Scotch Creek Ventures Inc. (OTCMKTS:SCVFF) Stock Pulls Back After The Jump
Shares of Scotch Creek Ventures Inc. (OTCMKTS:SCVFF) were under pressure on Tuesday after the recent jump.
Market Stats
On Tuesday, SCVFF stock moved down by 11.50% to $0.5754 with 11k shares, compared to its average volume of 7.8k shares. The stock has moved within a range of $0.5745 – 0.5934 after opening trading at $0.5807.
Drill Permit Granted to Scott Creek Ventures for Macallan East Lithium Project
Scotch Creek Ventures Inc. (OTCMKTS:SCVFF) has made an announcement on January 5, 2022, about officially receiving its drill permit from the Bureau of Land Management. The permit is for its Macallan East lithium project in Clayton Valley, Nevada.
Clayton Valley has been a lucrative source of lithium brine in the North American region. In fact, it is the home of the only producing lithium operation in North America (Albemarle Corp). Scotch Creek Ventures’ Macallan East project shares borders with several known lithium sources, such as Pure Energy Minerals’ 218,000 metric-tonnes lithium resource.
As of now, the company has identified three high-priority lithium drill targets within its Macallan East project. It is looking to initiate a drill program that covers more than 19,000 feet of drilling, as per a press release back in October 2021.
Matt Vitale, Scotch Creek’s Technical Expert, states that the Clayton Valley basin has collected, retained and concentrated lithium into both mineral brines and claystone. The Macallan East Lithium Project is situated along a significant portion of the eastern margin of the basin, an area that seems to be preferential for lithium concentrations in the Clayton Valley, based on adjacent projects. He says they are eager to start drilling and hope to discover America’s major lithium resource.
Key Quote
Matt Vitale, Scotch Creek’s Technical Expert, commented “Clayton Valley’s basin has collected, retained, and concentrated lithium into both mineral brines and claystone. The Macallan East Lithium Project is located along a key portion of the eastern margin of the basin. This eastern margin seems to be preferential for lithium concentrations in the Clayton Valley, based on adjacent projects. We are excited to begin our drill campaign in hopes of discovering America’s next considerable lithium resource.”
