High-Grade Lithium Concentrations Reported Across Multiple Zones Discovered in Saskatchewan + $1.28M Financing Closed - EMP Metals (EMPS.c EMPPF)
Last week, EMP Metals (EMPS.c EMPPF) reported high-grade lithium concentrations across multiple zones discovered in step-out drilling located 10 kilometers north of their initial discovery well in Saskatchewan, significantly derisking the project.
Highlights include:
- Significant lithium concentrations of 157 mg/L in the Wymark D zone and 139 mg/L in the Wymark C zone, consistent with earlier discoveries.
- The identification of new lithium-bearing zones, including the Souris River zone, which tested at 72 mg/L, indicating potential resource expansion.
- The 10-kilometer step-out confirms the continuity of the lithium resource across EMP Metals' land base, reducing risk for the project.
EMPS' CEO Karl Kottmeier noted the excitement around the new potential of the Souris River zone, stating:
“We were particularly excited by the new potential of the Souris River zone, which was previously untested in this area. With concentrations comparable to other known zones, we believe this newly tested zone could further increase the total resource estimate. Our next steps will involve updating our mineral resource assessment and completing our front-end engineering design (FEED) study.”
Plus, EMPS completed a non-brokered private placement of $1.28M with a significant investment from Tembo Capital for the entirety of the financing.
With this, Tembo now owns 22,585,680 shares and 13,739,250 share purchase warrants, representing 19.66% of EMP’s outstanding shares on a non-diluted basis, and 19.99% on a partially diluted basis.
The funds raised will be used for the development of EMP's Saskatchewan lithium properties and for general corporate purposes.
With lithium concentrations exceeding 2,000 mg/L, EMPS is planning to update its resource estimate and progressing with horizontal well testing for lithium brine extraction and is strongly positioned to become a key player in the growing lithium industry, as it aims to deliver battery-grade lithium carbonate to meet the increasing demand from the electric vehicle and battery storage markets.
Latest News Release:
https://empmetals.com/emp-metals-closes-private-placement-financing-of-1-28-million-investment-by-tembo/ For more information, refer to this deep dive:
https://www.reddit.com/r/PennyStocksCanada/comments/1fut78q/why_direct_lithium_extraction_dle_could_be_the/ Posted on Behalf of EMP Metals Corp.