Lithium Chile Inc (OTCMKTS:LTMCF) (TSXV:LITH) Stock Pulls Back After Recent Gains
Shares of Lithium Chile Inc (OTCMKTS:LTMCF) (TSXV:LITH) pulled back a bit in Wednesday’s trading session.
Market Stats
On Wednesday, LTMCF stock slid 6% to $0.6800 with more than 481K shares, compared to its average volume of 202K shares. The stock moved within a range of $0.6760 – 0.7760 after opening trading at $0.7760.
Recent News
Monumental Minerals Corp on March 9, 2022, announced that the firm has ventured into an arm’s length letter of intent with Lithium Chile Inc (OTCMKTS:LTMCF). This will enable the company to acquire about 75% of the 5200-hectare Salar De Laguna Blanca project, which is near the town of San Pedro de Atacama, Chile.
Laguna Project, located near the prolific lithium triangle, includes countries such as Bolivia, Argentina, and Chile. Estimated to have over half of the global lithium supply, the Laguna Blanca property comprises 23 exploration concessions of about 5,200 hectares. The project is in the early exploration stage, accessible from San Pedro de Atacama, 80 kilometers to the west. Travel time from San Pedro de Atacama to the property is 90 minutes.
Jamil Sader, Monumental’s CEO and a Director said that Laguna Blanca’s lithium asset is a strategic acquisition for the company. Sader added that it has the potential to be a significant cesium-lithium deposit in this region.
Sader added that Lithium grades assessed to date are consistent with the mines in production in the region. He added that it has the extra benefit of becoming economic cesium, a critical metal essential for 5G communication. The CEO opined that the project is complementary to the firm’s flagship Jemi heavy rare earth project in Mexico. Sader said that the robust elements of two assets will take Monumental to take benefit of the global shift of decarbonization as well as add value for shareholders.
Traders Corner
LTMCF stock is trading below the 20-Day and 50-Day Moving averages of $0.69 and $0.69 respectively. However, the stock is trading above the 200-Day moving average of $0.46.
