Berkeley Energia (BKY) has begun its initial six-hole drill programme in its Western Spain licence holding. The programme, which will include 13 holes spanning 3,350m when completed, is targeting lithium, cobalt, tin, and tungsten-- metals which have all been mined in commercial quantities in the area, which boasts a rich history of mining.
These metals are the essential materials required in batteries and electric vehicles (EVs). As these markets expand-- 2018 saw EV sales jump 81% in the United States and grow 30% year-on-year here in the UK-- having a foothold in the production of its building blocks is likely to be good positioning.
Shares are trading over 7% higher at 21p each following the news.
In order to define their targets, Berkeley Energia has used for the first time an Ionic Leach programme that “allows for the ultra-low detection of metals and minerals and significantly reduces the amount of drilling required by generating highly defined targets.”
The new technology also allows for a further analysis of these more refined targets.
Managing Director and CEO of Berkeley Energia Paul Atherley commented, “ allows for the ultra-low detection of metals and minerals and significantly reduces the amount of drilling required by generating highly defined targets.”
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For more information on the lithium-ion and EV battery market, read here.