Barisan Gold Corporation (CVE:BG), will be known as Lithion Energy Corp, as soon as the regulators on Toronto’s Venture Exchange give the nod. The change follows on from the acquisition of the Railroad Valley lithium property in Nevada and the Black Canyon lithium property in Arizona in 2016.
At the most recent annual meeting new directors were appointed to drive the company’s entry into the lithium market, most notably Darren Smith as chief executive and Karen Dyczkowski as chief financial officer. Smith is a geologist with a wealth of experience in lithium and rare metals, while Dyczkowski has long-standing service with Barisan itself.
Lithium at Railroad Valley near major producer
Railroad Valley is located in south-central Nevada, and consists of 199 placer claims totalling 9,835 acres or 3,980 hectares. The property fits the current geological model and understanding of lithium brine deposit occurrences as defined by the US geological survey, and is considered analogous to the nearby Clayton Valley mine, which hosts the US’s only operating lithium mine at Silver Peak.
Black Canyon reported to have extremely high lithium grades
Meanwhile, Black Canyon is located in central Arizona, and consists of two exploration permits totalling 360 hectares. The property covers a lithium clay exploration target that is adjacent to the Lyles hectorite project which is currently being mined for its clay by a local private company.
The Lyles deposit is reported to have very high lithium content of 5,300 ppm Li2O, with anomalous lithium values documented to the north and south. Regional geological mapping and satellite photo analysis indicate that there is a high probability of the same lithium bearing clay unit on the Black Canyon Property.
Outlook for lithium strong
With the rise of Tesla, other electric vehicles and the increasing prevalence of battery technology, the use of lithium is set to rise exponentially. New supply is coming on, but only from small mines, so the market could remain constrained for some time.