IG Global (IGG) Group is looking for a strategic partner for the development of the Panamint Playa Brine Lithium Deposit in the US.

The firm has already received interest from several undisclosed groups in reviewing the opportunity, which involves earning a majority stake in a joint venture with IGG’s affiliate IG Lithium (IGL).

IGL holds the rights to the Panamint Playa Brine Lithium Project, which is located in a closed basin in a unique geological setting just west of Death Valley, California.

TCM and IGG president and CEO Thomas E Bowens said: “It is imperative that new lithium brine deposits be proven in the coming years, and equally important that domestic sources of this critical green energy metal be found within the United States.

“Initial near-surface brine concentrations and deep-seated geophysical indicators point to a very significant potential resource, and given the perfect geological conditions for economic lithium brine development in the Panamint Valley basin, we feel confident in the prospect’s viability.”

The project holds anomalous lithium with high lithium content source rocks.

According to a magneto-telluric survey, the Panamint Playa property has a conductivity resistivity anomaly (brine aquifer) that is said to be more than 13 miles long.

In a press statement, IGG said: “The surrounding infrastructure and location near to potential future offtake parties make this a unique opportunity for high returns on a relatively low investment in additional exploration.”

Potential partners will be required to sign a confidentiality agreement. The firm will also be given access to the project’s database.

IGG plans to award the most suitable offer by 15 January 2022 while the definitive documentation will be signed by 30 January 2022.