ACME Lithium Inc. (CSE:ACME, OTCQB:ACLHF) revealed that its recent geological field review and sampling program at Fish Lake Valley in Nevada has resulted in the highest surface lithium values to date with up to 1,325 parts per million (ppm) lithium.
The Vancouver-based mineral exploration company focused on acquiring, exploring, and developing battery metal projects, said boron anomalies occur with and adjacent to surface lithium anomalies. Investors can find a link to the rock and soil analysis in table form here.
The company said its most recent study confirms historical and new lithium occurrences on the property and that “certain beds are enriched in lithium.” Several of the surface enriched beds appear to be clay altered tuffs and may form semi-continuous sedimentary horizons below relatively unmineralized cover units, it added.
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The FLV claim group encompass 144 lode mining claims totaling around 2,975 acres, in Esmeralda County, in Nevada. The property has been mapped with historical sampling occurring at up to 610 ppm lithium. ACME says the current erosion surface could be exposing the edges of a stratigraphic deposit, or deposits, with possible bedding conformable lithium mineralization.
ACME's Fish Lake Valley project is directly west and abuts Ioneer Ltd (ASX:INR, OTC:GSCCF)'s world class Rhyolite Ridge Lithium-Boron project area. On January 13, 2023, the US government said it had committed up to $700 million in construction funding to Ioneer's project. Under the Department of Energy's Advanced Technology Vehicles Manufacturing (ATVM) loan program, the proposed loan to Ioneer could allow the company to start mine construction next year.
Last summer, Ioneer entered into offtake agreements with Ford Motor Co, Toyota Motor (NYSE:TM) Corp, and Panasonic Corp to supply lithium for EV battery production in the US.
Similarities with Rhyolite lithium deposit
ACME noted that a geophysical survey finished in the Fall of 2022 indicates the presence of a down-dropped fault block with interpreted target clay sediments potentially similar to illite units identified in nearby Ioneer’s Rhyolite Ridge lithium deposit.
A basin fault is evident near the southwestern end of the survey profile. Moderate to low clay concentration sediments and possible carbonate-bearing sediments are interpreted to be present at the surface near the southwestern basin fault that extends beyond a depth of one kilometer (km) over about 80% of the profile.
Higher concentration clay sediments are interpreted over a surface distance of about 700 meters, said the company. Drilling has been recommended to determine the near-surface relationship between the different interpreted concentrations of clay sediments, potential associated carbonate-rich units and the occurrences of lithium and boron.
Mapping, geophysics, and sampling to data are “consistent” with a model of structural feeder zones forming bedded mineralization within down-dropped structural blocks, noted ACME, while adding that drilling is “justified and is needed” to test the full potential host section.
Additional potential down-dropped structural blocks containing geologically young sediments have been identified on the property and are currently being evaluated, added ACME.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive