Grid Battery Metals Inc. (TSXV:CELL) (OTCQB:EVKRF) Stock Gains Momentum: Is It Sustainable?
Considering the fact that the Grid Battery Metals Inc. (TSXV:CELL) (OTCQB:EVKRF) stock clocked gains of 8% for the day on Thursday, it is likely to be on the radars of investors this morning.
Grid Battery Metals Drilling Update on its Clayton Valley Lithium Project
Yesterday the company announced a reverse circulation drilling initiative was underway at Grid Battery Metals’ claim block located at Silver Peak in Clayton Valley, Esmeralda County, Nevada. The land package under the company’s control spans across an area of around 2300 acres and is located adjacent to the western part of the evaporation ponds of the lithium producer Albermarle.
It is also not too far away from the proposed Angel Island Lithium Mine belonging to Century Lithium Corp. Grid Battery Metals revealed that it already completed the drilling of the first hole up to a depth of 870 feet and the remaining holes would be drilled up to a depth of 1500 feet.
In the news release, it was also noted that one of the company’s goals in the planned drilling initiative was to test the depth of the lithium brine that had been accumulated at the property. Once that is ascertained, it would be possible for the company to plan an extensive exploration program as a follow-up.
CEO Comment
Mr. Tim Fernback, company president and CEO, comments “Our Clayton Valley Lithium Project is situated near Albemarle Corporation’s (NYSE:ALB) Silver Peak Mine, which is North America’s only producing lithium brine mining operation. Our property is located immediately to the west of this existing Albemarle lithium production facility. Additionally, our lithium property is near Century Lithium’s (TSXV:LCE) (OTCQB:CYDVF) Angel Island lithium project, which recently released a positive feasibility study detailing a 40-year mine life and an after-tax NPV8 of $3.01 billion. One of the stated goals of the planned drilling program will be to test the depth of the accumulated lithium brine and claystones on our property. With this knowledge, we can propose a significant follow-on exploration program that will work towards an eventual resource calculation and NI# 43-101 Preliminary Economic Assessment. We remain very excited about this opportunity in Nevada for our company and shareholders.”