Everyone knows the lithium market is growing, but new figures estimate that it will more than double in value in a decade’s time.
Lithium had a value of US$5.2 billion in 2022, and it is projected to increase by US$12 billion from 2023 to 2032, with an anticipated compound annual growth rate (CAGR) of 8.9 per cent.
This comes via a report from research firm Market.us released in late April. The report went on to say that the market is expected to record the highest CAGR among other markets. The rising number of electric vehicles and the electrification of vehicles is resulting in the rising demand for lithium-ion batteries and thus eventually driving the growth of the market globally.
For many investors, news like this puts eyes on a junior mining company that is busy developing critical mineral and precious metal projects in both Canada and the United States.
That company is Rover Metals Corp. (TSXV:ROVR), whose team just announced that it had it received an exploration drill permit from the Bureau of Land Management to further exploration at its Let’s Go Lithium project in Nevada.
The Let’s Go Lithium claystone property is 24 sq. km. in size. The company has verified high-grade lithium surface samples at the project. The BLM permit allows for up to 30 drill holes to a depth of up to 90 metres per hole. The reverse circulation (RC) drill program will follow up on high-grade lithium surface samples taken on the project in 2022.
Highlights of these surface grab samples (ALS Laboratories) include: 710 ppm Li, 780 ppm Li, and 910 ppm Li.
Rover’s additional surface grab samples analyzed with a handheld laser induced breakdown spectroscopy include 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li.
Management believes Let’s Go Lithium is a well-timed, low-cost exploration development project in an optimal area code. It is currently reviewing proposals from drilling companies for Let’s Go Lithium’s maiden drill program.
Located 12 km from the historic Franklin Wells hectorite (a rare lithium smectite mineral) deposit, the property sits in a large basin of clay-rich Tertiary lakebed sediments, the major host rock for the other lithium claystone deposits in the southwest Nevada lithium jurisdiction. Mining at Franklin Wells dates to the 1920s. The project includes green energy infrastructure of hydro power lines on site, direct road access, and a nearby town with a readily available work force.
The regional geology of the Amargosa Valley is a basin-and-range structure with the Greenwater Range and Funeral Mountains to the west and the Amargosa Desert to the east. The Greenwater / Funeral mountains are fault-controlled with narrow interior valleys and are bounded by broad, coalescing alluvial fans. The Greenwater/Funeral mountains are composed of lower Paleozoic marine and metamorphic rocks. LGL is located in a large basin of clay rich Tertiary lakebed sediments, the major host rock for the other lithium claystone deposits in the southwest Nevada lithium jurisdiction.
In a media release on this news, the company’s CEO, Judson Culter stated that the year has started off well for Nevada claystone lithium projects.
“In Jan-2023, the Rhyolite Ridge project received a USD700MM conditional loan from U.S. Department of Energy Loan Programs Office. In Jan-2023, American Lithium announced a successful pilot plant processing of Lithium Carbonate from its TLC project. In Feb-2023, General Motors announced its intent to invest US65MM into the Thacker Pass project. Reno, NV, also happens to be home to the Tesla battery factory. Management at Rover Metals believes that the LGL project is a well-timed, low cost exploration development project in the right area code. Management is currently reviewing proposals from drilling companies as we plan on embarking on our maiden drill program at the LGL project, now that we have our permit. Exact start dates will be the subject of a future news release.”
Last year, the Asia-Pacific region dominated the market with the highest revenue share of 38.8 per cent. This provides an impetus for operators in North America (such as Rover Metals) to deliver results from domestic projects. North America held the second position in revenue share last year.
The continuous increase in the advancement and development of rechargeable batteries for mobile phones, laptops, and EVs has in turn, driven demand for more lithium-ion products, which leads to further growth in the lithium-ion battery market. This all spells good news for companies such as Rover Metals Corp. as it advances its projects in this hot sector.
To keep up with regular updates, visit rovermetals.com.
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