RTNTF - Critical Metals Co. Expands Drill Program | Benzinga
Source: Streetwise Reports 05/13/2024
The explorer is targeting lithium and boron-enriched sediment and brine samples in this first phase of drilling in Nevada. Read why experts have high expectations for both the firm and its project.
Canter Resources Corp. (OTC: CNRCF) expanded its initial, phase one, 10-hole Geoprobe drill program to test additional prospective targets at its Columbus lithium-boron project near Tonopah, Nevada, after receiving permits for this specific low-cost, low-impact work, the company announced in a news release.
"This program is delivering valuable subsurface data within the highly conductive upper layers across kilometers of strike length" Canter Chief Executive Officer (CEO) Joness Lang said in the release.
Now with permits for 22 locations, the explorer decided to Geoprobe drill another five to 10 holes in the upper 30 meters (30m) at Columbus. These further holes will be placed about 2 kilometers (2 km) to the west of the three-dimensional modeled HSAMT resistivity shells that remain open in that direction. This location is where surface sampling returned highly anomalous lithium values and where gaps exist in the current data.
Map showing Geoprobe drill hole locations at Columbus
In other news, the release noted that the gravel transport and stockpiling that began recently as part of the preparation work for drilling of the first well at Columbus is finished.
Before well drilling, though, Canter is looking to carry out a second phase of Geoprobe drilling, using a different type of rig that is low-cost, low-impact, and can reach depths as far down as 45 meters (45m), the company said. For this, Canter is preparing another 10 to 20 permit applications.
Plans for phase two are to Geoprobe drill two specific areas, south of the completed north-south grid and to the north of one of two known geothermal inputs.
"Geothermal activity is an important mechanism for liberating lithium and boron from sediments into brines, and the fact there are known geothermal inputs along structures at both ends of the basin provides additional support for enriched brine potential at Columbus" the release noted.
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Based in Vancouver, British Columbia, Canter Resources is a junior lithium, boron, and critical metals explorer with three properties, now focused on advancing Columbus, its flagship asset.
"This project looks like it has world-class potential" wrote Chen Lin of What is Chen Buying? What is Chen Selling? on May 2. "They are not only exploring for lithium but boron as well."
Proof-of-concept drill holes and geophysical anomalies at Columbus outlined a target area highly prospective for lithium-boron brine, which Canter continues to explore. The potential for boron at this project is excellent, according to the company, given borax historically was produced there in the late 1800s and given Ioneer Ltd.'s feasibility-stage Rhyolite Ridge project, 17 miles away and sharing the same volcanic rocks boasts material boron concentrations.
"Significant historical boron values in sedimentary units from historical drilling at Columbus underpin the discovery potential" the company said.
The Columbus land package spans nearly 30,000 acres and comprises the largest claims position in Nevada's Columbus salt marsh, after which the project is named. It is a structurally and hydrologically closed basin surrounded by lithium-boron-bearing volcanics in Nevada.
The prospectivity of the large land package and the numerous lithium-boron targets there "reinforce what a strong speculation [Canter] is" wrote Jeff Clark, The Gold Advisor author, in April.
The Columbus project's location is notable. For one, it is in Nevada, a Tier 1 mining jurisdiction deemed the world's best by the Fraser Institute in 2022. Columbus is only a three-hour drive away from Tesla Inc.'s gigafactory, in the same state, which supplies lithium-ion batteries and components for Tesla's electric vehicles.
"Columbus is surrounded by other lithium discoveries in the area" Clark explained. "The geological team working on it, which this company bought into and hired, believes this particular piece of property is the most prospective of all the other lithium discoveries they've made in the area." Those discoveries include Ioneer, ...