Cornish Lithium Ltd has so far raised £3.8 million via crowdfunding for its projects in Cornwall.
BATTERY METALS HUB
Founder and chief executive officer Jeremy Wrathall said that the company was raising additional funding to create a battery metals hub for the UK.
“The success of our recent exploration, and government funding for our pilot plant, gives the company the opportunity to accelerate its efforts towards commercial production and the creation of an environmentally responsible lithium industry in Cornwall.
“This funding will allow us to build on our success with our lithium in geothermal waters programme, where we recently announced the discovery of ‘globally significant’ grades.”
FURTHER DRILLING
More detailed drilling is also planned as well as an assessment for the economic feasibility of a large-scale operation in the region and to produce lithium from hard rock.
The company’s 2019 crowdfunding raised £2.2m to explore its own 1km deep wells of lithium-rich geothermal waters near United Downs and to drill 41 holes approximately 40m deep in hard rock granite within a former china clay pit near St Austell.
Cornish Lithium announced in September that it had discovered some of the world’s highest grades of lithium at the United Downs Deep Geothermal Project.
The Government awarded funds to Cornish Lithium and partner Geothermal Engineering Ltd to construct a £4 million lithium extraction pilot plant in Cornwall.