May 18, 2023 [crocon media – dgoldsmith, msch] In a landmark development for North America’s lithium mining sector, Volt Lithium Corp. (TSX-V: VLT, OTCQB: VLTLF, FSE: I2D) has made a monumental discovery at the Rainbow Lake Property, identifying an inferred mineral resource of 4.3 million tonnes of Lithium Carbonate Equivalent (LCE). This significant finding is highlighted in the company’s initial resource report, hinting at the promising future of lithium extraction in North America.
The resources have been found within the Sulphur Point, Muskeg, and Keg River aquifers, known collectively as the Elk Point Group, belonging to the Devonian Age. The Rainbow Lake Property boasts a vast brine deposit, with a staggering estimate of 99 billion barrels. This brine is not just abundant, but rich in lithium concentrations, recording highs of 121 mg/L and an impressive average concentration of 51 mg/L.
This expansive resource can potentially deliver up to 215 times the estimated peak production of 20,000 tonnes per annum. Such a massive scale for the lithium asset accentuates the size and promise of this resource-rich property.
Spanning approximately 430,000 acres, the Rainbow Lake Property houses over 1,300 producing wells. These wells are set to play a pivotal role in providing the much-needed brine for mining operations, augmenting the efficiency and potential profitability of the project.
With this announcement, Volt demonstrates its strategic focus towards regions of its asset base boasting the highest lithium concentrations. These regions, as indicated in the report, are expected to stimulate strong economic returns and robust cash flows, solidifying the fiscal outlook of the project.
The unveiling of this Technical Report is a significant milestone for Volt Lithium Corp. With the valuable insights it provides, the company has a sturdy foundation to further explore and expand its high lithium concentrations, potentially leading to an increased resource estimate.
Despite the optimistic outlook, it is worth noting that this resource is currently classified as “Inferred.” This classification, although the most preliminary among mineral resource categories, is a starting point. It indicates the need for further exploration to validate the existence and economic feasibility of the mineral resources.
Also, the report clearly states that the documented mineral resources do not currently meet the standards required to be classified as mineral reserves. While this implies the necessity for additional investigations, it doesn’t undermine the exciting potential that the initial findings suggest.
The extraction methodology for lithium from brine remains unspecified in the report. This element will significantly influence the economic feasibility and environmental impact of the project. Hence, it is an aspect to keenly look forward to in future communications from the company.
In conclusion, the initial resource report signals a potential paradigm shift for Volt Lithium Corp and the North American lithium mining industry. Though there are critical aspects yet to be addressed, the report unfolds an exciting chapter in lithium mining, presenting a path of opportunities filled with promise and potential.
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