Nov 25 2020
Altair International Corp reports that it has signed a definitive agreement (with American Lithium Minerals Inc., a Nevada-based publicly held corporation.
Image Credit: Jon Manjeot/Shutterstock
As per the agreement, Altair will have special rights to earn-in up to 60% interest in the Kingman Rare Earth Project situated in northwestern Arizona and the Stonewall Lithium Project located in southwestern Nevada.
Currently, the Stonewall Lithium Project includes 63 unpatented placer mining claims encompassing a total of around 1,260 acres situated strategically within the Nye and Esmeralda Counties just inside the neighboring valley southeast to Clayton Valley, which is the only Lithium producer in Nevada.
Altair acknowledges that the global lithium-ion battery market is going to experience a huge shift in global markets and Altair is quickly positioning itself in both the supply sector and the green energy technologies as well as end-use products.
In 2019, the Lithium marketspace was valued at more than 30 billion USD and anticipated to increase quickly in the next 10 years as the oil industry wanes and governments across the world forge legislation for the Electric Vehicle (EVs) revolution.
Lithium is considered a vital component in the thrust for EV production, and smart investment has poured into companies such as Tesla and other EV makers. It is expected that the demand for lithium will triple within the next few years and lead to a significant strain on the battery-grade lithium supply chain as the demand exceeds supply.
Altair is deliberately taking measures inside the Nevada lithium supply hub just 191 miles southeast of Tesla’s Gigafactory 1. The Stonewall claims encompass a miles-long area of highly anomalous Lithium inside a valley with characteristics same as the Clayton Valley.
The Clayton Valley is the focus of active Lithium exploration and production at Silver Peak by Albemarle, a lithium giant that acquired the area in its 6.2-billion acquisition of Rockwood Holdings.
The search for new Lithium sources also falls in line with the exploration for possible Rare Earth Element (REEs) deposits outside China.
The Kingman Rare Earth Project consists of three unpatented lode mining claims (covering around 55 acres) situated in Mohave County, Arizona, encompassing an essential historically producing mine where analytical work by the Arizona Bureau of Mines has found the existence of high-grade REEs.
REEs are utilized to make a range of items such as consumer electronics, electric and hybrid vehicles, and wind turbines. They also play a vital role in the defense sector. Altair seeks a quick path to production for its high-grade REEs.
The earn-in agreement has been awarded to Lithium Now, a Nevada-based subsidiary of Altair for a principal term of three years to meet cash and stepped annual exploration expenditure commitments.
Altair is thrilled about the potential of both project areas and is now planning its resource building exploration programs.
Source: Altair International Corp