NEW YORK, Feb. 17, 2022 /PRNewswire/ -- Lithium-ion batteries are heavily adopted due to their compact size, rechargeability, recyclability and high-density energy output. Geographically, the Asia Pacific region dominated the market as it held the largest volume share of 56.3% in 2020 owing to the rapidly developing automotive, glass, and consumer goods industries in countries such as China, Japan, South Korea, and India. However, the U.S. has major significance in battery production after China, which makes it one of the key lithium-consuming countries in the world. Last year, the bureau of land management approved the Thacker Pass Mine proposed by Lithium Nevada Corporation. The mine is believed to serve as the largest source of lithium supply in the U.S. and is expected to be able to produce about 60 kilotons of battery-grade lithium carbonate by 2026. Foremost Lithium Resource & Technology Ltd. FAT FRRSF, Snow Lake Resources Ltd. LITM, QuantumScape Corporation QS, Standard Lithium Ltd. SLI, Lithium Americas Corp. LAC
While the EV industry remains in its infancy even as battery technology advances, demand for lithium in the sector is only expected to accelerate. "The push by automotive original equipment manufacturers (OEMs) and battery manufacturers to continually reduce battery pack costs continues," says William Tokash, Senior Research Analyst with Navigant Research. And, the Global Lithium Market size was estimated at USD 5.5 Billion in 2021 and expected to reach USD 9.8 Billion in 2026, at a Compound Annual Growth Rate (CAGR) 11.93%, according to ResearchAndMarkets.
Foremost Lithium Resource & Technology Ltd. FAT FRRSF announced yesterday breaking news that, "it has contracted EarthEx Geophysical Solutions Inc. ("EarthEx") to perform an Unmanned Aerial Vehicle, ("UAV") magnetic survey to be flown at its Zoro and Grass River Claim ("GRC") Lithium Projects near the historic mining district of Snow Lake, Manitoba commencing in March, 2022. EarthEx was selected by Foremost Lithium as it has repeatedly demonstrated a track-record of finding new prospective drill targets with precision and high-resolution utilizing UAV more commonly known as a drone, or aircrafts without any human pilot, crew or passengers on board. Just recently the Company's neighbor, Snow Lake Resources Ltd. announced its successful first results from their very own UAV magnetic surveys on February 15, 2022 on the adjacent Sherritt Gordon asset.
Foremost's Lithium's survey will be comprised of 4,066 line-km providing 100% coverage over both the Zoro and GRC lithium properties. The survey will be flown at 25 metre line-spacing, with 250 metre spaced tie-lines. It is estimated the total work will take approximately 4 weeks to complete with the final interpretation scheduled to be delivered 6 weeks thereafter.
Scott Taylor, President and CEO of Foremost Lithium, states: 'We continue to operate and work for our shareholders by leveraging the highest quality technology to find more lithium drill targets. EarthEx flew the exact same UAV magnetic survey for us in December 2021 over 100% of the Company's Jean Lake Lithium Project where the high-grade lithium Beryl pegmatite dyke was re-discovered in August of 2021. Assay results from two locations on the Jean Lake Beryl pegmatites gave a range of 3.89-5.17% lithium (Li2O). Foremost is scheduled to receive the final interpretation of the Jean Lake results next week. We are anxious to release these results to the public as we will have the first look into the sub-surface at Jean Lake and determine quantity of potential drill targets. We are using this technology to define the 3D location, shape, size, and distribution of potential spodumene rich pegmatite dykes. This technology together with Mobile Metal Irons surface geochemistry work is how The Company is building an inventory of de-risked, high-quality drill targets on each of its three lithium properties located in the Snow Lake Mining District of Manitoba. We will now fly this technology to ensure we have 100% coverage over all of our Snow Lake Lithium Projects and build the maximum inventory for drilling in the Winter of 2022.'
Daniel Card, President of EarthEx Geophysical Solutions Inc., adds 'We are delighted to be working with Foremost Lithium on what is a very exciting and promising lithium project. We are thrilled with the effectiveness with which known pegmatites and new targets are being mapped in the data and we are proud to provide Foremost Lithium with such an effective exploration tool. We are particularly encouraged by the amount of data being acquired in the Snow Lake District, as this enhances the reliability of our work in this specific geological setting.'"
Snow Lake Resources Ltd. LITM advised earlier this month that the market of it's recent acquisition and substantial property expansion in and around it's current resource block at the Thompson Brothers Lithium Project in Manitoba, Canada. The Company, with the assistance of an external consultant, has been engaged over the past several years in historic geological data analysis, diligence and in depth "in-the-field" prospecting campaigns. The resulting efforts have culminated in the acquisition, through the staking and filing of claims with the Manitoba Mineral Resources Division, of mineral rights on an additional 33,614 acres (13,603 ha) of Crown land which we believe is highly prospective of lithium. The total land holdings for Snow Lake Lithium now stands at 55,318 acres (22,386 ha) or 86.43 square miles.
QuantumScape Corporation QS and Fluence Energy Inc. reported last month a multi-year agreement to introduce solid-state lithium-metal battery technology to stationary energy storage applications. The strategic relationship brings together two companies leading in technology innovation focused on accelerating clean energy adoption and reducing global carbon emissions. The companies will collaborate on what they believe to be a first-of-its-kind solution to incorporate QuantumScape's battery technology into Fluence stationary energy storage products as specific technical and commercial milestones are met. "Fluence and QuantumScape share the same mission to reduce global greenhouse gas emissions through innovation and adoption of energy storage technologies, so our collaboration is a natural fit," said Jagdeep Singh, co-founder and CEO of QuantumScape. "While we have historically focused on automotive applications, we believe our battery technology is broadly applicable and can play a role in other sectors contributing to a lower-carbon future."
Standard Lithium Ltd. SLI reported last month that it has signed a Letter of Intent ("LOI") with Koch Engineered Solutions ("KES") for support with pre-front end engineering design ("pre-FEED") at the Company's proposed first commercial plant located at the Lanxess facility in southern Arkansas. The intent of the LOI is to organize and use several business units under the KES umbrella to form an Integrated Project Management Team ("IPMT") that will help Standard Lithium to execute key pre-FEED work. The IPMT will largely draw on strategically aligned resources from Koch Project Solutions ("KPS"), Koch Separation Solutions ("KSS") and Optimized Process Designs ("OPD"). The IPMT will be structured to assist the Company in evaluating process scale-up solutions, equipment options, preliminary engineering design, scheduling, budgeting and other project management activities relating to the first commercial lithium plant proposed at the Lanxess facility in southern Arkansas. The proposed site for the first commercial facility currently houses the Company's continuously operating pre-commercial Direct Lithium Extraction ("DLE") Demonstration Plant.
Lithium Americas Corp. LAC reported last week that approximately 98% of Millennial Lithium Corp. ML ("Millennial") shareholders and warrantholders voted in favor to approve the acquisition by Lithium Americas of all of the issued and outstanding common shares of Millennial by way of a statutory plan of arrangement, as previously announced on November 17, 2021 (the "Transaction"). Approval from Millennial shareholders and warrantholders is a pivotal step in the Transaction, and the parties are now in a position to proceed with the final court order and then closing of the Transaction, with closing expected to occur on or about January 25, 2022. Lithium Americas is a development-stage company with projects in Jujuy, Argentina and Nevada, United States.
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