- Li3 Lithium (TSXV:LILI) has announced it is shifting its focus to copper, including its 100 per cent owned Northern Lights Copper Project in Nevada
- Sampling conducted by the company confirms the project has ore-grade copper with widths over 4 metres at surface
- The project is in close proximity to Nevada Copper’s (TSX:NCU) Pumpkin Hollow copper mine
- Shares of Li3 Lithium are down 16.67 per cent to C$0.025 as of 10:26 am ET
Li3 Lithium (TSXV:LILI) has announced it is shifting its focus to copper, which includes its 100 per cent owned Northern Lights Copper Project in Nevada.
In a news release, the Toronto-based company stated previous sampling it conducted has confirmed ore-grade copper with widths over 4 metres at surface.
Notably, the project also sits near Nevada Copper’s (TSX:NCU) Pumpkin Hollow copper mine, which has more than 6.5 billion pounds of copper equivalent resources.
This move to focus on copper means Li3 Lithium will be withdrawing from its Zimbabwe Lithium project.
“While the decision to disengage from the company’s Zimbabwe lithium project has been a difficult one, we feel it is the right one and will free up scarce resources to fast-track exploration on the company’s 100 per cent owned Nevada copper project,” Steve Dunn, chairman of Li3 Lithium, said in a statement. “Demand for copper is forecast to undergo unprecedented structural change driven by the global energy transition.”
Li3 Lithium said it plans to conduct a two-phase exploration program at the Northern Lights Copper Project as recommended in an NI 43-101 report from December 2021.
The first phase will include a ground-based electromagnetic survey to define high-grade copper mineralization consistent with the magnetic anomalies already identified.
Meanwhile, phase 2 will include reverse circulation drilling to confirm copper mineralization.
Dunn also explained that CEO Francois Auclair has stepped down and that Dunn will act as CEO and president alongside his position as chairman. Dunn also said the company is considering changing its name to reflect its focus on copper.
Li3 Lithium is now focused on copper and in particular its Northern Lights Copper Project. The project is in the central portion of Nevada’s well-known Walker Lane Trend about 25 kilometres southeast of Yerington, Nevada. The property consists of 58 lode mining claims covering 1,200 acres.
Shares of Li3 Lithium are down 16.67 per cent to C$0.025 as of 10:26 am ET.
Join the discussion: Find out what everybody’s saying about this stock on the Li3 Lithium Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.