Ford Motor Company (NYSE: F) announced this week that it plans to buy lithium from Ioneer Ltd’s Rhyolite Ridge mining project in Nevada to produce electric vehicle (EV) batteries in the U.S. Ioneer’s Rhyolite Ridge project and mineral interests border ACME Lithium’s Fish Lake Valley project to the east, where ACME owns a 100% interest in two contiguous project claim areas comprised of 144 lode mining claims totaling 2,921 acres in Esmeralda County, Nevada.
This is a significant development in the growing story around the need for a domestic lithium supply chain in the U.S. and ACME is in the right place at the right time. Findings from initial mapping and sampling at ACME’s Fish Lake Valley property have been positive, and exploration for lithium continues to show great potential. Next steps in 2022 at Fish Lake includes further evaluation, sampling, and geophysics to define drill targets.
With the U.S. government, auto manufacturers, and battery suppliers actively focused on building a domestic lithium supply chain to eliminate reliance on international supply, news from Ford shows great promise for the future of lithium exploration and development in Esmeralda County, Nevada. This past March, President Joe Biden invoked the Defense Production Act to ramp up domestic mining and production of minerals required to make batteries for electric vehicles and renewable energy storage.
Ford is currently focused on creating a substantial EV supply chain with a target goal to have EVs represent half of its production by 2030. Working within the U.S. is a high priority, and the automaker is already engaged in joint ventures with battery plants in Kentucky and Tennessee. The purchase of lithium from Ioneer complements this strategy with Nevada at the epicenter of lithium exploration and development in the U.S.
Nevada is the best mining jurisdiction in America with year-round access to expertise, infrastructure, rail and roads, power and water, excellent weather, and logistics. Tesla’s Gigafactory is less than 200 miles northwest from ACME’s Fish Lake Valley property in Esmeralda County.
Further east, ACME recently completed initial drilling at its lithium brine project in Clayton Valley, which borders northwest of Silver Peak’s lithium mine and production facility. Owned and operated by the Albemarle Corporation (NYSE:ALB), Silver Peak is currently the only source for domestic lithium production, having continuously produced lithium from brines since 1966.
Based on two geophysical surveys conducted in Fall 2021, ACME’s Phase 1 Drill Program at Clayton Valley was successfully completed with a maiden brine well drilled to a total depth of approximately 1,400 feet below ground surface. Prospective basin sediments were encountered and indicate possible brine inflow zones starting around 850 feet with electrical conductivity and total dissolved solids increasing with depth to 1,400 feet.
Drilling at Clayton Valley, Nevada (Fig.1)
With multiple North American projects in regions known for lithium development, ACME is poised to power the energy revolution and growth of a domestic lithium supply chain in the U.S.
About ACME Lithium Inc.
Led by an experienced team, ACME Lithium is a mineral exploration company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100% interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, and at Cat-Euclid and Shatford Lakes in southeastern Manitoba.