Canter Resources Corp. CRC CNRCF has cleared a significant hurdle in its quest for lithium as it announced the approval of formal water permits by the Nevada Division of Water Rights (NDWR).
What Happened: The permits, tied to Applications 90140 and 92509, greenlight the appropriation of 2,235.64 acre-feet of groundwater annually from the Columbus Salt Marsh Valley Basin.
The move is a pivotal step forward for Canter Resources, particularly for its Columbus Lithium-Boron Project, situated strategically in Nevada.
“We are thrilled to formally have water permits in place that cover the Columbus Lithium-Boron Project
and a significantly broader area within the strategically located Columbus Basin,” CEO
Joness Lang said, adding, “This is a major milestone given the water access challenges in the region.”
Why It Matters: Lithium, a vital component in the electric vehicle (EV) supply chain, stands at the forefront of the global shift towards sustainable transportation. As the demand for EVs continues to surge, the search for lithium-rich resources intensifies.
What’s Next: Evidence from previous drilling at its Columbus Lithium-Boron Project, and promising geochemical profiles, have enhanced “a compelling case for significant lithium mineralization in brines given its strategic location, geological setting, and promising geochemical profile,” the company wrote.
The company has planned an imminent Phase 1 drilling program, which is set to kick off during the first quarter of 2024.
Read More: The World Is Powered By Batteries, But Who Is Leading The Charge In Battery Recycling?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
