Soxan, My last understanding was that Great Lakes was still working on the ore. No specifics, just that the work continues. The additional labs, such as Acme, I assume are waiting until we get the permits to drill and pull up brine for Lithium and Boron testing. It seems that the potential extraction from the brine is of key interest to the company interested in the Lithium.
The other labs working on the PM's I assume have plenty of drill material to work with so that work is ongoing. I assume that since the work started with the labs offering to work for no fee, and there have been indications of recent "encouraging results" so if the labs are working for a "if we find it, they will pay" type arrangement, their incentive is to keep working until the exhaust all possible avenues.
I am hoping we get some formal announcement that the financing is secured for the leases as the leases represent the core interest for all shareholders. We know that Mr. Gardner mentioned in the last letter "negotiation with a major firm regarding an intitial exploration program for lithium at Franklin Lake." So I hope that is what is going on right now after the positive initial testing on Lithium.
Maintaining the leases is the very bottom line for Naxos, and it would seem based on a few posts here, that the money problem for that issue has been resolved. If there is a absolute bottom for Naxos that was it so let's hope for a nice bounce up from here.
My hope is that they get a major partner to ensure enough funding to complete the drill program for the brines and that permitting is no problem. It seems logical that if the Lithium is on the surface at one concentration, below the surface at a higher concentration in the clay, there would be a good chance that the brines would have lithium as well. I assume that any major supplier would not have started the talks in the first place if they didn't agree. I also assume that they would not have entertained talking to Naxos unless they were interested in the resource.
Lithium and Boron do not create a great sense of excitement like gold, but they do provide a simple, direct approach to creating revenue and shareholder value. And for most, I think that is not a bad direction at all.
Tom F. |
