In terms of short-term trades, Reedy Lagoon Corporation is probably one that could experience some gains and volatility in the next few days or weeks. I say this as it is very very close to completing its 1000m core drill at Columbus Salt Marsh in Nevada in the exploration for lithium brines and preparing to move onto drilling of its other lithium brine prospects consecutively.
The drill program has been underway for around 2 months already, with coring progressed past 75% of depth as of 23rd March. Extensive volcanic ash deposits are confirmed to have been interested. The cores have all likely been sent in for analysis already and we should expect assay results shortly.
The main target doesn’t lie in the core but actually the brines which are expected to contain lithium. The pump tests of brines in the target zone (from 600m and onwards) has liekly already occurred and will continue at progressively increasing depth as the drill crew approaches the target depth of 1000m. The MT surveys for all three projects suggest a highly conductive target zone at all three with substantial areas of <1 ohm-m resistivity. This likely suggests high concentrations of lithium. It is also interesting that this Melbourne company is the third company ever to drill 1000m in a dissolved mineral exploration well, after Albemarle and Pure Energy.
The announcement of the completion of coring and completion of pumping will probably be announced imminently given my timeline calculations. After that, we will get the brine sample results once the labs are done with them.
It is currently capped at less than $15mil which I expect to increase given a large amount of news flow to come over the next 3-4 weeks. It is also criminally underpriced compared to ASN (even though it only hit 7ppm lithium recently), and LKE.
I have done my best to analyze the project’s mt survey results and I believe our projects are materially better than CAD’s and Westwater Resources’ in terms of conductivity and with Columbus Salt Marsh just north to the massive GSC 500mt Rhyolite Ridge deposit and west to Silver Peak, I am very interested to see how much lithium will be in the brines.
Please stop by RLC’s thread and keep an eye on this one.
(20min delay)