Enertopia Corp (CSE:TOP, OTCQB:ENRT) says the lithium-ion battery is set to transform the growing mobile world from electric vehicles to cell phones, as it provided investors with the latest update on its brine testing and work at the Clayton Valley project in Nevada.
The firm's engineering partner Genesis Technologies has been performing various extraction tests using synthetic brines created from samples at Clayton Valley.
As reported previously, all product assays are expected to be received from the lab by the end of this month (June), while Enertopia continues to prepare for its first drill programme.
"The company continues to work aggressively to unlock the value of the lithium-bearing sediments at and near the surface at the Clayton Valley lithium project," the firm said on Monday.
"Recently, Cypress Development released a 43-101 technical report indicating that they had outlined a large, multi-million-tonne Li2CO3 resource in similar sediments adjacent to our western project boundary. We believe this is a strong indication that there is resource potential on our project as well," it noted.
"Noram Ventures, whose property is adjacent to our eastern property boundary, announced that they had started drilling to expand upon their 43-101 Li2CO3 resource in sediments as well. We are currently compiling data for our first drill programme as this will be necessary for selecting the location of source rock for our proposed pilot plant."
Last month, the International Energy Agency (IEA) estimated that by 2030, there will be 125mln electric vehicles on the road (from 3mln now) with the upside potential of 220mln electric vehicles on the road by 2030.
"One thing that the market has not looked at from the demand side will be the growing demand for replacement Li-Ion batteries five to seven years after original purchase," noted Enertopia, which added that cell phones, wearables, EV's, and Li-Ion batteries were making lives more connected than ever before.
Chief executive Robert McAllister said: "Enertopia looks forward to providing updates in the coming weeks as to the results of the bench test analysis and our ongoing project work at our 100% owned Clayton Valley, NV, Lithium project, as well as continuing due diligence in the technology and mineral sectors.
"Modern technology is revolutionizing ways to mine and protect our environment. We are enthusiastic about becoming leaders in this evolution," he added.
Enertopia shares added 0.85% to US$0.065 in New York.