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IG Lithium seeks partner for US lithium project

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Global Mining Review,

IG Global Group LLC (IGG) has announced the establishment of IG Lithium LLC (IGL), which has acquired the rights to the Panamint Playa Brine Lithium Project. IGL has also announced that it is actively seeking a strategic partner to earn into a majority position in a joint venture.

IGL has acquired a world class lithium opportunity in Panamint Playa. The project is in a closed basin, in a unique geological setting just west of Death Valley, California. It has widespread anomalous lithium, with high lithium content source rocks, large basin size and geometry, an extremely arid, high evaporation rate climate, and geothermal activity.

A magneto-telluric (MT) survey of Panamint Playa shows a conductivity resistivity anomaly (brine aquifer) greater than 13 miles long and hydrogeochemical results show widespread, anomalous lithium in shallow auger holes over 10 square miles into which brine flowed. The surrounding infrastructure and location near to potential future offtake parties make this a unique opportunity for high returns on a relatively low investment in additional exploration.

The process for participating with IGL in Panamint Playa involves the execution of a confidentiality agreement, whereupon interested parties are given access to the Panamint Playa data base as well as an opportunity for a site visit. IGL will proceed with best offer built around earn-in joint venture deal terms. The indicative timeline requires offers to be received on or by 1 January 2022; the best offer shall be awarded by 15 January, with definitive documentation by 30 January 2022, which may be modified at IGL’s sole discretion.

Thomas E. Bowens, President & CEO of TCM and IGG, comments:

“We are very excited to have such a unique lithium brine opportunity located within the confines of the United States. It is imperative that new lithium brine deposits be proven in the coming years, and equally important that domestic sources of this critical green energy metal be found within the United States. Initial near surface brine concentrations and deep-seated geophysical indicators point to a very significant potential resource, and given the perfect geological conditions for economic lithium brine development in the Panamint Valley basin, we feel confident in the prospects viability.”

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US mining news Lithium mining news North American mining news