Enertopia Corp (CNSX:TOP) (OTCMKTS:ENRT) said Wednesday that its solution testing on material from its Clayton Valley project in Nevada is well underway. The Vancouver-based firm also said it has closed the first tranche of its private placing, bringing in around C$143,000.
In the brief released Wednesday, Enertopia said: "The company is well into its systematic and complete solution testing of the drilled lithium enriched horizons."
The aim is to map out the subsurface horizons and further ascertain the grade of lithium in the synthetic solution that can be potentially recovered in a low CAPEX mining and processing scenario.
"We look forward to providing detailed updates as testing results are received over the coming weeks and months," said Enertopia's president and CEO Robert McAllister.
The company also said it will issue more than 5.5 million shares at C$0.026 each and more than 5.5 million warrants that expire on March 27, 2023. The warrants have an exercise price of US$0.04 during the four years.
The tranche raised C$143,175.99.
Contact Giles at [email protected]
Follow him on Twitter@Gile74