- Vulcan Energy (VUL) receives a new three-year exploration licence in the Upper Rhine Valley
- The new licence covers geothermal energy, geothermal heat, brine and lithium over a 108-square-kilometre area, which Vulcan considers to be prospective for geothermal and lithium brine
- Vulcan’s geological team are now reviewing existing data over the area for future resource definition, which will add to the site’s total mineral resource
- Vulcan Energy last traded at $8.33 on July 9
Vulcan Energy (VUL) has been granted a new three-year exploration licence in the Upper Rhine Valley.
The new licence covers geothermal energy, geothermal heat, brine and lithium over a 108-square-kilometre area, which Vulcan considers to be prospective for geothermal and lithium brine.
The company’s licence holding now stretches across three states in the Upper Rhine Valley, with the latest licence in the state of Hessen complementing existing licences in the states of Rhineland-Palatinate and Baden-Württemberg.
Vulcan’s geological team are now reviewing existing data over the area for future resource definition. This will add to Vulcan’s total mineral resource of 15.85 megatonnes at 181 milligrams of lithium per litre in the Upper Rhine Valley.
Dr Francis Wedin Managing Director of Vulcan says the geological team have been an important part of becoming Europe’s largest lithium resource.
“The unique experience of the GeoT team, now part of Vulcan, has been instrumental in identifying areas such as this which are prospective for geothermal lithium mineralisation in the Upper Rhine Valley.”
The company also commented that the new licence will assist the company in its aim to grow its Zero Carbon Lithium project.
“The newly granted exploration licence will form part of our plans to grow our unique Zero Carbon Lithium Project, driven by high customer demand and an increasingly widely-held industry view that combined geothermal energy and sustainable lithium projects will be the preferred choice of lithium chemicals supply for the automotive industry in the years to come, due to their unique ability to produce lithium with no fossil fuels and net zero greenhouse gas emissions,” Dr Francis Wedin said.
Vulcan Energy last traded at $8.33 on July 9.