VANCOUVER, British Columbia, June 15, 2022 (GLOBE NEWSWIRE) -- Clear Sky Lithium Corp. (CSE: POWR) (“Clear Sky” or the “Company”), a mineral exploration and development company focused on American lithium deposits to support domestic demand, is pleased to provide the following message from the Company CEO and Director, Mr. Craig Engelsman.
Dear stakeholders, friends, and associates,
We are pleased today to provide an update, along with key industry news and exciting details regarding our ongoing strategic plans and upcoming activities. We are grateful to everyone involved who has helped us get to where we are today, including our financial partners, supporters, geologists, and related experts who have been instrumental in guiding us forward.
Public Market Listing
We are delighted to provide today’s update and insights into the current and future activities of our growing venture. The Clear Sky team is immensely pleased to advise that, as of June 13, 2022, our common shares commenced trading on the Canadian Securities Exchange (CSE) under the trading symbol “POWR.”
Domestic Economic Conditions
As the world continues to emerge from a pandemic-driven transformation into a period of heightened conflict, global supply chain anxiety, and changing environmental concerns, we believe the need and argument for secure domestic production of lithium is increasing. The impetus across the national lithium sector appears to be moving to a return to American exploration and development with the support of governments at all levels in search of jobs, financing, and most importantly domestic production security.
With this confluence of events as a driving force and reminder that in the resource sector, timing often plays an important role in the success of many ventures, we are confident we have the right mix of personnel, and a strategic plan to capitalize on the current economic and geopolitical reality to achieve tangible and quantifiable results. We believe we are in the right business at the right time and right place.
Growing Demand for Lithium
On February 14th, it was reported that six of the seven automotive brands that ran ads during the Super Bowl were about electric vehicles (EV). While it was precedent-setting at the time, just a few days later the country of Ukraine was invaded, triggering unforeseen geo-economic events on top of an already fragile global economy. Today, we believe the world is on the verge of a transformation. Major industries are turning away from fossil fuels and moving towards a cleaner energy future, and part of this shift is being powered by the demand for lithium-ion battery technology.
Industrial Potential
As the cost of fuel rises, the automakers are responding and we believe the demand is poised to impact everything from trucking to air travel and beyond. An increase in intermittent renewable energy generation, from methods such as solar, is increasing the demand and viability for lithium battery solutions that encompass home storage to mega grid installations. The growth is transforming job opportunities and investment across the nation in a myriad of ways and breathing new life into regions and communities which have languished due to the exodus of American manufacturing to China in previous decades.
Strong Lithium Prices and Increasing Demand
The value of lithium has increased 1,200 percent over the last two years and remains 65% higher year-to-date on the back of increased global efforts to reduce carbon emissions. The U.S. lithium battery market is expected to reach $10.3B by 2026 with global demand poised to achieve $52.5B for the same period. According to recent media reports, the world is beginning to understand that large volumes of new lithium supply will be needed this decade to meet growing demand (~10x). The BMI reported gigafactory pipeline is now over 300 and is up 68% YoY to 6,387.6 GWh, which would require about 5.4 million tons of lithium (LCE) per year by 2030-32. In 2021, the world produced just 0.54 million tons of lithium (LCE).
Current Production in America
Today, the USA is home to only one active lithium mine. Consequently, much of the world’s lithium comes from South America, Australia, and China, with the U.S. producing less than 2% of the world’s supply of lithium. Currently, Chile holds the largest reserves and China dominates the worldwide supply chain for lithium-ion batteries. The Biden administration announced access to funding for a variety of resource sector initiatives through the Defense Production Act as well as a $5B plan for vehicle charging stations as part of ongoing infrastructure goals. These actions amongst others, are designed to spur domestic investment and growth across the resource and manufacturing sectors.
Our Approach
Clear Sky Lithium is excited to be located in Nevada, the heart of America’s lithium discovery region. Within Nevada, there are multiple advanced stage lithium projects, including the only operating lithium mine in the USA.
Building on this regional success, Clear Sky is energized to further investigate opportunities presented by combining the development of sedimentary deposits and innovative processing technologies. Unlike brine-based lithium projects, sedimentary or “claystone” deposits offer advantages in terms of environmental impact by utilizing non-evaporative extraction methods resulting in a reduction in water usage in arid desert conditions. With the advent of new extraction and processing technologies combined with an upsurge of interest, activity, and capital investment in regional claystone mining, Clear Sky developed its technology-focused strategic plan predicated on securing a prospective source of lithium-bearing claystone in a mining-friendly location.
