Research Report | CANTER RESOURCES | OTC: CNRCF | CSE: CRC
This is a paid promotion by Canter Resources Corp.
US Lithium Production Needs to Multiply 15x By Next Year to Satisfy Domestic Demand
Canter Resources (CSE:CRC, OTC:CNRCF) has acquired rights, including 100% water rights, to a sizable project in one of richest lithium territories in North America — a region that holds what the US Geological Survey calls “The best-known (brine) deposit in the world.”
Demand for lithium is skyrocketing – projected to hit 1.5 million tonnes by 2025 — or three times 2021 production.
And it’s expected to double again by 2030 — reaching 3 million tonnes, or six times 2021 production.
Recently, supply has caught up to momentarily meet this increasing demand, but that’s changing quickly.
In a very short window, that means demand is expected to outstrip supply by a multiple of 15 times.
Even with an anticipated quadrupling of supply, lithium will fall into a perpetual deficit, that only gets greater by the year.
UBS’s renowned Global Head of Mining Research, Glyn Lawcock, issued a warning about this coming shortfall…
“There is not sufficient supply to meet this demand projection based on our knowledge of known projects today. That includes all projects whether they are under construction, in feasibility or still in exploration.”iii
This supply crunch’s early effects were already felt — with the price of lithium shooting up nearly 6x. That spike has recently retreated, with lithium production expanding in an attempt to keep up with demand.
Nonetheless, this is merely a respite.
Many analysts see the world hitting a lithium shortfall by 2025 — and that is with lower assumed EV growth than we are actually seeing.6
When we hit that inflection point — a virtual certainty, given how long it takes for new resources to come online — the price of lithium will likely resume its rapid ascent.
That could put America in a bind.
A Strategic Resource We Don’t Make at Home
In the above chart, you may notice that the US was responsible for 37% of lithium production in 1995.
Since that time, US production has withered while production abroad has expanded.
Today, the US makes about 1% of the world’s lithium.
As supply gets tighter… and the world becomes less friendly… that’s a problem.
Which is why the White House has earmarked $110 billion for building out domestic clean industry supply chains — with lithium sourced from Rhyolite Ridge a target of that spending.1
Now, Rhyolite Ridge has been in the news a lot recently, and for obvious reasons…
First-off, it’s the source of the only producing lithium mine in the United States – Albemarle’s Silver Peak.
But its gained attention recently because nearby projects — fed by the same geologic formation as Silver Peak — have already received large swaths of this federal money.
- American Battery Technology has received 4 DOE grants totaling near $70 million for its project, with $50 million coming from an institutional investor, and another $20 million awarded as part of the U.S. Department Of Energy (DOE) grant2.
- Then there’s Ioneer’s Rhyolite Ridge project. The sheer volume of lithium claystone being developed by Ioneer helped the company secure a $700 million federal loan.
Now, one of the major flows from Rhyolite Ridge terminates right in the Columbus Basin – where Canter Resources (CSE:CRC, OTC:CNRCF), is actively pursuing exploration on a project within 50 miles of Ioneer (17 miles), Albemarle (28 miles), and American Battery Technology’s (40 miles) flagship projects.
And importantly, the project was staked by the same prospecting team that discovered the primary resources for both Ioneer and American Battery Technology, among a number of others throughout Nevada.
That’s why Canter Resources, just at the start of their journey, could be next in line.
One of the Greatest Lithium Brine Sources In The World
Rhyolite: a geological formation made mostly of silica, formed through volcanic activity — is often found with or near other volcanic metals, like lithium.
Rhyolite Ridge has spent the past 30 million years feeding lithium, boron, and a number of other valuable volcanic byproducts into the surrounding claystone and basins, including:
- The Silver Peak range, where Ioneer Lithium ($216 million market cap) is developing a lithium project only 17 miles from the Columbus Basin.3
- Albemarle’s Silver Peak mine — the only operating lithium brine operation in North America — also gets its lithium from Rhyolite Ridge. It sits just 28 miles from Columbus Basin.
