Lithium Junior Expands Nevada Project To Cover New Target

Canter Resources Corp. (CRC:CSE; CNRCF:OTC; 601:FRA) announced it had staked the limited open ground along the western edge of its Columbus Lithium-Boron project in Nevada and expanded it from 23,000 acres to almost 30,000 acres.

The company's technical team made the move immediately after interpreting recently acquiring third-party data, resulting in a detailed 3D model showing highly anomalous lithium values along the project's previous western boundary "and beyond."

"We are thrilled to have significantly expanded our land package at Columbus to encompass the full extent of the most prospective ground for lithium-enriched brines before commencing our drill campaigns," said Chief Executive Officer Joness Lang. "Our team sees tremendous potential at Columbus, and we are excited to get underway with Geoprobe drilling, which will commence imminently."

Canter said the 3D modeling has been instrumental in revealing the potential of the Columbus Project area. By carefully analyzing the geological structures and resistivity patterns, the company said it had identified a westward-trending conductive zone that signifies a broadening corridor of potential lithium-bearing brines.

"This insight is critical, as it suggests a continuous zone extending beyond the original property boundaries," the company said in a release.

HSAMT (hybrid source audio magnetotellurics) data was pivotal in understanding the subsurface characteristics of the project area, Canter said.

Asset manager Chen Lin is the author of What Is Chen Buying? What Is Chen Selling? He said he expected the company to be a part of a panel at a conference he is hosting in Vancouver this summer.

"They have a huge expansion of their target," Chen noted. "They're going to drill this year, so we should see some very exciting high-grade lithium."

The company said it was "poised to implement a more comprehensive Phase II exploration program . . .  (that) will include expanded geophysical survey coverage, aiming to thoroughly map out the resistivity and structural profiles across the newly acquired acreage."

Tier 1 Jurisdiction, Close to Tesla Gigafactory

Columbus, the junior lithium and critical metals exploration company's flagship project, is in a Tier 1 mining jurisdiction (Nevada) deemed the world's best by the Fraser Institute in 2022. The property is the largest land holding in the Columbus salt marsh, after which it is named.

Asset manager Chen Lin is the author of What Is Chen Buying? What Is Chen Selling? He said he expected the company to be a part of a panel at a conference he is hosting in Vancouver this summer.

"Columbus is unique in that it is a structurally and hydrologically closed basin in Nevada with surrounding lithium bearing tertiary volcanic ash and tuffs that have fed the basin for the past 23 million years," according to the company's website.

The project is only a three-hour drive from Tesla Inc.'s gigafactory in Nevada, which supplies lithium-ion batteries and components for Tesla's electric vehicles.

Canter also fully owns the Beaver Creek lithium property, covering a 1.3 km long by 0.3 km wide bed of lithium-rich outcrop near Lincoln, Montana. There, 99 surface samples returned lithium grades up to 1,500 ppm and averaging 500 ppm.

'A Pure Lithium Speculation'

Since November 2023, the company has raised CA$4.4 million in equity, submitted and received all necessary permits from the BLM and NDOM, acquired third-party data, reinterpreted geophysics and created a new 3D model, secured the same technical team that worked with the property vendor on large-scale lithium projects in the region, and secured a dirt-work contractor for site preparation and a contractor for Geoprobe drilling ahead of a Phase 1 exploration program during the first half of 2024.

"The evidence is strong that Canter is on to something here," wrote Jeff Clark of The Gold Advisor newsletter on March 20. "The geophysics here definitely suggests brine fluids are present, with the million-dollar question [being] what kind of lithium concentrations exist in those brines. It appears that answer is potentially very exciting."

Global Analyst Adrian Day wrote in December that Canter had caught his eye "because of its management, technical expertise, location, strong cash balance, and favorable conditions."

Canter pointed out that its target at Columbus is similar, in terms of geology and deposit style, to Albemarle Corp.'s Silver Peak 28 miles away, also in Nevada. The Silver Peak mine has been producing lithium since the late 1960s.

There is even more evidence that supports lithium being present at Columbus, Canter said, based on results of historical surface sampling and prior drilling done in less conductive areas. They showed lithium values up to 1,600 parts per million (1,600 ppm) and boron levels higher than 10,000 ppm, which are indicators of a multitiered aquifer system.

Global Analyst Adrian Day wrote in December that Canter had caught his eye "because of its management, technical expertise, location, strong cash balance, and favorable conditions."

"For those looking for a pure lithium speculation, look at Canter," he wrote.

The Catalysts: Growing Sectors in Green Economy

Lithium and boron are both growing sectors. The need for lithium is constant as the world shifts to a greener economy, given the metal's use in lithium-ion batteries for remote controls, cellphones, and electric vehicles (EVs), according to Eco Lithium. Other applications include digital cameras, pacemakers, laptops, watches, power packs, mobility scooters, alarm systems, backup power systems, golf carts, and energy storage.

The primary driver of lithium demand is the electric vehicle industry. For example, in China, the penetration rate of neighborhood electric vehicles is expected to reach 50% in the next three months, Stockhead reported on March 20, and this would "be a big boost to lithium demand."

As such, the lithium market is projected to expand at a 20.4% compound annual growth rate (CAGR) to US$6.4 billion (US$6.4B) by 2028 from US$2.5B in 2023, according to Markets and Markets.

With respect to the global boron market, Mordor Intelligence forecasts it will reach 6,040,000 tons (6.04 Mt) between 2004 and 2029, reflecting a 4% CAGR. Currently, the market is an estimated 4.89 Mt in size. 

Demand for boron/borates for applications in agriculture, metallurgy, nuclear energy, advanced materials, and high-tech is growing, the report noted. The increasing use of fiberglass in various end-user industries is also increasing demand. 

According to the U.S. Geological Survey, borates are also used in abrasives, cleaning products, insecticides, insulation, ceramics, and semiconductors.

Ownership and Share Structure

As for ownership, according to Reuters, four insiders own 5.32%, or 2.71 million (2.71M) shares, of Canter Resources. From most to least shares owned, these individuals are CEO and Director Joness Lang with 3.28% or 1.67M shares, Chief Financial Officer Alnesh Mohan with 0.98% or 0.5M shares, Director and Technical Adviser Eric Saderholm with 0.59% or 0.3M shares, Strategic Advisor Michael Gentile with 4% or 2.1M shares, and Director Brian Goss with 0.49% or 0.25M shares.

Retail and institutional investors own the remaining 94.68%, including Palos Asset Management, EarthLabs Inc., Clarus Securities Inc., and Echelon Partners.

Regarding share structure, according to the company, it has 50.99M outstanding shares, 580,000 options, and 3.66M warrants, for a total of 55.23M fully diluted shares.

Canter's market cap is CA$19.44 million, and its 52-week trading range is CA$0.07-0.99 per share.

Important Disclosures:

1. Canter Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Canter Resources Corp.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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