Our Project
Clear Sky Lithium’s Eli property straddles northern Nye and southern Eureka Counties and is located just 43km southwest of the regional mining support services available in the town of Eureka, Nevada. The valley floor has a total area of about 450 km² and at the project itself is located in a fault-bounded sub-valley to the west dominated by shallow hills and mound-like outcrops of mudstone and claystone, cut by dry gravel washes across a broad alluvial fan. The Li-bearing rocks within the project area are believed to have a strong volcanic history referred to in digital geologic models generated by the Nevada Bureau of Mines. To-date initial field work consists of a 150-surface sample dataset covering the property at a 200m x 450m grid and upgrading infill sampling over a historic sampling area. This dataset includes 134 grab samples with results ranging from 45 to 801ppm lithium with an average grade of 292ppm1, and a historical 16 grab sample collection ranging from 388 to 970ppm lithium for an average grade of 667ppm2. While these surface claystone samples are selective in nature and don’t represent the entire property, they provided the impetus to advance the project as our candidate for entry into the lithium sector.
Next Steps
Clear Sky lithium is optimistic regarding the future of the lithium sector and in particular the opportunity for claystone asset development. The Company aims to commence with a strategic plan to advance further exploration on the property. Additionally, we aim to engage key partnerships across relevant fields of academia, as well as industry experts, commercial research and development labs, and end-users to evaluate the highest value clean-tech extraction and processing techniques.
In Conclusion
Under the current and projected economic conditions, we believe the outlook for lithium is highly favourable and looks to stay that way for the foreseeable future. The Company aims to work smart, stay nimble and efficient, while collaborating with industry leaders, current and future stakeholders, partners, and consultants to unearth the value of its current property while continuing to seek out other projects of interest, value, and long-term potential.
Company CEO and Director, Craig Engelsman, notes, “We are extremely optimistic about the lithium industry and aware of the current and pending domestic shortage of this critical mineral and are confident in the role we can play in the future success of the sector. We are fully committed to unlocking the value of lithium for the benefit of all our stakeholders and future investors alike.”
Clear Sky Lithium advises the public that as part of its disclosure obligations as a public issuer, all material and regulatory filings can be found on www.sedar.com. We also invite the public to visit our new website at www.clearskylithium.com and to sign up to our “news alerts” to be advised of future news releases and related company information. Please also ensure you watch our video which is now available on the website.
On Behalf of The Board of Directors,
Sincerely,
~Craig Engelsman~
Craig Engelsman
Chief Executive Officer & Director
Clear Sky Lithium Corp.
www.clearskylithium.com
Notes
Anna Hicken, P.Geo., of Geomax Consulting, and consultant to the Company is the non-independent Qualified Person as defined in NI 43-101, who has reviewed and approved the scientific and technical content of the press release.
1. All sampling completed by Clear Sky within the exploration program are subject to a company standard of internal quality control and quality assurance programs which include the insertion of certified reference materials, blank materials and pulp duplicate analysis. All samples are sent to American Assay Labs located in Reno, Nevada where they are processed for lithium analysis by ICP-5AM48. American Assay Labs quality systems conform to requirements of ISO/IEC Standard 17025 guidelines and meets assay requirements outlined for NI 43-101. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.
2. A Qualified Person has not completed sufficient work to verify the historical information on the Project in regards to the historical sampling results.
About Clear Sky Lithium Corp. (CSE: POWR)
Clear Sky Lithium is an exploration and development company dedicated to the advancement of North American lithium deposits to support domestic demand. The Company holds interests on the Eli property in Nevada. The Company is also focusing on the development of claystone extraction and processing technologies aimed at delivering scalable efficiencies across the value chain in a sustainable manner. Find out more visit www.clearskylithium.com and watch our video.
Forward Looking Information Disclaimer
This press release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the trading of the Company’s common shares on the CSE, global trends towards clean energy, projected growth of demand for lithium and domestic resource production, technological advancements increasing the viability of lithium-ion batteries, the Company’s ability to develop new lithium extraction and processing techniques, the Company’s plan to further strategic exploration on the Eli property, and the Company’s plans to engage key partnerships across relevant fields of academia, as well as industry experts, commercial research and development labs, and end-users to evaluate the highest value clean-tech extraction and processing techniques.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s final long form prospectus dated May 31, 2022, under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
The CSE has neither approved nor disapproved the contents of this press release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Clear Sky Lithium Corp.
Investor Relations
Email: info@clearskylithium.com
Telephone: +1 (778) 383-7240
