ACME Lithium Inc. (CSE:ACME, OTCQB:ACLHF) reported that Hasbrouck Geophysics has successfully completed gravity and Hybrid-Source Audio-Magnetotellurics (HSAMT) surveys at the company’s Fish Lake Valley (FLV) project, in Esmeralda County, in Nevada.
The Vancouver-based mineral exploration company focused on acquiring, exploring, and developing battery metal projects said the gravity survey indicates the presence of a down-dropped basin with interpreted target clay sediments potentially targeting similar illite-smectite units identified in the nearby Rhyolite Ridge lithium deposit.
A basin fault is evident near the southwestern end of the profile, with modeled depths to Paleozoic bedrock ranging from about 1.3 kilometers (km) to 1.9 km. Moderate to low concentration clay sediments are interpreted to be present at the surface near the southwestern basin fault that deepens to about 300 meters (m) and extends beyond a depth of 1 km over about 80% of the profile, while higher concentration clay sediments are interpreted over a distance of about 700m with depths ranging from about 500m to 750m, said the company.
READ: ACME Lithium aiming to drill Clayton Valley lithium project in late fourth quarter this year
In a nutshell, drilling has been recommended to determine the relationship between the different interpreted concentrations of clay sediments and the presence of lithium, noted the company.
The FLV claim group encompasses 144 lode mining claims totaling approximately 2,975 acres, in Esmeralda County, Nevada. The property has been mapped with historical sampling occurring at up to 600 parts per million (ppm) lithium.
“It is believed that the current erosion surface could be exposing the top of a stratigraphic deposit with active lithium mineralization,” said the company.
Significantly, ACME's Fish Lake Valley project is directly west of Australia-based lithium-boron producer ioneer Ltd’s Rhyolite Ridge Lithium-Boron project. In July this year, ioneer announced a battery joint venture with Toyota Motor (NYSE:TM) Corp and Panasonic Corp to buy lithium from ioneer's Rhyolite Ridge mining project and use the metal to build electric vehicle (EV) batteries in the US.
ACME pointed out that ioneer aims to produce nearly 21,000 tons of lithium in Nevada annually starting in 2025. It inked a supply deal with Ford Motor in mid-July and last year with South Korea's Ecopro Company.
In addition to FLV, ACME also has the Clayton Valley project in Nevada, which is contiguous to the northwest of Albermarle's Silver Peak lithium deposit which has been in production since 1966.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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