Tearlach and Blackrock Silver enter JV agreement to develop lithium project
Published by Joe Toft,
Global Mining Review,
Tonopah North/Gabriel project highlights:
- Lithium values up to 1217 ppm lithium over 1.5 m in drill hole TN22-012 have been intercepted in drilling, in addition to the continuity of broad zones of mineralisation up to 56.4 m in thickness in drill hole TN22-009.
- The average thickness of the lithium-bearing zone is 28.1 m.
- The lithium bearing zone comes within 8 m of the surface on the northeast portion of the property and has been intersected down to 117 m below the surface.
- The mineralisation is similar to the nearby TLC lithium deposit owned by American Lithium Corp, located 3 km to the northeast of the company's land holdings.
The option agreement outlines two stages Tearlach must fulfill to complete its obligations to Blackrock Gold:
- Earn 51% interest in the lithium mineral rights of Tonopah North claims (optimised zone) by spending an aggregative US$5 million in exploration and development work on the property.
- Earn 70% interest in the lithium mineral rights of the optioned zone by spending an additional US$10 million in exploration and development work on the property.
Morgan Lekstrom, CEO of Tearlach, commented:
“This is a significant growth step for Tearlach in becoming a leading multijurisdictional lithium company and for Blackrock Silver diversifying their already world-class silver project. Blackrock Silver has done an excellent job building a strong shareholder base and discovering a world-class silver deposit. Now Tearlach, through strong relationships, has identified a significant shareholder opportunity in what we believe could be an extensive lithium discovery and district. We are excited to join the American-made history that is Tonopah, by adding a local green energy component and discovery.”
Additionally, Morgan Lekstrom stated:
“With initial RC holes grading up to 1217 ppm and with thicknesses up to 56.4 m and 117 m depth, we see a mirror potential of American Lithium’s TLC deposit (US$768 million exploration company) directly north of us. With initial mapping completed and our world-class Nevada based team with significant geological and processing experience in lithium-bearing clays, we have a roadmap to accelerate and aggressively drill. We plan to drill a much larger core program and advance to the resource estimate while concurrently running engineering and process models.”
Read the article online at: https://www.globalminingreview.com/mining/10012023/tearlach-and-blackrock-silver-enter-jv-agreement-to-develop-lithium-project/
You might also like
Fênix DTVM to trace all of its gold on Minespider by end of 2023
Fênix DTVM and Minespider, a company offering a traceability platform to make mineral supply chains more sustainable, have completed the first stage of their gold traceability project.