- And the Tonopah Flats lithium claystone project, 40 miles from Columbus Basin. American Battery Technology ($192 million market cap) is developing this lithium resource.
There is an enormous push to develop these resources, and not only because we need more domestic production.
We need more production, period.
That’s where Canter Resources (CSE:CRC, OTC:CNRCF) comes in.
How the “First Family of American Lithium” Is Bolstering US Supply Lines
The Craig family is responsible for several major lithium finds in central Nevada — itself the hotbed of US lithium exploration and development.
With claims now being developed by Ioneer, American Battery Technology, American Lithium, and Schlumberger, the Craigs are responsible for over $1 billion in market value.
But the Huge 23,000-acre Columbus Basin Project Could Be the Richest Target Yet…
- The Columbus Basin is the only structurally closed basin in the state of Nevada that is surrounded by the right lithium bearing volcanic rocks, meaning all of the lithium and boron mineralization leaching from those surrounding volcanics for the past 23 million years has remained trapped with no way to escape. And Canter Resources controls the majority of the basin.
- And all of its rights are controlled by tiny microcap Canter Resources (CSE:CRC, OTC:CNRCF). That includes 100% interest in water rights permits for the Columbus Basin property.
- With previous drilling and sampling demonstrating lithium enrichment in the basin and the first lithium brine concentration reports coming in Q1 2024, this could be the launch of the next great lithium success story.
When the Craigs first started exploring for lithium, they were looking for alkaline flats.
The reason? The Craigs knew that brine is one of the best sources of lithium. Getting it out of the playas is as easy as drilling a well.
Extracting it from the brine solution is relatively straightforward and economical as well. Given recent advances in extraction methods, they are even cleaner and more efficient than before.
Lithium brine has been found and developed in South America — where the famed Lithium Triangle spans Argentina, Bolivia, and Chile8
Those resources have been found in salt flats throughout the Andes — where brine has concentrated, washing millions of years of lithium and other metals out of the ancient volcanic rock.
The exact same sort of geologic foundation we see at Rhyolite Ridge.
The only difference? While the Lithium Triangle has been fairly well explored, before 2008, only Albemarle had thought to look for lithium here in the US.
It just wasn’t a valuable enough mineral to warrant exploration, before the Craigs started their search.
By seeking out similar geology, the Craigs found Rhyolite Ridge.
And the stakes that grew out of that discovery have turned into valuable projects for Ioneer, American Lithium, Pure Energy, and others.
But the Columbus Basin — while fed by Rhyolite Ridge and other similar volcanic ranges like the other areas — is unique in a very important way.
It is a hydrologically and structurally closed system.
That means that any water that enters the basin remains. Over eons, the lithium-bearing rocks immersed here continued to enrich the waters with lithium, through millions of cycles of precipitation and evaporation.
It has a deep basement — estimated to reach 12,000 feet, providing layers upon layers of sediment basin-fill that is the right environment to host lithium-enriched brines.
At 23,000 acres, a discovery at the Columbus Project has ample room to grow.
While there hasn’t been proper exploration of the Columbus Basin yet, one early drill hole went down 2,200 feet.
In that span, it encountered a network of aquifers, and clay samples that averaged 500 ppm lithium, with highs reaching 1,600 ppm. Previous brine samples from surface have reached levels as high as 300 mg/L, which is approximately 4x higher than the neighboring Silver Peak mine’s average grade.
However, to date, a proper well drilling test of the sub surface aquifers and lithium brines has not been completed….until now.
That makes this one of the most promising projects with yet-to-be-proven resources in North America.
Now, securing water rights is one of the biggest challenges for companies hoping to advance a project from discovery to a successful mining operation in the arid regions of the western USA. In many areas, securing new water rights from state run water divisions is becoming near impossible. Farmers and ranchers holding legacy water rights have made small fortunes selling portions of their existing water rights to mining companies in need of the scarce resource to develop and operate their projects.
