LithiumOre, a wholly-owned subsidiary of Oroplata Resources Inc (OTCQB:ORRP), said Wednesday that it has contracted Welsco to drill the initial test hole on its Railroad Valley lithium project in Nevada.
Welsco has nearly 50 years of experience in conducting geothermal, water well and mineral explorations.
“We selected one of the most experienced petroleum drilling companies in the US, that also has experience in aquifer drilling for lithium,” said LithiumOre CEO Doug Cole in a statement. “We look forward to this next phase and will keep shareholders and Wall Street updated on our progress.”
LithiumOre holds 1,300 lithium mineral claims, totaling 26,000 acres in the Railroad Valley of Nye County, Nevada.
LithiumOre is a resource exploration and development company whose top focus is the establishment of a low-cost, environmentally sound production base to supply the rapidly growing lithium-ion battery industry for both mobile devices and laptops, as well as the burgeoning electronic vehicle industry.
Demand for lithium will continue to grow alongside electric cars and high-capacity electric storage.
The supply market for lithium is poised to become tight over the next decade, and that can be seen in its lofty spot price which is hovering at $18,000 per ton.
Contact Uttara Choudhury at [email protected]