Today, American Lithium Minerals Inc. formally announced that it will acquire the North Borate Hills and South Borate Hills Lithium Projects in Nevada. Covering a combined 3,400 acres, the projects are located approximately 20 miles west of Chemetall Foote’s Lithium Brine Operation at Clayton Valley.
The Borate Hills Projects were drilled in the 1980s by US Borax. At that time, the project was the second largest boron deposit in the U.S. Although theNorth Borate Hills Project emerged first, discovery of the South Borate Hills Project identified a larger, strata-bound claystone unit with higher lithium values. Recent sampling of the South Borate Hills Project returned boron grades of over 1% B, lithium grades of up to 0.275% Li, and Strontium credits. All other metals concentrations are low.
In today’s technological climate, hybrid and electric cars create a high demand for lithium-ion batteries. High demand and low supply has already pushed lithium carbonate prices to US$6,600.00 per ton, with demand expected to increase four-fold by 2017. Currently, only one producer of lithium carbonate operates in the United States – Chemetall’s Clayton Valley Operation. The Great Basin of the United States represents excellent potential for the discovery of new lithium brine deposits and American Lithium Minerals is well positioned to stake its claim in the industry with both its current and four newly acquired projects.
Judy Baker, Head of Property Development, Production and Acquisitions for American Lithium Minerals, stated, “The acquisition of the Borate Hills Lithium Projects in Nevada is a very significant project acquisition for American Lithium Minerals. The high test results and the extent of the formation make it one of the more promising lithium projects in the United States. In combination with the other properties we already control, it is clear that we have assumed a leadership position in the exploration of this incredibly important component for the advancement of green energy.”