Canter Resources won’t have that problem developing a Columbus Basin lithium discovery, as they have struck a deal to secure water rights before drilling their first drill hole. This marks a key early milestone for the company and de-risks the project’s potential development path in the future, when water will only be harder to comeby.
And that’s one of the draws that has brought the best in the business to Canter Resources (CSE:CRC, OTC: CNRCF).
Assembling The A-Team
The flat, desert-like nature of the tundra makes it easy to spot outcroppings.
“They’re the cat’s meow.” That’s what Barbara Craig has to say about the management and field team at Canter.
And there’s general agreement: this team is one of the most experienced in the fledgling domestic lithium brine sector.
It starts with the stakers, the Craigs. Barbara and Robert Craig pioneered the lithium movement in the US — getting involved before anyone else, staking out the best claims before potential competitors predicted coming demand, and now developing their best fields.
They can be thought of as the Father and Mother of the US lithium industry.
They’re responsible for over $1 billion in market cap, having found the primary resources for Ioneer, American Battery Technology, Pure Energy, American Lithium, and others.
Barbara Craig in front of the “billion dollar wall” — the projects they’ve staked worth over $1 billion in market cap.
This isn’t just a vocation for the Craigs — it’s a passion.
Robert Craig, who unfortunately passed a couple years ago, was a second-generation prospector and a classically trained mining engineer.
Barbara Craig was one of the first competitive women cross-country skiers in the United States, winning the first nationally sanctioned US event held for female athletes in 1967. She went on to represent the US in the 1972 Olympics as a member of the first Women’s Olympic cross-country ski team.
She’s carried that athletic energy into prospecting. Once she realized prospecting meant exploring, listening to, and interpreting the great outdoors, she was hooked.
Her husband and others knew she also had an “eye for mineral exploration”. Bob would comment, “She can spot lithium driving 40 miles an hour along a bumpy dusty road.”
Her Olympic physical stamina was apparent. “Show me a hill and I’ll climb it,” she’s fond of saying. She knows a bit about hill climbing… she successfully climbed Mt. McKinley/Denali in 1971.
And the Craigs passed that love of exploration onto their children and grandchildren — many of whom now accompany Barbara on her prospecting trips, helping out in exploration and discovery.
That sort of passion is often the secret behind great success — and so it is with the Craigs.
They nearly single-handedly jumpstarted the US lithium industry, pinpointing one of the most promising geological formations yet discovered, Rhyolite Ridge.
But make no mistake — The Craigs aren’t the only heralded names attached to the Columbus Basin project.
With this project being the Craigs’ last major stake fed by Rhyolite Ridge, they wanted to assemble an A-team to develop it.
And that’s exactly what they’ve found in Canter Resources (CSE:CRC, OTC: CNRCF) — up and down the lineup.
The management team, led by Warwick Smith, Joness Lang, and Eric Saderholm has a history of successful mining ventures. Their most recent company was the best-performing gold mining stock in 2021, according to the Wall Street Journal Mining Index.
They have taken multiple companies from early-stage to very profitable exit opportunities for shareholders, with their best performances reaching market capitalization increases of more than 1300%.
The field team is led by geologist Trevor Hawkins — a second-generation geologist whose father is famous for one of the great 10-million+ ounce gold discoveries years ago.
Hawkins has worked with the Craigs before, helping develop the other lithium properties in the area. He is one of the most experienced geologists in North America when it comes to lithium.
Even the investing group is the cream of the crop, led by legendary junior mining investor Michael Gentile. Canter Resouces (CSE:CRC, OTC: CNRCF) is one of Gentile’s first lithium related investments, one of 20 or so early-stage mining companies where he’s made significant investments.9
With his hand in plenty of junior mining major success stories in the states — as an investor, an advisor, or both — and with over 15 years investing in this space, where Gentile goes, a number of acolytes often follow.
Once Canter Resources starts announcing initial exploration results, expect the herd to come pouring in.
There is good reason to believe Canter Resources (CSE:CRC, OTC: CNRCF) is only a few short months from exactly that trigger.
