Lancaster Resources, Inc., a lithium mining and exploration company, recently held a meeting led by CEO Tim Bacon in which he provided a comprehensive update and future plans for their Alkali Flat Lithium Brine Project.
The Alkali Flat project is a large-scale lithium brine deposit located in the Western United States. The deposit is estimated to contain over 500 million tons of lithium-rich brine. This provides a great opportunity for Lancaster to become a future leader in the lithium brine market.
During the meeting, Bacon discussed the progression of the project, as well as the plans for the near future. He mentioned the completion of drilling, which identified several concentrations of lithium-rich brine. He also noted that the resource modelling and resource verification sampling are currently in progress, and results from this are expected by the fourth quarter of 2021.
Bacon drew attention to the progress made over the past year in regards to the permitting and licensing process. He highlighted that the current exploration phase does not require a Canadian National Instrument 43-101 compliant resource calculation, however, should the project proceed to the mining stage, then this type of resource estimation would be needed. This process is a sign of the company’s commitment to transparency.
In addition, Bacon discussed the company’s plans to finance the project moving forward. He mentioned the option is not limited to traditional lenders, and that they are exploring strategic partnerships and other forms of financing as well.
Overall, Bacon expressed a strong sense of optimism regarding the project. He believes that the project could bring immense economic opportunities to the region, while also generating positive environmental outcomes with best in class processes and technologies.
The Alkali Flat project stands to be a major economic player and leader in the lithium brine market. With strong management and strategic partnerships, Lancaster Resources, Inc. is well-placed to become a major player in the industry.
