ACME Lithium Inc. (CSE:ACME, OTCQB:ACLHF) has reported that its recent Phase 2 geological field review and sampling program at Fish Lake Valley in Nevada has resulted in numerous new occurrences of lithium values exceeding 1,200 parts per million (ppm) lithium with the highest surface value to date at 1,418 ppm lithium.
The company also noted that boron anomalies up to 1,964 ppm occur with and adjacent to surface lithium anomalies.
The company said the Fish Lake Valley claim group encompasses 144 lode mining claims totalling approximately 2,975 acres, in Nevada’s Esmeralda County and is directly west and contiguous to Ioneer Ltd's world-class Rhyolite Ridge lithium-boron project area.
As a pilot project, following a teaming agreement announced on January 26, 2023, ACME said eight of these particular high-grade lithium targets were identified utilizing ASTERRA's groundbreaking satellite-based technology. Based in Israel, it noted that ASTERRA has developed a revolutionary Synthetic Aperture Radar (SAR) utilizing data analytics, patented algorithms and artificial intelligence to identify lithium-specific targets. ACME said it is the first in North America to use ASTERRA's technology.
Phase 2 sampling program
ACME said its Phase 2 sampling program is designed to focus primarily on the higher-grade lithium rock anomalies and to expand into adjacent areas of similar geology and alteration.
Previous sampling has identified trends where anomalous lithium and boron values show structures that were open and receiving fluids at the time of mineralization. Those structural zones are targets for where lithium and boron mineralization could be hosted in structural blocks such as grabens. Lower-grade lithium anomalies sampled along structural trend from higher-grade zones may overlie stronger lithium mineralization at depth.
The company said 58 rock and soil samples were collected as a follow-up to the FAST91 1,325 ppm lithium rock sample collected in the previous sampling program at Fish Lake Valley.
It said the most recent sampling continues to suggest that the lithium anomalies found on the project are hosted by geologically young, basin-fill claystone sediments comparable to those found at the nearby Rhyolite Ridge Mine. Lithium anomalies occur in these receptive clay stones along the margins of fault-bounded graben basins and the current sampling has expanded the area of strong lithium mineralization, in addition to the discovery of additional scattered areas of strong lithium mineralization and a broad area of moderate claystone lithium mineralization approximately one-half mile east of the FAST91 sample.
The company said shallow drill holes to test the areas of strong lithium anomalies are warranted as are the lithium anomalies associated with the geophysical anomaly northwest of the FAST91 area.
Geophysical survey
ACME said a geophysical survey completed 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 the nearby Rhyolite Ridge lithium deposit.
Mapping, geophysics, and sampling to date are consistent with a model of structural feeder zones forming bedded mineralization within down-dropped structural blocks, the company said, 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.
ACME said Ioneer's Rhyolite Ridge deposit about three miles to the east is hosted in fine lake sediments of the Cave Spring formation deposited in a graben or down-dropped fault basin. A similar basin has been proposed under the broad gravelly wash crossing the northeast part of the FLV claim block based on geomorphology. This mapping program found a previously unrecognized window about 400 meters by 400 meters on the margins of the wash with scattered outcrops of Cave Spring lithologies under the gravels. The sampling shows the anomalous lithium and boron values are from those exposures. This is the first definitive evidence of Rhyolite Ridge lithologies on the property, the company said.
ATVM loan program
The company noted that the US government announced in January that 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 Corp, and Panasonic Corp to supply lithium for EV battery production in the US. Following news of the conditional loan, Ioneer reported that it could produce enough lithium for 370,000 electric vehicles per year.
ACME said the 58 samples were analyzed by American Assay Lab in Sparks, Nevada. Analyses were by ICP-AES with Na202 fusion for 27 elements including lithium and boron. It said the QAQC protocol included two analyses of a blank, three of commercial standards and seven duplicate analyses. The results from this protocol fall within accepted analysis standards.
ACME is well funded by strategic investors and positioned to complete its exploration and development objectives through the near term to provide a domestic supply of lithium to the US and Canadian markets.
Contact the author at stephen.gunnion@proactiveinvestors.com