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A New, Domestically Sourced, Battery Grade Lithium Deposit

Stockhouse Editorial
1 Comment| May 10, 2022

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(Image via Cruz Battery Metals Corp. Click to enlarge.)

A resource company that acquires and develops metals projects for the rechargeable battery and renewable energy sectors is rushing assays from the latest phase of drilling.

Cruz Battery Metals Corp. (CSE: CRUZ, Forum) encountered potential lithium-bearing claystone in every drill hole at its wholly owned, 3,277 sq. metre (8,135 total contiguous acre) Solar Lithium Project in Nevada.

The lithium-bearing claystone formation was encountered in all the holes drilled during Cruz's first phase of drilling on the Solar Lithium Project, including values as high as 1,300 parts per million Lithium (ppm Li).

In an update released this week, the company’s President, Jim Nelson said that the team remains encouraged that every hole of the phase II drill program has encountered the targeted potential lithium-bearing claystone.

“Cruz has a large footprint and a similar size property to our neighbor, American Lithium, who has a current market capitalization of approximately $650 million. Lithium prices remain strong as the demand for electric vehicle (EV) batteries continues to grow at a rapid pace. Cruz's goal is to locate and provide a new, domestically sourced, battery grade lithium deposit, and we look forward to the upcoming results from the phase II drill program.”

Cruz Battery Metals followed this up with news on Tuesday that it had received drill results from three holes of the phase II drill program on its Solar Lithium Project. Hole-3 achieved values as high as 900 ppm Li, hole-4 achieved a high value of 790 ppm Li, and hole-5 achieved a high value of 820 ppm Li. Cruz is still awaiting further drill results from the phase II drill program, of which samples were sent for assaying on a rush basis to ALS labs in Reno. The Solar Lithium Project directly borders American Lithium Corp.'s TLC project.

CEO Nelson added that since Cruz had encountered further evidence of lithium present on the Solar Lithium Project, close to the border of American Lithium Corp.'s TLC project, the team awaits the reaming results of the phase II drill program.

“The data provided by the first two phases of drilling will allow the company to plan a larger phase III program in the second half of 2022. Cruz has a large footprint and a similar size property to our neighbour, American Lithium. Cruz's goal is to locate and provide a new, domestically sourced, battery grade lithium deposit.”

The company also holds interests in Canada.


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Comments

You guys get paid to write this stuff? Seems just like a copy and paste from their previously released NR.
(2)
May 10, 2022

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