The discovery of a huge source of lithium in Alaska

Discovery Alaska has found evidence of lithium concentrations within its Cholletna project in Cool Creek.

The discovery came after reviewing the hollows of the drilled holes; The results showed compelling evidence that the precious metal could be mined in Alaska.

Today, Thursday, May 19, the company announced its intention to accelerate its operations and conduct further tests to determine the potential of lithium in the region.

Evaluation of results

The Chuletna project covers an area of ​​199 square kilometers and includes several areas potentially rich in gold, silver, copper, tin and base metals, but most notably the Barten Creek and Cole Creek areas.

lithium
Saltwater pools inside a lithium mine (Photo: Reuters)

The geology team at Discovery Alaska believes this is the company’s first search for lithium in Alaska, although it has conducted several drilling programs over the past 40 years.

The company was able to reach the important findings after perusing a state-run archive inside the Geological Materials Center in Anchorage, which is available to companies to benefit from.

The company said that this step helped it obtain high-quality data at a lower cost compared to exploration operations, in addition to saving the time needed to conduct drilling operations.

After the review, the company selected 12 priority drill holes for lithium evaluation, ProActive reported.

And Alaska Discovery later reported that all 12 holes provided positive indications of lithium mineralization.

Accelerate Efforts

Discovery Alaska director Jericho Zovila said the company is excited to reveal the first prospects for lithium in Alaska, and to obtain prior drilling data that will allow it to accelerate its exploration in the Cole Creek area.

He added that the company is looking forward to verifying the expected potential, and moving forward towards determining the results of exploration, mineral resources and ore stocks.

He explained that the scanning device proved the presence of metal in all 12 holes, in addition to the possibility of the presence of some important minerals such as tantalum and niobium.

He pointed out that the readings in the hollow of many of the drilled holes range from medium to strong, and this indicates the possibility of more lithium potential.

After the results were announced, the company’s shares rose 2.38% to trade at 4.3 cents.

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Electric car batteries – photo from the Electric website

important timing

The discovery comes at a time when the world is scrambling for lithium, which is needed to make batteries, including tantalum and niobium.

As of May 19, the price of lithium is up 414% year-over-year.

The price of tantalum in the last world reached 158 US dollars / kg, and in 2018, the price of a metric ton of niobium exceeded 40 thousand US dollars.

At the same time, China’s dominance in several important minerals for electric car batteries has increased; Among them are lithium; The Asian country is responsible for refining 60% of the important metal in the world, and controls 77% of the capacity of global battery cells, and 60% of the manufacture of battery components in the world, and is moving at a greater pace to expand its mining operations, especially in South America.

In addition, the International Energy Agency has forecast a 20-fold increase in global lithium sales between 2020 and 2030.

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