The bottom may be in for lithium as prices stage a massive reversal following COP28's comments about fossil fuels. This marked a significant milestone with countries attending the conference agreeing to “transitioning away from fossil fuels in energy systems” to help achieve a net zero by 2050 target as this was the first time fossil fuels were directly referred to. Notably, in order to achieve this, lithium is going to be a key component in the transition. (Source: https://www.marketindex.com.au/news/lithium-price-stages-massive-reversal-on-cop28-chart-suggests-low-may-be-in)
Located within this dynamic landscape, Surge Battery Metals (NILI.v NILIF) has made a name for itself in developing its tier-one flagship with world-class lithium grades averaging ~3-4 times higher than its peers.
Earlier this week, NILI commenced additional mineral processing test work on the 2023 drill samples from its high-grade lithium clay discovery at the Nevada North Lithium Project.
Kemetco Research is providing bench testing on three composite samples of mineralized clay obtained from the 2023 sonic core drilling program, collected from three geographically diverse holes at different depths.
Testing is aimed at determining at a bench scale how the mineralized material can be processed to separate the lithium from the mineralized rock, and from there to refine and optimize the conceptual flow sheet to produce a saleable product.
The testing will determine Li grade, carbonate content, and other chemical parameters, with the end goal to precipitate lithium carbonate from the leach solutions to simulate the full extractive process at a bench scale.
The completion of the full test program is targeted for the end of Q1 2024.
Notably, initial metallurgical tests on coarse rejects from the 2022 reverse circulation drill samples yielded favorable results regarding acid consumption to separate lithium from the uppermost high-grade clay unit.
Mr. Greg Reimer, Chief Executive Officer, and Director commented:
"I am very pleased to be advancing on schedule with our aggressive plan to develop our high-grade lithium clay discovery. Our early testing demonstrated that the front-end lithium extraction using a traditional sulphuric acid leach for the NNLP can be performed at acid rates comparable with those for advanced lithium clay projects in the same class. This testing aims to further prove that work and advance from there to develop and test the fully optimized flow sheet to yield a high purity lithium solution and a purified lithium carbonate sample."
This follows the release of the first certified assay results from the 2023 core drilling phase which returned results greater than 4000 ppm lithium for samples starting from surface and to depths greater than 175m with the highest-grade assay of 7,630ppm lithium being observed at less than 30m depth.
Previous 2023 drilling highlights from NILI's Nevada North Project include:
1) Achieving the highest-grade lithium assays to date with up to 8,070ppm Li,
2) Expanding the known mineralization to ~3km extending 1.5km north
3) Identifying the likely edge of another near-surface claystone horizon
4) Revealing the presence of coarse carbonate minerals that can likely be screened out from lithium mineralization to improve overall metallurgical recoveries.
Posted on behalf of Surge Battery Metals Inc.