TSXV:CELL - Post Discussion
Post by
MarketMakerss on Jan 26, 2024 6:31pm
CELL Files NI 43-101 Report on Texas Springs Li Project
In the fall of 2023, CELL completed the Phase 1 exploration of the Texas Spring Property which provided impressive and on-trend results compared to those found at Surge Battery Metals' adjoining Nevada North Lithium Property.
Applying a 1,000ppm cut-off, the Phase 1 exploration results included average lithium grades of 2010ppm and up to an impressive 5,610ppm lithium.
Texas Springs' location directly adjacent to Surge's Nevada North is significant as Surge's first round of drilling identified strongly mineralized lithium-bearing clays with the average lithium content being 3254ppm and the highest grade to date being 8070ppm lithium.
CELL President & CEO, Tim Fernback, commented:
"We are happy to report the filing of the NI 43-101 Technical Report on our Texas Spring Lithium Project. The recommendation for future exploration includes a multi-phase drilling program as a logical next step here on the property. The timing is good for the Company, and with approximately CAD$7.2 million in our treasury, we are well-positioned and fully funded for our 2024 exploration season.”
This news follows CELL's completed sale of 100% of its Surge holdings for total net proceeds of over $5M to add to the company's treasury, solidifying CELL's already strong financial position, increasing its cash balance to ~$7.2M in its treasury, fully funding its 2024 exploration season.
Having amassed a high-potential portfolio of projects in Nevada, the #1 mining jurisdiction in the world according to the Fraser Institute, CELL is positioned industry strongly for exponential growth in the long term due to lithium's key component in the production of EVs.
Posted on Behalf of Grid Battery Metals Inc.
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