American Battery Metals Corporation (OTCQB:ABML), which is focused on the Railroad Valley lithium project in Nevada, said August has been an exciting period for the company and revealed it is planning a formal reserve report for the project.
In a shareholder update, the firm said it was "heating up and we have had a busy summer so far!"
At the beginning of August, the firm unveiled positive initial drill results for Railroad Valley and said assays validated detectable lithium at all intervals, from the surface and down to 3,000 feet below.
"We are actively assessing data from our 1st drill hole. The results of all assays validate detectable economic lithium at 10-foot intervals, from the surface down to 3,000 feet. Lithium values range all the way to 100 PPM (parts per million) with continuous samples. There was an even greater value detected between the depths of 1,900 to 2,300 feet," the firm said in the statement Wednesday.
"Our team is more excited than ever to advance our drill program and prove our claims are full of lithium and other minerals. The GeoPhysical results showed a huge reservoir down to 8,000 feet and beyond.
"If these soil results continue as we drill deeper, the reserve will grow and get stronger, proving that our previous estimates were conservative. We are moving forward with plans for production wells and a formal reserve report. This is an exciting time for our company and our shareholders."
In other news in the month, the company inked a letter of intent with renewable energy company Panel the Planet Inc to explore possible solar energy projects at Railroad.
"The move is designed to offer cost-effective power for our mining and processing operations, as well as create a stream of revenue in the form of power purchase agreements with NV Energy, the state utility."
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