Cruz’s Phase-4 Drill Program Confirms Lithium Mineralization is Open in All Directions on the Solar Lithium Project in Nevada, Directly Bordering American Lithium Corp.’s (AMLI – Nasdaq, LI – TSX.v) TLC project (who have a current market cap of approx ~$300 million). Three Reverse Circulation (RC) drill holes from the phase-4 drill program were submitted for assaying; all three drill holes discovered the presence of lithium. Solar-13, the farthest North RC hole, had a high value of 1,050 parts-per-million lithium (ppm Li), including 626 ppm Li over 130 feet. Solar-11 had a high value of 950 ppm Li, including 612 ppm Li over 60 feet. Solar-10, Cruz’s Southernmost drill hole, located immediately North of the American Lithium Claim boundary, had a high of 1,060 ppm Li, including 476 ppm Li over 70 feet.
Frank Bain, the on-site Project Geologist, Qualified Person and a director of Cruz Battery Metals, stated: “Assays have been received from ALS Global for the recently completed Phase-4 drilling program. All holes discovered lithium mineralization with thicknesses varying from 70 to 135 feet. The drilling confirmed that the mineralization is open in all directions from the Phase-4 holes. The Phase-5 drill holes have been permitted and will test for lithium mineralization both North, West and South of the Phase-4 drill sites. Drilling is expected to recommence shortly.”
In previous news, Cruz discovered lithium in every drill hole of the phase-3 drill program, including the highest lithium value to date, on the Solar Lithium Project in Nevada, Directly Bordering American Lithium Corp.’s (AMLI – NASDAQ, LI-TSX.v) TLC Project. On January 17, 2023, American Lithium Corp. announced a resource estimate, in an independent National Instrument 43-101 titled “Technical Report TLC Property” prepared by Stantec Consulting Ltd., for the TLC lithium claystone property containing 8.83 million tonnes lithium carbonate equivalent (LCE) measured & indicated with another 1.86 million tonnes LCE inferred (See map below).
The phase-3 drill program discovered the presence of lithium in all 4 drill holes with a high value of 1,460 parts-per-million lithium (ppm Li). Hole-6 had a high of 1,460 ppm Li including 871 ppm Li over 50 feet. Hole-7 had a high of 1,220 ppm Li including 873 ppm Li over 47 feet, starting at 18 feet. Hole-8 had a high of 1,240 ppm Li. Hole-9 had a high of 1,160 ppm Li
This, and other recent developments have sparked a renewed interest in Cruz at a time when the demand for battery metals has never been stronger. Cruz is in a great position to capture additional market share within the insatiable battery metals super cycle as the Company prepares to enter the most active time in recent history.
Cruz Battery Metals has now discovered lithium in every hole drilled to date on the Solar Lithium Project in Nevada. Cruz has discovered lithium in all 14 holes drilled on the Solar Lithium Project during phases 1, 2, 3 & 4.
Cruz Battery Metals’ Phase II drill program discovered lithium on the Northern section of the Solar Lithium Project in Nevada. During the phase I drill program, Cruz Battery Metals drilled a significant new lithium discovery in Nevada with values as high as 1,300 ppm Li. Multiple intercepts of the targeted potential lithium-bearing claystone formation were encountered in all the holes drilled in this initial phase of drilling. Values in Hole-1 were as high as 1,300 ppm Li and encountered lithium bearing clays from 10 feet to 200 feet with a 60-foot intercept averaging 968.33 ppm Li. Hole-2 had a high value of 1120 ppm/Li including a 60-foot interval averaging 768 ppm/Li.
Prior to receiving the drill results, significant intercepts of the targeted potential lithium-bearing claystone formation were encountered in all the holes drilled in phase I. Hole 2 encountered a very substantial 345 feet of the targeted potential lithium-bearing claystone. Hole 1 intercepted approximately 180 feet of claystone formation starting from 10 feet below the surface. Cruz’s sampling program discovered 5 separate samples with lithium values over 1059 and one as high as 1610 ppm Li.
Cruz also has exposure to the lithium market through its strategically located ‘Clayton Valley Lithium Project’ in Nevada, USA. Nevada lithium companies have recently experienced a resurgence since Tesla’s Battery Day, held on September 22, 2020, where Tesla’s Elon Musk announced their intention to acquire Nevada lithium projects and their overwhelming need to secure domestic lithium deposits to feed their Gigafactory. Also in Nevada, energy behemoth Schlumberger (SLB-NYSE), through its strategic partnership with Pure Energy Ltd. (PE-TSX.v) is building a lithium brine pilot plant with approximately $100 million USD being spent in developments, directly bordering Cruz’s Clayton Valley lithium project. As an early mover in this play, Cruz is one of the few companies (Albermarle, Pure Energy, Spearmint Resources & Sienna Resources) to have access to the deepest parts of the only lithium brine basin in production in North America.
As you can see there are many exciting and compelling things coming ahead for Cruz which is why you should be paying close attention to the company right now. Cruz is fully-funded for all drill programs and expects to produce its maiden resource estimate on the Solar Lithium Project in 2024.