SQM's Chief Executive Officer, Ricardo Ramos, stated: "We are well pleased with the extraordinary results that the company delivered in 2022. While the positive price environment during the year contributed to the record earnings that we published today, our long-term view of the lithium market, the investments we made in new capacity, the risk we took and the operational success, all of that well positioned us to benefit from the market conditions seen last year."
Standard Lithium Ltd. (NYSE American: SLI) (TSXV: SLI), a leading near-commercial lithium company, announced recently the commencement of a drilling program at its South West Arkansas Lithium Project (the "Project") to support the forthcoming Preliminary Feasibility Study ('PFS' see news release dated May 02nd 2022). The drilling program will inform the resource definition and de-risk the resource estimate, provide additional porosity and permeability data through the entire thickness of the productive zones in the Smackover Formation, and optimize production-wellfield design.
Dr. Andy Robinson, President and COO of Standard Lithium, commented, "Since beginning the PFS work at our South West Arkansas Lithium Project last year, the team has been advancing numerous engineering and process studies, while simultaneously completing all the leases and permits required to start the drilling program. This systematic drilling program for both new wells and re-entries into pre-existing, plugged and abandoned wells will collect all necessary resource data for the forthcoming PFS as well as the majority of resource data for the subsequent Definitive Feasibility Study ("DFS" aka Bankable Feasibility). Our ongoing engineering and costing work at Phase 1A of our nearby LANXESS Property Project will also help inform the PFS. When complete, the PFS will provide an updated view of project feasibility and economics."
Lithium Chile Inc. (OTCPK: LTMCF) (TSXV: LITH)– As a result of recent market activity in the shares of Lithium Chile Inc. ("Lithium Chile" or the "Company") on the facilities of the TSX Venture Exchange, Lithium Chile recently confirmed that it has received an expression of interest from an arm's length third party for the potential acquisition ("Acquisition") of certain of Lithium Chile's South American assets.
The Company confirms that it has not signed any binding documents in relation to any potential Acquisition.
Lithium Chile intends to retain advisors to evaluate the appropriateness of entering into discussions pertaining to any potential acquisition. Lithium Chile is advancing a lithium property portfolio consisting of 111,978 hectares in Chile and 20,800 hectares in Argentina.
American Lithium Corp. (NASDAQ: AMLI) (TSX-V: LI) recently announced it has filed an independent National Instrument 43-101 Technical Report (the "Report") on the Preliminary Economic Assessment ("PEA") for the Tonopah Lithium Claims ("TLC") project located in the Esmerelda lithium district northwest of Tonopah, Nevada. Highlights of the PEA were previously announced on February 1, 2023. The PEA and accompanying Technical Report were completed by DRA Global and Stantec Consulting Services Inc. ("Stantec") and demonstrate that the TLC project has the potential to become a substantial, long-life producer of low-cost, high purity lithium carbonate ("LCE").
The Company also announces that it has engaged DRA Global as lead engineer for the TLC Preliminary Feasibility Study ("PFS"). As part of the initial PFS work, large diameter (5.7") diamond core drilling has commenced at TLC with 10 holes planned to target 10-15 tonnes of high grade TLC lithium claystone mineralization. The 10-hole program is spread throughout the proposed PEA mine plan footprint and will provide sufficient quantity and variability of mineralized material for detailed metallurgical and pilot process plant testing later in the year.
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