Nevada Silver Corporation (TSX-V:NSC) said it is planning a corporate name change to Electric Metals (USA) Limited to better reflect its value proposition as a developer of battery and technology-related minerals, including its manganese and silver properties in the US.
NSC CEO Gary Lewis said the Toronto-based company’s portfolio includes the Emily Manganese project in Minnesota, which contains a high-grade manganese deposit.
"We believe there is burgeoning domestic US demand for metals and materials essential to the operation of electric vehicles, rechargeable batteries, and other high-tech industries. As a result, a corporate name that only references the ‘silver’ aspect of our operations is no longer appropriate for the company," Lewis said in a statement.
READ: Nevada Silver fields near-surface high-grade silver from drilling at its Belmont project in Nevada
The Emily Manganese project will become the company’s flagship asset. NSC said it believes this contains North America's highest-grade manganese resource. The project has been the subject of considerable technical studies, with US$24 million historically invested to date.
NSC said it will retain 100% ownership of the Corcoran Silver project, with an NI 43-101 mineral resource of 33.5 million silver-equivalent ounces, and the Belmont Silver project, which was among the earliest and richest silver mining camps in Nevada.
The Emily Manganese project involves the development of a high-grade manganese deposit, located in the Cuyuna Iron Range of central Minnesota, according to the company.
NCS said it has already established significant brand equity in the Electric Metals name, having owned the electricmetals.com domain through its wholly owned subsidiary, Electric Metals (USA) Limited since 2020 and having lodged trademark applications in Canada and the US since that time.
The company said it will seek shareholder approval for the name change at its next annual meeting in the first half of 2023.
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