Much ado has been made over the lithium market in the U.S. namely due to Tesla (NASDAQ:TSLA) and its massive gigafactory in Nevada.
Vancouver-based Leading Edge Materials Corp. (TSX: LEM)(OTCQB:LEMIF) doesn’t see North America as the only opportunity for lithium explorers, noting in its news releases that Europe is a leader in the transition to low-carbon energy generation from renewable sources, as well as efficient storage of said energy.
To that end, the company has focused its energy on assets in Scandinavia, including its flagship Woxna Graphite production facility in Sweden targeting the supply of specialty materials for lithium ion battery production.
On Monday, Leading Edge released the results from the final six holes drilled at its 1,900-hectare Bergby lithium project about 25 kilometres north of Gavle, Sweden. The results extended mineralization along strike to over 600 metres now, some near surface, while remaining open in all directions. To date, 18 holes have been drilled, all positive for strong mineralization.
Highlights from the drilling included an intersection of 18.8 metres grading 1.14% lithium oxide and 101 ppm tantalum oxide from 17.75 metres in depth and 16.35 meters grading 1.00 lithium oxide and 129 ppm tantalum oxide from 15.75 metres.
Blair Way, CEO and President at Leading Edge says that the company is now preparing for more drilling along strike and down dip, drilling that should provide adequate sample to begin mineral processing test work.
Toronto-listed shares in early afternoon trading have slipped 2.5%, or two cents, to 77 cents. The pullback is coming on the heels of a run to as high as 81 cents last Friday that began at a low of 54 cents only six days earlier.