Global supply of lithium is in high demand, especially with the likes of Tesla and other car and electronics manufacturers are looking to meet their fast expanding needs.
Yet with Tesla looking in their own backyard for supply, North American lithium explorers have been scrambling for a box-seat position to feed this beast in particular.
One tiny ASX stock, currently capped at just $6.8 million, has just started drilling at its Canadian-based lithium project – with historical results already pointing to a potentially healthy lithium discovery.
The company is fast tracking its drilling program over the coming weeks and months to confirm the historical, non-JORC compliant resource of 4.305Mt @ 1.3% Li 2 O that was previously calculated, with the anticipation that current drilling will allow an initial JORC Compliant Inferred Resource to be calculated for the Project.
Results have shown this company is sitting on high grade lithium of up to 1.62% Li 2 O, and the current drilling campaign aims to significantly increase the scale of lithium mineralisation at the property.
The company is fully funded to see the first stage of its exploration through as it looks to verify historical estimates and conduct additional exploration drilling to test for new lithium targets.
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With two Australian-based gold products also under its belt, the company has a good spread of assets, however it is its lithium play which is gaining all the attention.
This ASX stock’s Canadian lithium project has already produced strong historic data, it is in a region where demand is high, and it could come into play at the height of the lithium boom.