{"id":27460,"date":"2022-11-17T15:10:57","date_gmt":"2022-11-17T15:10:57","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=27460"},"modified":"2022-11-17T15:10:57","modified_gmt":"2022-11-17T15:10:57","slug":"unique-lithium-extraction-methods-to-fuel-performance-of-evs","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/unique-lithium-extraction-methods-to-fuel-performance-of-evs\/27460\/","title":{"rendered":"Lithium chloride: A natural resource to fuel batteries in the zero-emission vehicle revolution"},"content":{"rendered":"

Spey Resources<\/a> is using the unique lithium extraction method, Ekosolve\u2122 Technology, to contribute to the evolution of high-performance lithium-powered vehicles.<\/h2>\n

Raw materials such as lithium, nickel, and cobalt are used to produce battery metals. These select resources create high-performance batteries. Lithium\u2019s high electrical potential in the cathode and electrolyte allows for the transition to clean energy with the lightest of metals. There is no known cost-effective replacement element on the market to achieve unrivalled performance for electric vehicles (EVs).<\/p>\n

The surge in demand for these metals to power personal electronics and electric vehicles will drive the need for battery metals to over a $20bn value by 2027.1<\/sup><\/p>\n

Spey Resources is a Canadian exploration company, incorporated in 2017, and is headquartered in Vancouver, BC, Canada. They are committed to addressing the demand for lithium chloride as a natural resource to fuel the electric battery revolution. The company seeks to do so through environmentally-friendly lithium extraction processes, with careful consideration for the communities they work in and the salt lakes they manage.<\/p>\n

With a highly-skilled technical team, who are experts in lithium brine chemistry, the company utilises unique lithium extraction methods in order to minimise capital expenditures and provide environmental benefits by virtually no usage of water.<\/p>\n

Spey currently owns 80% of the Candela II Project, located on the Incahuasi Salar in the prolific Lithium Triangle area, Salta Province, Argentina, with an option to acquire the remaining 20%. It owns the Pocitos I and II projects on Pocitos salar and has optioned Pocitos I to Recharge Resources. The option expires on 30 June 2023. Furthermore, the company holds four spodumene pegmatite properties in the James Bay area in Quebec, an option to acquire a 100% undivided interest in the Silver Basin project, located in the Revelstoke Mining Division of British Columbia, along with the Kaslo Silver property, situated in southern British Columbia. Pocitos I is currently being drilled.<\/p>\n

Meeting the increasing demand for lithium<\/h3>\n

Sales of new petrol and diesel vehicles are set to plummet, as more countries look to phase them out in order to address climate neutrality pledges. At last year\u2019s COP26 talk, 30 governments said they would stop sales of new petrol and diesel models by 2040. This poses the question of whether the world has enough lithium for battery manufacture to meet these demands.<\/p>\n

In order to become fully net zero, the world needs to produce two billion EVs by 2050. According to figures from the Argonne National Laboratory, a lithium-ion battery pack for a single EV contains around eight kilograms of lithium.2<\/sup> Enough lithium carbonate was mined last year to produce around 11.4 million lithium batteries, with global reserves sufficient enough to produce around 2.5 billion batteries.<\/p>\n

However, as this critical mineral is necessary to produce a number of products, including laptops, smartphones, watches, glass, ceramics, pharmaceuticals etc., the current production rate may fall short of meeting the amount needed for EVs. Moreover, with increasing demand comes increasing prices. According to S&P Global Market Intelligence data, total cash costs of lithium concentrate operations increased 17.4% year-on-year to $2,529\/t lithium carbonate equivalent (LCE). Total cash costs of lithium chemicals \u2013 lithium carbonate and lithium hydroxide products \u2013 increased from $4,684\/t LCE in 2020 to $5,048\/t LCE in 2021.3<\/sup><\/p>\n

In order to overcome these issues, Spey Resources has committed to two lithium brine projects across Argentina. The completion of these projects will enable the company to hit multiple lithium brine aquifers in each location across the region.<\/p>\n

The Incahuasi Salar and Candella II project<\/h3>\n

Incahuasi Salar is located in the Province of Salta, approximately 45km from the township of Tolar Grande, Argentina. This basin has the two major players Ganfeng and Allkem exploring adjacent to Spey\u2019s property and, from the five drill holes completed in 2021, is known to have quality lithium brines at depth. The lithium is derived from the Cerro Aracar and Pular volcanos, contributing lithium to the salt lake through aquifers. Easily accessible by road, with no Indigenous communities nearby, this region has been substantially explored and shows the lithium brines are at approximately 200m, which is relatively easy to pump.<\/p>\n

Key features of the project include:<\/p>\n