Caeneus Minerals (ASX:CAD) has commenced drilling at its Lida Valley Lithium Brine Project located in the U.S. state of Nevada.
Furthermore, drilling is preparing to commence at the Scotty’s South Lithium Brine Project, also located in Nevada.
Drilling is also advancing at the Columbus Marsh Lithium Brine Project where the ground disturbance permit and necessary water rights waiver have now been received.
The maiden drilling program at the Columbus Marsh project is expected to commence following the evaluation of results from the Scotty’s South and Lida Valley drilling campaigns.
During April, Caeneus raised $1.1 million through the placement of 440 million shares priced at $0.0025 each.
Shares were placed with professional and sophisticated investors and came with a 1:2 attaching option exercisable at $0.003 expiring on 31 December 2020.
Funds raised will be directed towards Caeneus’s maiden drilling programs at the Scotty’s South, Lida Valley and Columbus Marsh lithium brine projects.
Nevada is host to the only brine based producing lithium operation in North America.
The state is also now well known as being home to Tesla Inc’s (NASDAQ:TSLA) $5 billion lithium-ion battery Gigafactory, and the soon to be built Faraday Future $1 billion electric car plant.