Canter Resources Expands Drill Program at Columbus Project, Targeting Lithium and Boron

Canter Resources expands Nevada drill program, targeting lithium and boron near Tesla's gigafactory, amid rising demand for critical minerals.

By Max Weldon

5/15, 12:54 EDT

Key Takeaway

  • Canter Resources expands its drill program at the Columbus project in Nevada, targeting lithium and boron with 22 permits secured for initial drilling.
  • The project's proximity to Tesla's gigafactory and strategic location in a Tier 1 mining jurisdiction highlights its potential market impact.
  • With rising global demand for lithium and boron, critical for green energy, Canter aims to capitalize on market dynamics with an aggressive exploration strategy.

Canter Resources Advances Exploration

Canter Resources Corp., a junior lithium, boron, and critical metals explorer based in Vancouver, British Columbia, is making significant strides in its exploration activities in Nevada. The company is currently focused on advancing its flagship asset, the Columbus project, which spans nearly 30,000 acres and represents the largest claims position in Nevada's Columbus salt marsh. Canter's CEO, Joness Lang, highlighted the project's potential, stating, "This program is delivering valuable subsurface data within the highly conductive upper layers across kilometers of strike length."

The first phase of drilling targets lithium and boron-enriched sediment and brine samples, with permits for 22 locations now secured. The explorer plans to drill an additional five to 10 holes in the upper 30 meters at Columbus, particularly to the west of the three-dimensional modeled HSAMT resistivity shells. This area has returned highly anomalous lithium values and presents gaps in the current data. The completion of gravel transport and stockpiling marks the end of preparation work for the first well at Columbus, with a second phase of Geoprobe drilling planned using a different type of rig that can reach depths of up to 45 meters.

Strategic Location and Market Potential

The Columbus project's proximity to Tesla Inc.'s gigafactory in Nevada, a Tier 1 mining jurisdiction, underscores its strategic importance. The project is surrounded by lithium-boron-bearing volcanics and is near other lithium discoveries in the area. Canter's exploration for lithium-boron brine mineralization is noted for requiring less drilling and offering a more rapid path to resource estimation compared to hardrock mineralization. The company's team, described by Jeff Clark of The Gold Advisor as aggressive and experienced, is focused on advancing the project efficiently.

Lithium and Boron Market Outlook

Both lithium and boron are critical to the green energy sector, with lithium's demand driven by its use in lithium-ion batteries for a wide range of products, including electric vehicles. The U.S. Inflation Reduction Act encourages the discovery and development of a domestic lithium supply, mandating significant percentages of critical minerals in electric vehicle batteries to be sourced from the U.S. or its free trade partners. The global demand for lithium is expected to continue rising, with projections suggesting a significant increase by 2035.

Boron, on the other hand, is emerging as a critical mineral due to its use in high-tech and clean energy applications, including neodymium-iron-boron permanent magnets in electric vehicle motors. The global boron market is experiencing rapid growth, with demand expected to outpace supply. Canter's exploration efforts at Columbus aim to capitalize on these market dynamics, with CEO Joness Lang noting the project's potential for significant boron concentrations.

Near-Term Catalysts and Expert Opinions

Canter anticipates completing the expanded phase one Geoprobe drill program by mid-month, with results expected to be released shortly thereafter. The company has a catalyst-rich year ahead, with sufficient funds to finance its current exploration program. Experts in the mining space, including David Morgan and Jeff Clark, have expressed bullish views on Canter's prospects, highlighting the company's experienced team and the strategic significance of the Columbus project.

Street Views

  • Chen Lin, What is Chen Buying? What is Chen Selling? (Bullish on Canter Resources):

    "This project looks like it has world-class potential. They are not only exploring for lithium but boron as well."

  • Jeff Clark, The Gold Advisor author (Bullish on Canter Resources):

    "The prospectivity of the large land package and the numerous lithium-boron targets there reinforce what a strong speculation [Canter] is." "Columbus is surrounded by other lithium discoveries in the area... This particular piece of property is the most prospective of all the other lithium discoveries they've made in the area."

Management Quotes

  • Joness Lang, CEO of Canter Resources:

    "This program is delivering valuable subsurface data within the highly conductive upper layers across kilometers of strike length." "Geothermal activity is an important mechanism for liberating lithium and boron from sediments into brines, and the fact there are known geothermal inputs along structures at both ends of the basin provides additional support for enriched brine potential at Columbus."