Sign up Australia
Proactive Investors - Run By Investors For Investors

Caeneus Minerals shares surge on shallow lithium intersection in Nevada

Application has been made for available water rights within Columbus Marsh.
lithium on periodic table
Potential for large quantities of commercial lithium brines

Caeneus Minerals Ltd’s (ASX:CAD) shares were trading 50% higher intra-day after discovering highly anomalous lithium brines within a shallow aquifer at the Columbus Marsh Project in Nevada, U.S.

The lithium bearing brines were intersected at a depth of 79.25 meters and continued to a depth of 103.63 meters resulting in a width of the aquifer of 24.38 meters.

Importantly, the assay of the brine returned a high of 95.9 ppm lithium.

Given the significance of the discovery, an immediate application has been made for available water rights within Columbus Marsh.

Steve Elliott, managing director, commented:

“The Columbus Marsh result is highly significant and has the potential for large quantities of commercial lithium brines to be defined in the area.

“To the best of our knowledge this is one of the highest lithium in brine assays ever to be recorded in Nevada outside of the Clayton Valley lithium brine operation and is extremely encouraging.”

Similarities to Clayton Valley

The Columbus Marsh property is situated 40 kilometres northwest of the Clayton Valley lithium brine operations.

The brine at Columbus Marsh was confined in the aquifer in a sequence of clay, salt and tuff.

It is expected that the tuff would be relatively permeable, similar to the lithium producing tuff aquifer at the Clayton Valley operations.

Indeed, it is possible that the tuff layer is the same tuff that produces lithium at Clayton Valley.

The brine also assayed up to 3,670 ppm potassium and 1,100 ppm boron, indicating strong potential for other revenue generating commodities to accompany the lithium.

Rhodes Marsh acquisition

Caeneus Minerals has acquired 78 placer claims to cover portions of the Rhodes Marsh basin, which is located circa 15 kilometres northwest of the company’s Columbus Marsh Project.

The Rhodes Marsh Project holds many similarities to basins such as Columbus Marsh and the Clayton Valley, and is therefore highly prospective for lithium brines.

Rhodes Marsh (like Columbus Marsh, Teels Marsh, and Fish Lake) is known for historic production of borax minerals.





Register here to be notified of future CAD Company articles
View full CAD profile View Profile

Caeneus Minerals Ltd Timeline

Related Articles

no_picture_pai.jpg
July 10 2017
Find out more from Lithium Power International Ltd at the Proactive's CEO Sessions.
picture of electric car
June 19 2017
Finncap estimates the shares are worth 11p on a risked basis or more than double the current share price.
barseele_master.png
September 30 2017
The firm owns 45% of the property, while joint venture partner Agnico Eagle has the rest (55%).

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use