Momentum continues for Global Geoscience, who earlier in the month revealed recoveries of 98% lithium and 99% boron at their flagship Rhyolite Ridge Lithium-Boron Project located in Nevada.
Company shares are currently trading at $0.19, up 185% year to date.
The U.S. based lithium asset has peaked the interest of investors worldwide given the deposit’s size, location, shallow depth and most recently, positive metallurgical properties.
Its Nevada location means it is proximate to the Tesla Inc (NASDAQ:TSLA) Gigafactory and world-class mining infrastructure.
Nevada is home to North America’s only lithium brine production operation, Silver Peak, owned and operated by Albemarle Corporation (NYSE:ALB).
Furthermore, one of the world’s two major boron refineries is located in the neighbouring state of California.
The 100% owned Rhyolite Ridge project consists of two sedimentary basins, the South Basin and the North Basin, located four kilometres apart.
The South Basin includes an Indicated and Inferred Resource of 3.4 million tonnes of lithium carbonate and 11.3 million tonnes of boric acid, making it one of the largest lithium and boron deposits in North America.
The resource is open in most directions and is likely to increase in size with additional drilling.
The North Basin hosts thick, shallow lithium-boron mineralisation drilled by wide-spaced holes that are not yet sufficient to estimate a resource.
The June quarter work program is focusing on work required for a pre-feasibility study including:
- Completion of acid leach test work (complete);
- Optimisation of flotation and acid-leach process steps;
- Production of a lithium-boron brine for crystallisation test work;
- Infill drilling to upgrade the high-grade lithium-boron resource to the Measured category;
- Upgrading of the JORC resource estimate; and
- Commencement of pre-feasibility work.