Surge Battery Metals Inc. [NILI-TSXV, NILIF-OTC, DJ5C-FRA] shares rose in active trading Thursday after the company said it has appointed Dr. Vijay Mehta, a world-renowned expert on lithium mining, extraction and processing to its board of directors, effective immediately.
The news comes after the company recently raised $7.1 million from a private placement of 17.9 million units priced at 40 cents per unit. Proceeds are earmarked for the Nevada North lithium project.
Mehta has consulted to all the “Who’s Who” in the global lithium mining industry, Surge Battery said in a press release, Thursday. “His services are sought after for his expertise in innovation in lithium brine processing, as well as the production of industrial scale of high-purity [battery grade] lithium end products.
“His skills include evaluating the technological and economic feasibility of lithium brine products around the world, as well as cost competitive analysis comparisons. Among his many scientific accomplishments, he holds more than 12 lithium related U.S. patents, and has published over 50 technology reports and, as well as ten academic papers.’’
Surge Battery Chairman Graham Harris said the company is “delighted” that Dr. Mehta is joining the board. “I had the pleasure of working with Vijay at Millennial Lithium where he was instrumental in our success, which resulted in the sale to Lithium Americas Corp. [LAC-TSX, NYSE] for $490 million.’’
Millennial was focused on the development of the Pastos Grandes lithium brine project, which is located in Salta in the Lithium Triangle of Argentina. Lithium producers in the Triangle include SQM, Albemarle Corp. [ALB-NYSE], Livent Corp. and Orocobre Ltd. [ORL-TSX, ORE-ASX].
Surge Battery shares rallied on the news of Dr. Mehta’s appointment, rising 3.6% or $0.02 to 57 cents on volume of 376,410. The shares are currently trading in a 52-week range of 70 ce$0.035.
Surge Battery’s key asset is a 100% interest in the Nevada North lithium project. It consists of 303 mineral claims, located in the Granite Range southeast of Jackpot, about 73 kilometres north-northeast of Wells, Elko County, Nevada. The first round of drilling completed in October, 2022, identified a strongly mineralized zone of lithium-bearing clays, occupying a strike length of almost 1,620 metres.
The average lithium content within all near surface clay zones intersected in 2022 drilling, applying a 1,000 ppm cut-off, was 3254 ppm.
Harris said Dr. Mehta will initially review the company’s metallurgical test work on the drill cutting from the Phase 1 drilling an on core samples from all subsequent drilling and bulk sampling campaigns. “He will advance the use of those findings for future process and plant design technical studies for the Nevada North Lithium Project,’’ Harris said. “We greatly value Dr. Mehta’s experience and expertise as it will be invaluable to the company over the coming years.