Perhaps the Greatest Unproven Lithium Resource in North America
Source: Canter Resources Investor Presentation
We have already talked about how promising the Columbus Basin is.
- It’s near paved roads and infrastructure — making it easily accessible, without the expense of an infrastructure buildout.
- Hydrologically enclosed, the Columbus Basin is where a significant portion of all Rhyolite Ridge runoff comes to rest.
- At 12,000 feet deep or more, and covering 23,000 acres, this is one of the largest potential projects in North America.
- With 30 million years’ collection waiting, there has been plenty of time for significant concentrations of lithium to gather.
And, while it has never been properly explored for lithium, the company has already discovered lithium in the sediments at Columbus Basin. The only unknown is at what concentrations exist in multiple layers of brine, that’s what Canter Resources is actively working to prove out.
It’s also known to harbor large quantities of boron. It was a working boron mine in the late 1800s — making good money with a less valuable material, using less advanced extraction methods.
Today, the team has looked over the comprehensive geophysical data available –— and found lithium concentrations up to 1600 ppm, well into the economically viable range. Significant money was previously spent to generate the underlying surveys and technical data that supports this high-priority target.
There is a known multi-tiered system of aquifers on the property, with a strong potential for others to be found.
Brine samples from the Columbus Basin will be assayed for lithium in the first half of 2024 — and given the nature of brine deposits 2-3 successfully drilled wells could fast track the company towards an initial mineral resource estimate.
Perhaps most encouraging, the team is so excited about all the indicators they’ve found — from lithium concentration in surrounding clay, to m-t readings showing the low resistivity indicative of multiple large briny aquifers — that they may save a year of time by drilling a well first, instead of exploration drill holes.
The cost is only moderately more expensive — the well only becomes more expensive when it is fortified for use, after the resource has been defined and proven economical.
The advantage of traditional exploratory drill holes is more precise readings of the surrounding ground.
But for sampling lithium brine, a well hole will do a significantly better job. It will ensure the highest quality brine sampling is completed, with the opportunity to re-access aquifers with a variety of further tests.
And by putting the well in place to start, Canter Resources (CSE:CRC, OTC: CNRCF) could save up to a year of development time — the average length of time it takes to install a well from scratch.
This is the sort of move that could catapult the Company’s valuation close to its multi-hundred million dollar neighbors within a relatively short period of time.
Canter Resources (CSE:CRC, OTC: CNRCF) Fits The Bill
- If you are looking for a way to take advantage of the lithium “white gold rush” that is setting up to grip the market once again as supply fails to keep up with demand
- With lithium projected to be one of the best-performing commodities over the coming years…
- With EV demand outpacing even the rosiest predictions…
- And for other projects that make good targets for government grants and loans designed to shore up America’s domestic production of strategic resources…
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1 https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/22/fact-sheet-securing-a-made-in-america-supply-chain-for-critical-minerals/
2 https://www.ioneer.com/projects/about-rhyolite-ridge/
3 https://www.prnewswire.com/news-releases/american-battery-technology-company-secures-up-to-50m-investment-to-support-commercial-scale-battery-material-construction-projects-301914806.html
4 https://www.bloomberg.com/news/articles/2023-09-29/us-weighing-record-1-billion-loan-for-massive-lithium-mine-in-nevada#xj4y7vzkg
5 https://www.reuters.com/markets/commodities/gm-lithium-americas-develop-thacker-pass-mine-nevada-2023-01-31/
6 https://www.cnbc.com/2023/08/29/a-worldwide-lithium-shortage-could-come-as-soon-as-2025.html
7 https://www.cnbc.com/2021/10/28/biden-spending-framework-includes-555-billion-in-climate-incentives.html
8 https://www.csis.org/analysis/south-americas-lithium-triangle-opportunities-biden-administration
9 https://www.luckyminerals.com/news-releases-1/lucky-minerals-announces-new-strategic-investor-michael-gentile-a-18-m-non-brokered-private-placement-and-shares-for-services-agreement
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