- Uvre (ASX:UVA) is boasting a new lithium project
- Based in Wyoming, South Pass is just south of Chariot Corporation’s (ASX:CC9) Black Mountain
- Shareholders like the news with shares up more than six per cent in the first hour of trade today
- The US Geological Survey has identified lithium-bearing minerals on site
- No company has ever exploited the area
- Shares are up 6.67 per cent, trading at 16 cents at 11:54 am AEDT
Microcap explorer Uvre (ASX:UVA) has acquired a lithium project in Wyoming, USA.
Shares in the explorer were up more than six per cent in the first hour of trade today.
The lithium premium clearly hasn’t gone anywhere – fifty minutes isn’t long enough to properly research a project thoroughly.
What has Uvre acquired?
Uvre now boasts the South Pass lithium project, a hard-rock battery metal play.
The company has 100 per cent ownership over 206 claims in an area “with no previous lithium exploration”.
That’s true for commercial drilling – the US Geological Survey (USGS) has been there before, confirming spodumene and lepidolite in historical samples.
While lepidolite is harder to refine than spodumene (and less of a household name), both are lithium-bearing minerals.
ASX slowly coming to Wyoming
All in all, the South Pass landholding covers some 4258 acres.
Geotechs will first examine pegmatite swarms identified on-site.
The landholding has no minimum exploration requirements and the company also notes “excellent” road infrastructure.
Uvre’s South Pass project makes it the second ASX-listed company to mine for lithium in Wyoming.
It will now join Chariot Corporation (ASX:CC9) in mining the area, with South Pass being not far south from Chariot’s southmost project, near Route 28.
Chariot only recently listed on the ASX and is having a fairly good year, as far as 2023’s terrible year for IPOs goes.
The stock is above where it listed and drilling at its Black Mountain project recently kicked off.
Management comment
“The South Pass lithium project complements and diversifies Uvre’s portfolio with exposure to lithium exploration in addition to [our] uranium, vanadium and rare earths exploration work,” Uvre chief Peter Woods said.
“Uvre has an existing USA geological team and given the excellent access to the South Pass Lithium Project, the company is well positioned to get boots on the ground.
“Given the recent success of other ASX-listed lithium exploration companies … [we] will be highly leveraged to any early exploration success at the South Pass Lithium Project.”
UVA shares were up 6.67 per cent, trading at 16 cents at 11:54 am AEDT.