Sovereign Gold Company Ltd receives approval for Crescent Lake Lithium
(MENAFN- ProactiveInvestors - Australia)
Sovereign Gold Company Ltd (ASX:SOC) continues to advance the Crescent Lake Lithium Prospects in Ontario, Canada.
The company has now been granted approval to clear and upgrade the main access trail to the four identified Dempster lithium-bearing pegmatite occurrences.
Clearing operations are expected to be completed within seven days.
Additional lithium-bearing pegmatites will also be explored for subject to Exploration Permit approval, which the company expects to receive shortly.
Crescent Lake
The 50.7 square kilometres of claims contain four lithium-bearing deposits and outcropping lithium-bearing pegmatites.
The claims are adjacent to Ardiden Ltd";s (ASX:ADV) Seymour Lake Lithium Project and Argonaut Resources NL";s (ASX:ARE) Zigzag claims that contain lithium-bearing pegmatites.
Ardiden's claims host pegmatites up to 26 metres wide grading up to 2.38% lithium.
Additional lithium
Sovereign Gold recently exercised an option to acquire its maiden lithium project located near one of the world's largest lithium producers, Albemarle Corporation (NYSE:ALB).
The project is located in the Clayton Valley Basin in the U.S state of Nevada and is within 400 kilometres of the Tesla Motors Inc (NASDAQ:TSLA) mega-factory.
Next catalyst
Sovereign Gold expects to be granted its exploration permit within the next 14 days.
The company ended the June quarter 2016 with $2.45 million in cash, and four quality projects providing exposure to the key commodities of lithium, gold and zinc.
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