01 Oct Cornish Lithium gets $1.9m in funding to explore for Lithium in geothermal faults
Cornish Valleys, Cornwall, UK (source: flickr/ Jack Pease, creative commons)
UK-based mining company Cornish Lithium has raised GBP 1.4 million in a crowdfunding campaign for its efforts to extract lithium from geothermal brine in Cornwall, UK.
As reported today by various sources in the UK, mining company, Cornish Lithium has secured funding of GBP1.4m through a crowdfunding campaign. The campaign was backed by Norwegian shipping magnate Peter Smedvig, senior mining executives and more than 1,000 individual investors.
As This is Money reported, the company owns lithium exploration rights over 300 square miles in Cornwall, UK.
With the funding, the company aims to map out favourable geological structures. The goal of the company is to drill into geothermal faults, pump out water and extract the mineral from the brine. The plan is to drill the first test well next month.
The latest investment will be used to fund its next phase of exploration, using data from planes, drones and satellites to map out mineral-rich geological structures.
It will drill into geothermal faults, pump out the water then filter this to extract the rare metal.
Read original article here.