American Salars Lithium Inc. has received confirmation that a geochemistry laboratory has received samples collected during the Phase I exploration program at its Black Rock South lithium project in Nevada. The company announced that ALS Geochemistry Laboratory received 121 samples collected from the project, located near the Galt claim group and Tesla’s Gigafactory.
The data from the samples will be used to plan the upcoming Phase 2 exploration program at the site. CEO R. Nick Horsley stated that this project complements the company’s established lithium resources in Salta, Argentina. Technical Analyst Clive Maund has labeled the stock a “Strong Buy” for both fundamental and technical reasons.
The Black Rock South property is located in a highly prospective lithium exploration area in Nevada, and the company has also recently acquired the Pocitos 1 lithium project in Argentina. With a focus on lithium projects in North and South America, American Salars is positioning itself for the growing demand for lithium in EV batteries and energy storage systems.
The lithium market is projected to grow significantly in the coming years, with China currently dominating the market. Despite recent price drops, analysts expect a recovery in lithium prices by the end of 2024. American Salars has a strong share structure and market cap, making it an attractive investment opportunity in the lithium sector.
